Eliminate Unsecured Debt - How This Recession Helps Debt Relief Options

July 16, 2010 - PRLog -- A credit card is an integral part of American lifestyle. It has never been a concern before as it is today, due to the recession. With lay off in most of the companies, people have lost their source of income and therefore unable to pay the credit card debt.
However with all these troubles came some relief as well. The concepts of debt settlement suddenly came into use largely and trust me; it brought so much respite to the debtors. However we need to be able to differentiate between secured and unsecured debt. Loan taken against home, education or any secured asset is considered secured debt and those like personal loan are considered unsecured. The key point here is that the waiver on any debt introduced during recession is on unsecured debt only. Those who have long pending credit card statement can utilize this opportunity to settle their debt.
The US government introduced the federal stimulus package and that helped the credit corporate to recover some financial loss. The debtors in turn are relaxed to pay the loan; it is waived from 50 to 60 percent. Under normal circumstances this would not have been possible, credit card companies do not give up easily on debtors, rather all their terms and conditions and hidden interest come at this time only when the debtors are unable to pay the debt. However the situation is not the same, today not just a handful of debtors but a lot of them are unable to pay the debt. This is as much a scary situation for the creditors as for the debtors. Credit card companies have already suffered huge losses during this recession, so any thing that they can recover from the borrowers would be appreciated than getting nothing.  
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If you are over $10,000 in unsecured debt you should at least consider getting a debt settlement. Creditors are scared about collecting on their unsecured debt and you as the consumer can benefit. Check out the following link to find the top performing debt settlement companies.
Free Debt Advice
(http://www.DebtDecreaser.com)
Or Call - 8008940286