Debt Settlement Vs Bankruptcy
With today's economic difficulties,
consumer debt is at an all-time high. As American's
continue to struggle with debt, record numbers of
consumersnearly 1.6 million in 2003are filing for
bankruptcy. Whether youre financial situation is the
result of an illness, unemployment, divorce, or simply
overspending, it can often seem overwhelming. If debt
has gotten the better of you, try debt settlement
before going the bankruptcy route.
Debt settlement can help consumers improve
their financial situation and provide immediate relief
from creditor harassment. With debt settlement, you
can usually get out of debt with in two to three years
and you typically end up paying back between forty
to sixty percent of what you currently owe!
It is true that bankruptcy is another
option for debt relief, but its generally considered
the option of last resort. This is because of its
long-term negative impact on your creditworthiness.
A bankruptcy stays on your credit report for up to
10 years, and can hinder your ability to get credit,
a job, insurance, or even a place to live. It is critical
to understand all your options prior to making such
a critical decision. Living debt free takes both hard
work and proper planning. With a proper combination
of both, you are sure to get back on the track to
financial freedom.
Alan Barnes IAPDA Certified Debt Arbitrator
President and CEO of Debt Regret http://www.debtregret.com
