Debt Settlement is one option available.

Debt settlement is one option available to the consumer as a way out of their financial hardship.  Debt settlement deals with unsecured credit.  This unsecured credit can take the form of credit cards, medical bills and any other unsecured debt the consumer has incurred.

The consumer needs to realize there are two types of credit available to them. Secured credit means debt has some type of collateral backing -  your home, your car or in some cases, cash secured loans. The other form of credit is unsecured which is normally credit cards from lenders or retailers.

The unsecured credit is where the consumer has caused the majority of their financial problems.  The consumer has used credit card to purchase daily expenses, like their  groceries, gas, airline tickets, and on-line retail shopping. The credit card companies would offer points to the consumer to purchase items and give them reward points or points toward travel. In addition, the credit card companies would offer us new credit from higher interest rate cards to lower interest rate cards, if we transferred the balances.  It was like a shell game, moving balances from one card to other which allows us to have more credit.

 The one way to get out of debt is to look for a debt settlement company.  Debt settlement may not be for everyone. It requires the consumer to start saving money monthly until enough monies are available on the lowest outstanding balance credit card before the debt settlement company to begin negotiations.

Yes, there are drawbacks to this approach as there is to other options.  This is not an overnight fix it may take anywhere from 12 to 48 months. However, the first step is to discuss with a debt settlement company the ways in which they may be able to assist you out of debt. But if the consumer is really wanting to do something and get out of this financial hardship, call us today to discuss your options. Call us at 800-385-0502 for more information on Debt Settlement.