Debt Settlement: Will It Work For Me?
Last year, consumer debt in the United States was at an all-time high of $15.6 trillion, a trend that has continued into 2022.
This comes at a time of increased inflation and expectations of further interest rate hikes.
If you are struggling with managing your debt, you are not alone.
*** SPECIAL NOTE *** – If your credit cards, personal loans, or medical debts have become unmanageable and you owe over $20,000… then go here for debt relief. We can help!
Millions of Americans are looking for debt solutions, and debt settlement is one such popular solution.
How Debt Settlement Works
Debt settlement, sometimes called “debt relief” or “debt negotiation”, is a strategy used to settle your delinquent debt for substantially less than you owe.
Now, why would a creditor accept less than what they are owed?
The creditor benefits from the arrangement by recapturing some of the money they are owed rather than no money at all (in the event you declare bankruptcy).
Debt settlement is typically only possible when you have several, consecutive skipped payments.
To put it simply, a creditor is not going to accept less than you owe if they believe you can actually pay the full amount.
Finding the right debt settlement company is key as they will be responsible for dealing with your creditor(s). Debt settlement companies are experienced in negotiating settlements with creditors.
Once you begin working with a debt settlement company, you will stop making payments on your debts and instead contribute to a monthly savings account until the settlement company determines that your account has enough to make a settlement offer.
Debt settlement is a great way to start taking back control of your finances quickly, but is it right for you?
Benefits Of Debt Settlement: Is It Right for You?
Debt settlement works best for debtors who are up against a wall and simply have no way to pay their debts in full, but still have enough income or funds to contribute to a monthly savings account.
Here are some benefits to consider:
- Settle for Less — You pay a straightforward amount for less than you owe.
- Avoid Bankruptcy — Bankruptcy could destroy your credit for a decade. Using debt settlement allows you to avoid this process.
- Silence Collectors — Your debt settlement company will handle all correspondence with your creditors. That means no more collectors harassing you.
- Stop Paying Now — When you decide on debt settlement, you can stop paying your creditors right away, start contributing to your savings account, and work your way out of debt.
Views on debt settlement are mixed, but bad reviews typically come from those who have had a bad experience with a shady company.
Therefore, the best way to mitigate any issues is to choose a trusted and accredited debt settlement company that has a record of helping others successfully navigate their way back to financial health.
How Do You Find A Good Debt Settlement Company?
Trust and experience are what make a good debt settlement company.
At Americor, we understand the unique financial challenges people are facing today.
As America’s trusted source for debt relief solutions, we aim to empower you with financial knowledge that can lead to informed decisions, whether it’s about savings, investments, or managing debt.
If your debt has become unmanageable and you have difficulty making your debt payments each month, then you should consider a FREE consultation call with one of our certified Debt Consultants, who can provide personalized debt relief advice tailored to your specific needs.
By taking proactive steps today, you can put an end to your financial stress and work towards a brighter financial future.
Remember, there is always hope for debt relief, and our team of experienced professionals are ready to guide you on your journey to regaining control of your finances.
For more information on Americor’s debt relief services, contact us today to see how we can help you eliminate your debts, and get on the fast-track to becoming completely debt-free!