Credit cards play an important role in the economy of United States. As per the world economic survey, half of the American population is depending upon this facility in order to cope up with their basic needs and other expenses of life easily. No doubts, that people get the goods of their needs easily with credit cards but, their extensive use takes them towards the path of massive debts. In short it is correct to say that getting credit card debt reduction is the main concern of every citizen these days.
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Bankruptcy and debt settlement are the credit card debt reduction remedies that are present in market. With the help of these options a person is able to get rid of his debt in no time. In this article a person will come to know that out of the two options of bankruptcy and debt settlement, which one is the more reliable option.
Bankruptcy brings credit card debt reduction quickly but the long run impacts of this process are not good. It destroys the personal and professional life of a person very badly. While debt settlement also brings quick reduction in the amount of debts but it does not create bad impact over the personal and professional life of a person. The process of bankruptcy is expensive as the legal attorneys charge high amount of fees in return of their services. The process of negotiation is not expensive as the financial experts charge affordable amount of fees. In bankruptcy, a person has to pass many legal formalities and other official documentations while on the other hand only limited legal formalities are involved in the case of debt settlement.
The major drawback of bankruptcy is that it creates extremely bad impacts on person's credit report, due to which he becomes in-eligible to borrow loans from banks and other financial institutions for the next several years. Debt settlement also brings negative impact on the person's credit report but this impact is for a very short period of time and once the person pays all the dues back, the bad impact will move away.
New laws of bankruptcy have made this process more complicated and difficult, while the new rules and regulations of debt settlement have made this option more legitimate.
From the above discussion one can easily say that debt settlement is the right method for the credit card debt reduction.
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