What would you say if I told you that you can cancel your debt? You are probably thinking about bankruptcy but you can also use debt settlement to clear a big part of your debt. Both these options might appear to be alike but the truth is that they couldn't be any more different.
Debt settlement is encouraged by the government with new regulations that make it much easier and even eliminate taxes for both creditors and debtors. It is based on negotiations with the creditors and it usually involves a debt settlement company. The fees they ask for can easily be paid in a few months and they will get you 40-60% off your debt and you will just have to pay the rest at low interest rates. The process does take around 3 years, depending on your financial possibilities, but you don't have to live this period in stress and you won't even get any more phone calls from collection agencies. You can save money each month, as much as you can afford, and pay the creditors in a lump sum. Your credit score won't suffer but it will actually improve from the payments and you will be able to get another loan in no time.
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Bankruptcy is much different as we will soon see. First of all, the government is trying to discourage consumers from using this option and so it has become quite expensive and during the period of one year, you will be much stressed. You will need to hire an attorney to represent you and you will have to show your case within a court. The paperwork needed is a lot and you will have to do that part alone, unless you want to spend more money. Your credit score will be affected in a very bad way and you won't be able to get a loan for quite some while, almost ten years actually.
There is no wonder then, that bankruptcy has lost a lot of ground in favor of debt settlement. Make sure you make the right decision and you select the option you think is best for you.
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