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Debt Settlement Pro's and Con's
By New Debt Rules
Debt Settlement is becoming one of the fastest growing options for debt relief for many consumers
during the current economic downturn.. Credit card debt settlement is a process where a creditor
agrees to accept a lower amount of money to resolve the balance owed by the consumer. Debt
settlement is best used when dealing with the collection agency who has purchased your hi balance
from the original creditor as they are more likely to make a deal since they purchased your debt for
pennies on the dollar. Of course, like anything else in the world, there are no guarantees that the
creditor or collection agency will decide to settle the debt for less than originally owed, buy many will do
so. Debt settlement is best for use with citizens that are in a legitimate financial hardship and who do
not want to declare bankruptcy. Here are some of the risks and rewards of credit card debt settlement.
The benefits of Debt Settlement
Credit card Debt settlement may allow you to reduce your outstanding balances by as much as 50% or
more which clearly is a huge benefit. Ultimately, you may be able to work out a payment plan with the
creditor or collection agency for much less than what you owe and maybe even get a monthly payment
that is very reasonable to you. Once you come to an agreement with the creditor or debt collector, this
will then stop the debt collection calls that can be so stressful and this is another benefit