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The following article was published in our article directory on December 17, 2013.
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How To Quickly End Debt Using A Debt Settlement

Article Category: Finances

Author Name: Richard Baker

The continuous increase in the price of goods without any substantial increase in your earnings can ruin your budget. This in turn forces you to apply for loans, ultimately creating an endless cycle of borrowing money and making it more difficult to pay the money that you owe. This is how debt is created. Since the problem with money is common nowadays, different ways on how to repay debt were conceived. One such method is debt settlement.

What is debt settlement?

This is the process of repaying debt involving the borrower to make a lump sum payment to his/her creditor, while asking for the creditor's permission to "forgive" some of the money that the borrower owes (meaning, the amount that they have to pay will be reduced). This is mostly applied in unsecured loans such as payday loans or credit cards.

Is it different from other debt repayment methods?

Since debt settlement is one method to repay debt, some might say that it is the same with other methods such as debt consolidation. However, there are notable differences between them.

Unlike debt settlement, those who choose the debt consolidation method do not ask for a reduction in the amount that they have to pay the creditor.

In debt settlement, the debtor needs to have enough money to make a lump sum payment. For debt consolidation, the debtor only needs to make monthly payments in order to pay off what they owe the creditor.

Settlement is only applicable in unsecured loans. Debt consolidation, on the other hand, can work even on secured loans such as car or home loans.

Advantages of debt settlement

Some of the benefits that an individual can gain from utilizing debt settlement as a mode of payment are the following:

Less time is needed to pay the debt - since the total amount to be paid is reduced by a certain percentage, the debtor will need less time to pay off his/her debt.

It helps you to avoid larger interest - since you will be paying a much lower amount than what you initially owe them, the interest that you have to pay is also reduced. And since you can eliminate your debt at a shorter amount of time, the interest that you have to pay will not be compounded as much as it would have been if you paid over a longer amount of time. This is really helpful for unsecured loans, since they set a higher amount of interest as compared to secured loans.

The debtor avoids bankruptcy and the creditor gets to be paid - although many companies do not always grant debt settlement applications (since there is reduction to the amount to be paid), the creditors can settle for it rather than see their client apply for bankruptcy. This is because bankruptcy will stop the accumulation of interest on the amount of money that the individual owes. The creditors may even lose the opportunity to demand payment from the debtor, especially if the individual applies for Chapter 7 bankruptcy.

You can also delete a debt quickly - without a settlement - with the help of Lexington Law credit repair specialists. They can size-up your circumstance (for free) and show you the set of laws that can quickly delete your debt. Call toll free: 1-877-679-3877

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