ALL >> Family >> View Article
The Good And Bad Of Debt Settlement
When you are in debt, they only thing you ever think about is how to reduce or eliminate the debt permanently. Because as you know anything bad involving money will surely show on your credit report, thus lowering your chances at getting many other things such as a job or lower car insurance. Of course you are considering debt settlement, that is how you got to this article and I would like to share the advantages and disadvantages of having a settlement so that you can make an informed decision about your next course of action.
You should choose debt settlement because:
· You get to avoid bankruptcy - this is very important because once you have filed for bankruptcy, this will remain on your credit report for at least seven years and you know what bad credit does.
· Only have one payment to do - if you are enlisting the help of an agency, you will only need to pay to them and they will pay your creditors on your behalf.
· Avoid stress - you will get to avoid being harassed with the collection calls and unfair practices
· No extra charges - here your company can help you eliminate ...
... any late fees or even any over the limit fees by ways of negotiation
· Avoid legal complications - You get to avoid being sued or face any legal action as you are in a settlement program trying to pay back your dues
You should NOT choose debt settlement because:
· Your credit score will drop - when you opt for a debt settlement program, you will stop paying your bills so that you will have a lump sum to settle your debt. In this time, you will accumulate late charges and because of that your credit score will drop.
· Taxes - for the debt settlement write off, you might have to pay taxes on the amount you save from paying the creditors. IRS will require you to pay the Cancellation of Debt for this forgiven amount.
· Your credit score account status - will show "Settled" instead of "Paid in full". Of course this will be a negative thing as it should say paid in full.
If you know anyone how has done this before, interview them. Ask them all the questions you have and if they would recommend you to choose this or find another solution.
href="http://debtsettlementpoint.com/the-good-and-bad-of-debt-settlement/">
debt settlement solutions
href="http://debtsettlementpoint.com/top-three-companies-for-debt-settlemen
t-you-must-know/">debt settlement companies
For more information about
DebtSettlementPoint.com.
Add Comment
Family Articles
1. Navigating Egg Donation - The Everie DifferenceAuthor: Everie Egg Bank
2. Có Nên Mua Máy Hút ẩm Kosmen Km-12n Giá Hơn 3 Triệu
Author: BPS Việt Nam
3. Event Management Company In Siliguri: Akk Wedding Planner
Author: amit
4. How Much Is A Dishwasher Installation?
Author: Tom D'Agostino
5. Why Do I Need To Review My Life Insurance Annually?
Author: Joffry Daniel
6. Effects Of Mattress Material On Body Pressure Profiles In Different Sleeping Postures
Author: Andrew Philips
7. Powerful Tips To Get Love Problem Solution
Author: Pandit Kapil Sharma
8. Why U-shaped Modular Kitchens Are Perfect For Modern Homes?
Author: Nobilia Kitchen
9. Renovate Your Bathroom With More Luxurious
Author: Monika
10. How To Make First Rakhi Special?
Author: Chandan Kumar
11. Parenting In The Digital Age
Author: Im Perfect by Urveez
12. Carpet Cleaning For Commercial Spaces: What You Need To Know
Author: kinyyy
13. Discovering Goa’s Top 3 Wedding Venues: A Heartfelt Journey
Author: Sajjan Gill
14. Happy Father's Day! Best Quotes For Fathers Day 2024
Author: Godsyou
15. Why Spiritual Love Is Important In Relationships
Author: GodsyouG