Debt Relief Government Help - Tax Breaks Help Creditors to Settle and Reduce your Debt over 50%

Aug. 15, 2010 - PRLog -- The global and local economy is currently going through a very rough patch that is affecting both companies and individuals as the number of people dealing with serious debt rises continuously. But luckily, you don't have to deal with this situation on your own, as the government has been hard at work creating ways for you to eliminate debt without suffering dire consequences.

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Debt settlement is one of the most effective ways of eliminating large amounts of debt by cutting your debt in half. This is usually only available for large amounts of debt, of over ten thousand dollars, and it tends to work best with unsecured debt, but it can actually successfully work on just about any type of debt. By negotiating with your creditor it is possible to eliminate forty to sixty percent of your debt by cutting annual fees, payment penalties and a lot of accumulated interest. The great thing about this method is that your creditor cannot make you pay the reduced amount at any point in the future, since a lot if not all of it will be covered by government funds called stimulus money.

These funds are something that is starting to be collected every year with the sole purpose of helping those who have large debt problems. The authorities want to minimize the number of people filing for bankruptcy at all cost, since a sudden increase would almost certainly mean the end for a lot of creditors and potentially for the economy as a whole. Other advantages to debt settlement are that it will not affect your future ability to take out loans and credit and it will not go on any financial record, thus avoiding potential problems. And your credit score will also be left virtually untouched, even if it may fluctuate slightly in the beginning.

So you see, there are plenty of advantages to modern debt relief methods that really outshine bankruptcy and make it largely obsolete. So if you feel that you too may qualify for this method, give it a chance and try to make your life as easy as possible.

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