Credit debt relief options – how to locate legitimate debt settlement companies

Oct. 15, 2010 - PRLog -- The current economic struggles, makes it more and more difficult for people are to settle their financial obligations to the banks. These situations do not only post problem to the debtors but also to the creditors as well.  If debtors could not pay their debts most of the time they file for bankruptcy and these makes it impossible for the banks to collect the amount due to them. Any uncollectable amount despite best effort is considered a bad debt and is a lost to the company.  On the debtor's side bad debt will show on the credit score and if bankruptcy was filed it will stay in the record for 7 to 10 years, which means no credit card, no business financing

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and non-exempt items will be lost. So in any case bad debts is damaging to both parties.

There are many options to clear your debts aside from filing for bankruptcy in fact bankruptcy should be a final resort not the first option. One good option to clear debts is debt settlement; this is negotiating with the banks to lessen your outstanding balance.  You could call the bank customer service and negotiate for settlement yourself.  You can also a hire debt Settlement Company to help you speed up the process. Debt settlements only apply to unsecured debts such as credit card and bill payment.

Most people will opt to hire debt Settlement Company because beside faster negotiation these companies can also negotiate higher reduction on the debts of course they will have to charge you for their services. It is imperative to find a good company to help you settle your bad debt. One good indication that you are dealing with a good company is if they are registered to the Better Business Bureau (BBB).  Any information you want to know about the company you can find in the BBB. You also need to consider the longevity of the company's existence. Most fly by night companies are only been there for a short time, the longer the company's history the bigger the chance that they are legitimate.  Some debt settlement company will not charge you until they reach settlement with the bank so look for those type of company that guarantees results first before charging you anything.

Free Debt Advice
(http://www.creditdebtsettlement.com)

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To speak with a debt relief specialist for a free debt consultation check out the following link. They will provide a free and unbiased evaluation of your financial situation to determine what the best debt relief option is.
Free Debt Advice
(http://www.creditdebtsettlement.com)
Or Call - 877-853-6466