We have more than one debt solution but the problem is which one to opt for. The debt solutions which we have are:
1) Bankruptcy
2) Take loan to clear debt
3) Debt settlement. These are most used ways that are taken by the individuals to come out of the debt.
The bankruptcy has many disadvantages associated with it. Firstly, your credit rating will be major hit in fact it will be ruined. Secondly, you can't opt for the loans easily in future. Thirdly, you have to pay the huge fee which includes your attorney's fees and the court fees. Fourthly, you are not sure about the outcome and time involved in it.
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The second option for the settlement which is mentioned above is to take the loan to clear debt. This is not the correct solution as in this case you are only changing the creditor not the debt amount. May be the interest rate is changed. This will give you relief only the point the new creditor is not asking for payback.
The third option which is settlement and best among the rest of the available options. In this case your debt amount is reduced drastically and the credit rating is not much affected at least it will be better than that of bankruptcy. All disadvantages of other options are either minimized or are not there in the debt settlement.
To achieve the settlement you have to make your creditor feel that you financial weak and will not be able to pay the debt. If creditor get convinced they you can get the settlement. The settlement process is time consuming and involves lot of detail of the financial sector. Thus it is advisable to hire the debt relief firm for the settlement.
Even you can get the debt settlement done with your creditor but you will not get the high debt reduction. The genuine relief firms can easily get you more than 50% of debt. The relief network is very helpful when come to finding the legitimate relief firm. You should always find the legitimate relief firm so that you don't get in to more trouble.
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