Business & Finance Debt

Eliminate Credit Card Debt Without Bankruptcy - Legal Debt Relief Advice

Debt is a way of life, but too much debt can make it a nightmare.
Two legal and potential debt relief methods which are most commonly adopted by debtors are bankruptcy or debt settlement.
It is important for the customer to know the pros and cons of both bankruptcy as well as Debt settlement before committing to any of these programs.
A customer needs to understand the extent of his debt problems in order to make a choice of the debt relief program he is going to adopt.
For this you need to request a copy of your credit report form all the major credit bureaus.
The companies are Experian, Equifax and Trans Union.
Now you need to review your credit report for the debt you have at present.
Make a list of all your mandatory monthly expenses and the income that you might be generating in one month.
The income list must include every income source like overtime money or income from part time job.
The difference between the monthly income and the monthly expenditure will tell you how much you can spare to pay off your debts.
Generally debt settlement is an option for people who have some extra cash after paying for their monthly expenses.
If nothing is left to spare then the only option left is bankruptcy.
Any customer who has ten thousand dollars or more in form of unsecured debt is eligible for the settlement program.
Through this program a debtor can reduce his total debt amount through negotiations with the creditors.
A debtor has to pay a certain amount of money to the creditors in exchange of the settlement.
This money can be paid in a single down payment or through monthly instalments.
A successful negotiation can get a debtor 50% debt reduction.
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