These days Attorney based Debt Settlement Programs are getting much popular because people are trying their best to get rid of their debts without opting for bankruptcy. There are many reasons why people are avoiding the option of bankruptcy. The major reason for this is that bankruptcy is very expensive. Moreover, this option is also harmful for the economy of a particular country. Lenders also have to face severe losses when any of their clients gets successful in filing a petition for bankruptcy.
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Various Debt Settlement Programs are present in the markets that can be termed as the perfect alternatives of bankruptcy. These options cannot eliminate the whole amount of debts but they can bring about a reasonable amount of reduction in the dues.
The newly introduced bankruptcy laws have made this option more complex due to which people are looking for other relief programs. Other than bankruptcy, Debt settlement, debt consolidation and credit counseling are a few Debt Settlement Programs that can solve the problems of outstanding dues.
Debt settlement is a program which provides you an opportunity to get a reduction of almost 60 % in the amount of your outstanding dues. You have to negotiate with your lender for getting a reduction. For this purpose, you will have to hire the services of Settlement Company that can handle your case on your behalf. After getting reduction, you are required to pay the left over amount in installments or in a lump sum.
Debt consolidation program offers you a new loan to pay your existing liabilities on a lower rate of interest. This option is beneficial for those debtors who have to pay loans of more than one credit card.
Credit counseling on the other hand does not provide any reduction or feasibility to pay back the loan. Rather, it is a program that provides counseling to the debtor to avoid accumulating the loans in future. Is also provides guidance to the borrower in managing the income and expenses.
Therefore, you can choose any of the above mentioned Debt Settlement Programs as per your desire if you want to say good bye to the problems of debts.
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