Depression and debt are two interconnected words- the worst combination ever.
Are you depressed? Did the credit card company constantly harass you? Would you like to be debt free and get your hard earned money back to your pocket? Well, the solution is in front of you.
It is the debt settlement program.
As recorded in the surveys, the debt settlement is recorded as the best solution for the consumers who have credit card debts.
To be qualified for a debt reduction program, the consumers are expected to meet two requirements.
Initially, the particular consumer is expected to have a minimum amount of $10 000 or more in debt to qualify.
Secondly, his minimum monthly payments should already be in arrears.
Once those hurdles are met, he is capable to resort to a debt clearance company.
The immediate effect of debt relief is that it will eliminate a good portion of your debt.
Once you are enrolled with a debt clearance company, they will start negotiation sessions with your creditor to eliminate 40%- 60% of your total debt.
The discount rate can be changed according to the individual circumstances.
In rare cases the discount can be 70%.
The interest is wiped out initially.
It also helps to minimize and almost eliminate collection calls from creditors or from collection agencies.
It is a relief to keep up your spirits high until you clear your dues.
As additional advantages debt negotiation programs do not risk your home or other personal property if you skip a payment.
Even the service fee for the debt settlement company will be paid after they have successfully eliminated your dues.
Normally, the legitimate debt relief companies do not charge upfront fees.
Is not it advantageous? Though your credit score faces a temporary downfall, once you start settling your account, the credit score will continue to improve.
Time will not be on your side.
Therefore, take measures to reduce your debt quicker and repair your credit score sooner with debt settlement.