So, you decided to take matters into your own hands and clear your debt using one of the two most prevalent options available. It is a good thing that you want to do research on both before making such an important decision. I hope that after reading this article and you compare them and apply the most suiting one to your problems.
I'm going to start with a settlement because most people don't have enough information about this debt relief option; even if it has been available for 20 years, it only grown in popularity with the coming of the economical crisis. Mostly because more and more people starting looking for a legal way to clear debt; the government had to make some adjustments. There are quite a few debt settlement companies that offer free financial advice; you should check them out to see what they have to offer. Debt settlement offers negotiation services that can help you reduce your debt by 30-60%, depending on the quality of the negotiations. To assure a better deal, you can hire a debt settlement company which you can find online with the help of debt relief networks. The only thing you have to worry about is paying the remaining amount. This can be done into a settlement account with low interest for 2-3 years. Once you reach the sum needed your creditor gets paid off and you become free of debt.
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Bankruptcy is not better than a settlement from any point of view. I mean it is quite a long and costly process. It didn't used to be like this, but there are new laws given by the government to prevent people from abusing the system. There is more paperwork needed and you will have to pay a lawyer for more time seeing that it will take longer for you to prove your case. And let's not forget that bankruptcy will ruin any chance you might have to get another loan in the future; when debt settlement will improve your credit score right away. The thing about debt settlement is that it only applies to consumers with over 10k$ dollars in unsecured debt.
There always is a choice, and this is no exception, just be sure the make the right one.
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