Is Unsecured Debt Haunting You?
1.866.0213
Unsecured debt, especially unsecured credit card debt, is something that you can be somewhat relieved of. Honestly, you don't have to tolerate the endless calls from creditors once you get behind on your payments and you don't have to sell your home or car to make it possible to survive. Debt settlement is totally possible if you have a knowledgeable representative from a debt settlement company working for you.
The Reality of "Drowning in Debt"
All credit card companies, including Chase, Citi, Discover and Amex, are overly willing to issue just about anyone a Visa, MasterCard or other credit card when they have good credit. With disregard to the amount of available credit and the human tendency to use it, this often leads a person to being over-extended in unsecured credit card debt.
Being over-extended means that your resources for repaying the debt (and living expenses, of course), don't quite meet the requirement for making even the minimum payments that are required by the credit agreement.
This leads to missed or late payments, increased interest rates due to default clauses, a decreased credit score, and a long tunnel with little light at the end. The stress is unreal and never ending which could also cause health issues - and nothing is more important than your health.
When you get to the point of being overextended, the creditors seem to be more than willing to negotiate the unsecured debt through a process called debt settlement. The process will lower your overall debt and greatly decrease the anxiety that you face day after day.
Frequently Asked Questions
What is debt settlement?
Debt settlement is the process of negotiating the unsecured debt owed with the creditor and lowering the overall amount to be paid before the debt is to be considered "paid in full". It basically is an agreement that give the borrower the possibly of lowering their unsecured debt in exchange for regular payments. Failing to make payments, in many cases, can void the agreement. So, if you do agree to lowered unsecured debt, be sure to make your negotiated payments on time.
Why would creditors be open to negotiating?
If you are overextended, there is always the possibly that you might file bankruptcy. For creditors that offer unsecured debt, handling a bankruptcy can be expensive and chances are, that since the debt is unsecured, that they will lose the possibly of collecting anything.
Companies like Chase, Citi, Discover, and Amex are well aware of the risks that they face in issuing unsecured debt through MasterCard, Visa or other credit cards. Negotiations are a way that they can minimize their risks.
Can all of my debt be settled in the process?
No. Only unsecured debt is eligible for debt settlement. There are also some forms of unsecured debt that don't quality for settlement. For instance, student loans and tax liens. Other loans that are secured, like your mortgage and auto loans, can't be settled. They are secured by either your home or your vehicle, so the creditor does have the right to foreclose or repossess and get their money out of the sale of the asset. Most forms of unsecured debt, especially unsecured credit card debt, can be included in the settlement process.
If I settle unsecured debt, will it affect my credit score?
Sadly to say, yes, it will. But, the effect is not nearly as devastating as a bankruptcy would be and the strain is much less than trying to pay "over your head" unsecured debt on time. Late or missed payments also lower your credit score.
For most people, debt settlement is a viable option. The total amount owed will be lowered along with the demands that you face every month.
Can I engage in debt settlement myself?
You can, but it is highly discouraged. It is best to be represented by a professional in debt settlement. They know all of the ins and outs of the negotiation process and can ensure that you get the best deal possible.
Don't debt settlement companies charge a fee for negotiating?
Yes, they do. The company represents you and negotiates your unsecured debt with the creditors. This is a service that they offer at a reasonable fee. Considering that they do this all time, and that the creditors know them and the knowledge that they possess, your chances of getting a better settlement is greatly increased providing much relief for you.
Why is debt settlement better than credit counseling or bankruptcy?
Companies that engage in settling unsecured debt actually work for you while credit counselors usually work in agreement with the creditor. Credit counseling may provide some relief to you, the debtor, but in most cases you don't get the best deal possible. They are kind of the "go between" between the creditor and the debtor.
While you can get total relief from bankruptcy, you may end up losing some of your assets and the bankruptcy will stay on your credit report for at least seven years. It can also be a hindrance when applying for jobs or applying for credit in the future. Through debt settlement of unsecured debt, you stand a better chance of lowering your debt without severe long-term effects.
Don't live your life, working day after day, for the benefit of Chase, Citi, Discover, or Amex. They make enough money through the issuance of credit cards, MasterCard and Visa. Debt settlement is a viable option to lower your unsecured debt and give you the opportunity to live up to your responsibilities and to fulfill your dreams.
