What can I do when logged in?

You can submit new articles, so we can make unique versions of them and distribute them for you.
If you want to simply publish the same article on 800 websites, you can tell us to do that.
You can see the archive and current status of all your article distributions.
You can order any number of high-quality articles - just let us know your keywords.
You can browse the archive of all the articles we have written for you.
You can order our Complete Service (10 high-quality articles plus 10 article distributions).
You can purchase more credits for our services and check your affiliate earnings.
Much more ...

SpinDistribute.com Article Directory

The following article was published in our article directory on December 20, 2013.
Learn more about SpinDistribute Article Distribution System.

How Debt Settlement Destroys Your Credit

Article Category: Finances

Author Name: Richard Baker

Getting rid of debt is easier nowadays, thanks to different methods that can be utilized by the debtor to pay what they owe to their creditors. One such method is debt settlement. In this system, the debtor will have to pay a lump sum amount from what he originally owes the creditor, and then makes the necessary arrangements to reduce the total amount that he has to pay.

Although this method of paying one's debt offers several advantages (since you get to reduce the total amount of money that you have to pay and the time it will take for you to repay the debt), there are certain drawbacks that debt settlement method brings. Here are some of these flaws:

It is similar to being bankrupt - this is because debt settlement implies that you are having a very difficult time to pay your debt, and you may need to "kneel" to your creditors just for them to grant your application. Also, those who choose such method in order to pay their debt experience a huge blow in their credit score. This is because those who choose settlement get to have a "red mark" on their record for the next seven years (three years earlier than for those who filed for bankruptcy). This simply means that their future loan applications might be rejected because of this "negative" rating.

The debtor has to make a lump sum payment - one of the ironic things observed in debt settlement is that the debtor should make a lump sum payment before they can negotiate with the creditor. Considering that the individual is in debt, it may be ironic to require them to pay a large amount of money before negotiations regarding the reduction of the debt can be started. It might be logical (since the creditor had a hard time collecting payment from the debtor before, the borrower is only paying what the creditor was supposed to have collected before), but it can be seen as impractical (since the borrower will need to take another loan just to pay off the previous one) and does not really solve the problem.

You need to have an attorney - although debt settlement can be done alone, you will miss out on a lot of benefits that you could have experienced if you have an attorney. This is because a debt settlement attorney can negotiate better offers from your creditors, review the documents that you will be receiving and sending out, and they can order your creditors to stop pestering you about payments. Using an attorney is a smart choice, since many creditors have been known to sue a borrower even AFTER the debt was paid off. Overall, the dangers of settling a debt can be avoided if you choose other methods such as debt consolidation or credit counseling.

Debt settlement is not a bad method at all. After all, you are being honest with your creditors that you intend to pay your debt to them as long as they allow you to pay a slightly lower amount. However, this method should only be utilized in extreme cases.

You can also delete a debt quickly - without a settlement - with the help of Lexington Law credit repair attorneys. 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

Keywords: debt settlement, paying off debt, debt reduction services, debt settlement companies, debt help, debt settlement letter, debt negotiation, debt elimination, debt relief services, debt relief companies, debt settlement attorney, best debt settlement companies, debt settlement programs, debt negotiation services, do it yourself debt settlement, debt settlement program

Learn more about SpinDistribute Article Distribution System. We also offer a Pro Article Writing Service to everyone who needs premium quality well-researched articles.

SpinDistribute.com Network

Each article you submit at SpinDistribute.com is sent through our innovative Article Distribution System to our network of more than 1840 publishers - about 55% of them are high-quality article directories, 30% of them are niche blogs and 15% of them are other content-rich websites.

To achieve the best possible success we only publish your article to most related websites. This means your article will show up on approximately 640 - 880 most related websites which will give you great SEO results.

We also offer a separate Professional Article Writing Service to everyone who's looking for high quality web content and well researched unique articles.