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The following article was published in our article directory on July 29, 2013.
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Mr. Credit Counselor: Why Debt Settlement?

Article Category: Advice

Author Name: Gregory Haynes

If you call a credit counseling service you are probably in financial trouble. One of those troubles may be several or even dozens of overdue debts, which you have no way of paying. In such a case a credit counselor will probably discuss with you debt settlement alternatives. This article will discuss the pros and cons of debt settlement vis a vis other financial or payment options.

This article is not here to tell you that debt settlement is the best choice. Rather it is here to show you specific instances wherein the same may be your best option. The same should be discussed in greater detail by a credit counseling service. In the end, the decision is up to you. So read carefully, and choose wisely.

Overdue Turned Current

Overdue debts earn interest and penalties. In some cases these are added to the principal and in turn earn more interest. By turning your debts current, you stop bleeding income.

On a negative note: one huge debt, and a loan at that, is non-negotiable. You must comply with the terms and conditions of the same, or face the consequences. So make sure you have the capacity to pay then pay on time and in full.

Ease of Payment

Several debts, probably with different creditors have different terms, interest rates, due dates, etc. This is inconvenient at times. By converting the same into one loan, you pay only once and you standardize the interest rates (if any).

On a negative note: Every debt is due at once, so you need to have the whole payment at one time. Most experts advise consumers to take out a loan with an instalment payment that is payable after 1 or 2 months from closing.

Credit Repair

The more overdue debts you have, the worst your credit report and score is. This in turn lowers your chances of getting the facility of credit. And any credit arrangement you do get approved for will have a higher interest rate. Therefore the longer you wait the harder it is for you to get a debt settlement loan, and the higher the monthly instalment if any.

On a negative note: credit repair goes beyond just payment of a debt. Also, if you do get a consolidation loan and not pay, the drop in your score will be much worse. It cannot be stressed enough; pay on time and in full!

Lower Total Debt

Credit counselors will advice you that debt settlement is three parts. The first is the determination of ALL your overdue and soon to be overdue debts. Second is contacting each creditor and requesting for a discount via lowering of interest and penalties. In some cases you can even get a total forgiveness of the interest and penalties, or even a lowering of the principal. The third is the consolidation loan itself.

Some credit counseling services will only provide you with the information. Some can actually forward you to subject matter experts well versed in negotiating with creditors. It is your option which type to choose.

On a negative note: Not all creditors will agree to renegotiate, so choose your battles wisely. Do it fast, and get the loan (assuming you want one).

Keywords: Credit Counseling

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