1.866.0213
Unsecured debt, especially unsecured credit card debt, is something that you can be somewhat relieved of. Honestly, you don't have to tolerate the endless calls from creditors once you get behind on your payments and you don't have to sell your home or car to make it possible to survive. Debt settlement is totally possible if you have a knowledgeable representative from a debt settlement company working for you.
The Reality of "Drowning in Debt"
All credit card companies, including Chase, Citi, Discover and Amex, are overly willing to issue just about anyone a Visa, MasterCard or other credit card when they have good credit. With disregard to the amount of available credit and the human tendency to use it, this often leads a person to being over-extended in unsecured credit card debt.
Being over-extended means that your resources for repaying the debt (and living expenses, of course), don't quite meet the requirement for making even the minimum payments that are required by the credit agreement.
This leads to missed or late payments, increased interest rates due to default clauses, a decreased credit score, and a long tunnel with little light at the end. The stress is unreal and never ending which could also cause health issues - and nothing is more important than your health.
When you get to the point of being overextended, the creditors seem to be more than willing to negotiate the unsecured debt through a process called debt settlement. The process will lower your overall debt and greatly decrease the anxiety that you face day after day.
Frequently Asked Questions
What is debt settlement?
Debt settlement is the process of negotiating the unsecured debt owed with the creditor and lowering the overall amount to be paid before the debt is to be considered "paid in full". It basically is an agreement that give the borrower the possibly of lowering their unsecured debt in exchange for regular payments. Failing to make payments, in many cases, can void the agreement. So, if you do agree to lowered unsecured debt, be sure to make your negotiated payments on time.
Why would creditors be open to negotiating?
If you are overextended, there is always the possibly that you might file bankruptcy. For creditors that offer unsecured debt, handling a bankruptcy can be expensive and chances are, that since the debt is unsecured, that they will lose the possibly of collecting anything.
Companies like Chase, Citi, Discover, and Amex are well aware of the risks that they face in issuing unsecured debt through MasterCard, Visa or other credit cards. Negotiations are a way that they can minimize their risks.
Can all of my debt be settled in the process?
No. Only unsecured debt is eligible for debt settlement. There are also some forms of unsecured debt that don't quality for settlement. For instance, student loans and tax liens. Other loans that are secured, like your mortgage and auto loans, can't be settled. They are secured by either your home or your vehicle, so the creditor does have the right to foreclose or repossess and get their money out of the sale of the asset. Most forms of unsecured debt, especially unsecured credit card debt, can be included in the settlement process.
If I settle unsecured debt, will it affect my credit score?
Sadly to say, yes, it will. But, the effect is not nearly as devastating as a bankruptcy would be and the strain is much less than trying to pay "over your head" unsecured debt on time. Late or missed payments also lower your credit score.
For most people, debt settlement is a viable option. The total amount owed will be lowered along with the demands that you face every month.
Can I engage in debt settlement myself?
You can, but it is highly discouraged. It is best to be represented by a professional in debt settlement. They know all of the ins and outs of the negotiation process and can ensure that you get the best deal possible.
Don't debt settlement companies charge a fee for negotiating?
Yes, they do. The company represents you and negotiates your unsecured debt with the creditors. This is a service that they offer at a reasonable fee. Considering that they do this all time, and that the creditors know them and the knowledge that they possess, your chances of getting a better settlement is greatly increased providing much relief for you.
Why is debt settlement better than credit counseling or bankruptcy?
Companies that engage in settling unsecured debt actually work for you while credit counselors usually work in agreement with the creditor. Credit counseling may provide some relief to you, the debtor, but in most cases you don't get the best deal possible. They are kind of the "go between" between the creditor and the debtor.
While you can get total relief from bankruptcy, you may end up losing some of your assets and the bankruptcy will stay on your credit report for at least seven years. It can also be a hindrance when applying for jobs or applying for credit in the future. Through debt settlement of unsecured debt, you stand a better chance of lowering your debt without severe long-term effects.
Don't live your life, working day after day, for the benefit of Chase, Citi, Discover, or Amex. They make enough money through the issuance of credit cards, MasterCard and Visa. Debt settlement is a viable option to lower your unsecured debt and give you the opportunity to live up to your responsibilities and to fulfill your dreams.