Debt Settlements Are Said to Be One of the Best Options to Get Rid of Debt Fast
In January of 1998 I found myself in the unusual position of responsible young adult.
After many years of denying my debt, I decided it was time to begin repaying it.
Like many young adults, the interest on my credit cards had ballooned to amounts that I was simply unable to pay in a reasonable amount of time, given that more interest kept accumulating and left me running in place on a monthly basis.
That's when I received a curious letter in the mail that offered me something I had never heard of before: A settlement.
It was time to research.
If you're like me and have been offered a debt reduction, or have heard of them, you are going to need to know a few quick facts to get you started.
The first fact is: Debt settlements truly are a fast way to settle a debt, and they are usually far less expensive than your bottom line.
If you play your time right, most debt arbitration will results in a balance 50-70% lower than your original balance.
The trade off is that you must pay within a set amount of time, usually less than 30 days, for the debt settlement to be valid.
If you're able to do this, I would recommend it.
My experience with debt settlement had a happy ending.
My debt negotiation is famous to me for...
• Immediately zapping interest payments.
Once I had paid the settlement, it was paid off forever and I didn't have to watch interest soaring over my head for years.
• Immediately ending the monthly bill.
The debt was gone.
I didn't have to make payments.
• Allowing me to pay off a debt without having to pay the full amount.
I paid about 50% less than I would have had to originally pay.
The repayment of the debt was instant.
After processing, I didn't have to worry about ever repaying the debt again.
I've been told that experiences can vary and that even with repayment it can leave a scar on your credit record for awhile, but with my situation, my credit record was going to be scarred for awhile anyway.
With a debt settlement, I was able to take care of at least one of my goals and as a 1998 newly responsible young adult, it meant a lot to me to be able to repay a debt I otherwise wouldn't have been able to repay.
It helped me see that I had control over my credit, something I was unable to see when bills weren't payable.
After many years of denying my debt, I decided it was time to begin repaying it.
Like many young adults, the interest on my credit cards had ballooned to amounts that I was simply unable to pay in a reasonable amount of time, given that more interest kept accumulating and left me running in place on a monthly basis.
That's when I received a curious letter in the mail that offered me something I had never heard of before: A settlement.
It was time to research.
If you're like me and have been offered a debt reduction, or have heard of them, you are going to need to know a few quick facts to get you started.
The first fact is: Debt settlements truly are a fast way to settle a debt, and they are usually far less expensive than your bottom line.
If you play your time right, most debt arbitration will results in a balance 50-70% lower than your original balance.
The trade off is that you must pay within a set amount of time, usually less than 30 days, for the debt settlement to be valid.
If you're able to do this, I would recommend it.
My experience with debt settlement had a happy ending.
My debt negotiation is famous to me for...
• Immediately zapping interest payments.
Once I had paid the settlement, it was paid off forever and I didn't have to watch interest soaring over my head for years.
• Immediately ending the monthly bill.
The debt was gone.
I didn't have to make payments.
• Allowing me to pay off a debt without having to pay the full amount.
I paid about 50% less than I would have had to originally pay.
The repayment of the debt was instant.
After processing, I didn't have to worry about ever repaying the debt again.
I've been told that experiences can vary and that even with repayment it can leave a scar on your credit record for awhile, but with my situation, my credit record was going to be scarred for awhile anyway.
With a debt settlement, I was able to take care of at least one of my goals and as a 1998 newly responsible young adult, it meant a lot to me to be able to repay a debt I otherwise wouldn't have been able to repay.
It helped me see that I had control over my credit, something I was unable to see when bills weren't payable.
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