Critics of debt settlement often point out that the bankruptcy seems to be a much better option.
However, the facts and figures do not support this statement.
Bankruptcy has been consistently increasing over the past few years.
As compared to the 1990s, consumer bankruptcy has more than doubled.
In such a scenario, how can one confidently assert that bankruptcy is a good option? If debt settlement is not a viable debt relief option for the masses, then there's no doubt that debt reduction by bankruptcy too is not of any help.
Had that been the case, the millions of individuals who have declared bankruptcy in the current recession would be very happy with their financial condition.
However, they're finding it very difficult to escape debts even after filing for bankruptcy.
This is because the housing industry has collapsed and the houses are being sold at very low prices.
In such a scenario, creditors are getting very little money and this is making things very difficult for borrowers.
The end result is that this reflects very poorly on the credit history and the credit score of the individual.
This burden may have seemed less onerous had the debt problem of the individual gone away.
However, the courts are taking very long time and the end result is that the person is in a state of suspended animation where he or she does not know whether the debt problems have ended or not.
You can easily overcome this problem by making use of debt settlement.
There's no doubt that there are many fraudulent service providers in the market.
Further, there's no doubt that debt settlement can lead to a severe fall in the credit score.
However, once you opt for this solution, you can be rest assured that bulk of your debt problems would have come to an end.
You need not worry whether your creditor will land up at your door step and insist for repayment during the period when bankruptcy proceeding is pending in the court.
If you want to improve your chances of getting rid of debt, you should make use of a genuine and honest settlement companies.
You can easily find such companies on the World Wide Web.
You just have to make use of the right resources.
If you use your head and approach the problem in a cool and rational manner, you can easily overcome this problem with minimum expenditure and inconvenience.
However, the facts and figures do not support this statement.
Bankruptcy has been consistently increasing over the past few years.
As compared to the 1990s, consumer bankruptcy has more than doubled.
In such a scenario, how can one confidently assert that bankruptcy is a good option? If debt settlement is not a viable debt relief option for the masses, then there's no doubt that debt reduction by bankruptcy too is not of any help.
Had that been the case, the millions of individuals who have declared bankruptcy in the current recession would be very happy with their financial condition.
However, they're finding it very difficult to escape debts even after filing for bankruptcy.
This is because the housing industry has collapsed and the houses are being sold at very low prices.
In such a scenario, creditors are getting very little money and this is making things very difficult for borrowers.
The end result is that this reflects very poorly on the credit history and the credit score of the individual.
This burden may have seemed less onerous had the debt problem of the individual gone away.
However, the courts are taking very long time and the end result is that the person is in a state of suspended animation where he or she does not know whether the debt problems have ended or not.
You can easily overcome this problem by making use of debt settlement.
There's no doubt that there are many fraudulent service providers in the market.
Further, there's no doubt that debt settlement can lead to a severe fall in the credit score.
However, once you opt for this solution, you can be rest assured that bulk of your debt problems would have come to an end.
You need not worry whether your creditor will land up at your door step and insist for repayment during the period when bankruptcy proceeding is pending in the court.
If you want to improve your chances of getting rid of debt, you should make use of a genuine and honest settlement companies.
You can easily find such companies on the World Wide Web.
You just have to make use of the right resources.
If you use your head and approach the problem in a cool and rational manner, you can easily overcome this problem with minimum expenditure and inconvenience.
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