There is an economic recession worldwide which has affected the individuals and their purchasing power is decreasing day by day. People are unable to meet there daily expenses and to maintain the standard of living, they use credit cards without thinking that they have also to pay off these debt. The extensive use of credit card pushes them into more trouble. In fact, it has been observed that with each passing day, the number of debt suffering people is increasing with a skyrocketing speed. In order to provide relief to debt suffering people, many methods are available but among all these methods, debt negotiation and bankruptcy are considered as the quickest way to deal with the problem of unsecured credit card debts. Many people get confused when it comes to the selection of any of these methods. The following article is good enough to help the person in understanding the difference that which method should be opted at the time of their financial problems.
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Both the methods, bankruptcy and debt settlement are legal and are run under full support of the government but, both these methods have their own advantages and disadvantages. Bankruptcy is a lengthy method as compared to the debt settlement. For bankruptcy, you have to pay the heavy fees of bankruptcy's attorney whereas; the debt settlement companies charge very nominal fees which does not create burden on your pocket. Bankruptcy requires too many legal tests and documentations whereas, no such requirements are there in debt settlement, only a few paper work and legal documentations are required. Bankruptcy creates very bad impact on the credit report and this affect remains on the report for the time frame of seven to ten years and between them a person is not able to take any sort of financial help from the banks and other financial institutions. No doubt that debt settlement also creates bad impact on the credit report but as soon as the person pays back all their debts, the affect removes automatically.
Filing for bankruptcy is never termed as sensible decision. Hence, a person is more indulged into troubles rather than coming out from them. That is why; it is an advice to go for debt settlement deals because in this way, a person is able to get maximum benefits in minimum time.
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