Debt settlement is one of the best debt programs to get relief from massive liabilities. These programs include credit counseling and debt consolidation. Filing bankruptcy is also one of the get out of debt programs but it should be adopted at the last stage. When a person files a petition for bankruptcy and his application is accepted then his credit scores are lowered to the smallest values. His future life becomes much more difficult. Although he successfully gets rid of the debts but in future he has to face many difficulties while taking credit. He may lose his job and may not find another one in future. He cannot buy new house or a new car. All these things make his life helpless.
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Despite of all these drawbacks of filing bankruptcy, millions of people file bankruptcy cases each year. This number is increasing each year. This is not a good choice. A person can also try some other get out of debt programs. Debt settlement can eliminate debts up to 50% or more. For this purpose, one has to negotiate with the creditors. Although direct negotiation is totally legal but taking help of professional lawyers will increase chances of settlement as early as possible with much more reduction. The Government of United States has lifted all the upfront fees of these companies so a person can save a lot of money by hiring these settlement companies. No other option can offer you such big debt elimination.
Credit consolidation is also a famous debt relief program. In this process, a person has to take another loan in order to pay the previous one. In this way, one can come out of one debt and can get caught in another one. Although this process helps in lowering the interest rate but a person can lose his fixed property in case he is not able to pay this new loan in a specified period. There is always a chance of foreclosure of your property so you should decide carefully.
Credit counseling is a training program. It gives credit management education to the people. It does not provide any elimination. This training will be useless for a person who has huge debts and no resources to pay the loaned amount.
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