Consumer debt is a huge problem in today’s society. It’s such a problem that most people know at least one person who has filed for personal bankruptcy. As common as bankruptcy is today, it’s not the only way to resolve debt problems; in fact, it shouldn’t be the first thing that comes into a person’s head when they need to get their debt under control. Many people are able to get their credit under control with debt settlement.
With the help of a debt settlement lawyer, a person with high credit card bills may be able to pay off their debt for a portion of the total balance. Credit card companies are often receptive to these types of deals, but individual customers are not always able to negotiate the settlement offers on their own. The problem is, credit card customers don’t typically know the formula that companies use to evaluate a settlement offer. They offer an amount too small and get rejected or don’t get through to the person at the company that has the authority to make the decision.
A debt settlement lawyer, on the other hand, is more likely to have contacts within the company, so they know who to call to propose a settlement. An experienced attorney may also know what percentage of the balance a company will accept. Additionally, by the time a customer gets into an attorney’s office, the credit card company representatives know this might be their last chance to get any money. If the customer files chapter 7 bankruptcy, the debt might be discharged and they’ll get nothing. Accepting a settlement offer helps the creditor get some of their money back and helps the customer avoid bankruptcy.
Stlbankruptcyfirm.com is a great source of information for people with an excessive amount of debt. It’s important for someone to learn all they can about debt relief and the options that might be available to them. Credit counseling, debt settlement, and bankruptcy might all be good options, but choosing the one that has the least effect on a person’s credit rating is generally the most effective option for the long term.
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