We all have been taught that a recession is bad for the economy.
Common sense tells us that we should be very conservative in our approach when the economy is in a bad shape.
However, you stand to gain the most by being innovative when the economy is in a bad shape.
Nine out of ten persons will not mind skipping repayment of their debt as long as it helps them retain extra cash in their hands.
Nine out of ten persons will accept a fall in the credit score as long as they are in a position to meet any financial emergency.
Needless to say, lenders find it very difficult to run their business when majority of their customers start skipping repayments.
You should make use of this mentality of the masses to approach lender for debt settlement.
At a time when borrowers are running scared of lenders, you would be an exception who walks into the lender's office and offers to repay the debt provided you are given a substantial discount.
If you make use of a debt settlement company to plead your case, you can even get installments facility on repayment of the balance owed.
There are many persons who have saved as much as seventy percent of the amount owed by getting a waiver.
A bird in hand is worth ten in bush is something that becomes painfully true during a recession.
Lenders will see the logic of dealing with a person who is eager to repay the debts as compared to running after persons who do not offer any commitments.
Further, as far as the recession is concerned, the Federal government has stepped in with the stimulus package.
This has helped lenders survive without lots of difficulties.
In such a scenario, offering debt settlement to borrowers helps them earn brownie points with the government as well.
You should make use of all these factors to get a settlement on your debt and save money permanently.
You will suffer a negative impact on your credit score.
However, not repaying your lenders will also lead to fall in your credit score.
You might as well make it count.