Recent recession around the world has hit the world and people all around very badly. People who were living a well balanced life were pushed into the pools of huge credit card debts. It all happened due to the recession. People were enjoying lucrative jobs and handsome salaries. They were in a habit of making frequent use of their credit cards. It was because they were sure that when they will get their salary, they will easily pay back the credit card debt to their lending company. But as soon as the recession hit the economy, people lost their jobs frequently. Although they tried their best to get out of the situation but they were not successful at all. Seeing no way out, they started filing for bankruptcy. When government saw this situation and introduced many debt relief options in the market to help people in such a miserable situation. These methods helped a number of people to get out of their depressed life.
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These methods included debt settlement and debt consolidation program. But among all, debt settlement is considered to be the best. When we compare debt relief and bankruptcy, we see many differences. For instance, in bankruptcy one has to pay high fee to the lawyer who will be fighting the case. In debt negotiation, you are not supposed to pay any fee until and unless you will be getting reduction in your debt amount. Moreover, bankruptcy requires a lot of paperwork and documentation. But as far as debt settlement is concerned, a person is free from all these worries. Another reason is that when a person files for bankruptcy, bad credit rating occurs on the credit rating which remains there for the next six to seven years. On the other hand, debt settlement will also create negative rating but it will be removed as soon as the debt amount will be repaid.
Over all, it can be said that debt settlement is a far better option as compared to bankruptcy. If you are a person with huge debt then you must apply for the debt settlement method as soon as possible.
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