What is Debt Settlement?

What is debt settlement? This is the topic for today. When you think of debt settlement, most people think of credit card settlement, or settling on your credit card debt. Most people would rather go through a credit card settlement than pursue a bankruptcy. The actual definition for debt settlement, or credit card settlement, is the negotiation of lowering the amount of debt that you owe and paying a lesser amount. The creditor is called and you negotiate a deal to pay a percentage less than what you actually owe.

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You can also get rid of your credit card debt by doing a debt consolidation loan. But to do this usually requires you to have good credit. By the time you decide that you want to do a credit card settlement or a debt settlement on your credit card debt, you already have bad credit due to not paying your credit card debt on time.

When you decide that it is time to get some debt relief, you look into debt settlement. You will need to have a lot of patience when you go this route of getting rid of your credit card debt. First of all, most creditors will not allow you to even begin to offer a credit debt settlement amount until you are at least three or more months past due with your payment. This means that you will have to put up with the harassing calls from the creditors before you can get out of debt and have any real debt relief. They, the creditors, can get pretty brutal and convincing to get you to make a payment on the spot or to pay them for a credit card settlement now.

Credit card debt settlement needs to be looked at as an art form. You must be in negotiation mode and keep at it to get the best deal that you can. Creditors can settle anywhere from one percent up to eighty percent off of the original debt amount of what you owe. However, you need to keep in mind that to get the higher percentage of savings, you will need to not make a payment on the debt the longest. Most creditors can pursue you for the debt up to two years before they decide to sell the debt off as a charge off. The longer you wait to settle, the better deal you will receive. But you will have horrible credit as you go through this waiting time. If you do not want to have horrible credit during this time, I can suggest a couple of companies that can work on repairing your credit reports in the meantime. Check out the links below.

Now there is another thing that you need to be aware of when it comes to getting rid of your credit card debt to get debt relief. Most people can only do a credit debt settlement one creditor at a time. So if you have say, ten creditors that you owe money to, it may be awhile before you will have enough to negotiate a good deal for debt settlement with all of them.  Just remain patient.

Good Luck in your negotiations,

Janna Jones


What is debt consolidation?

The question of what is debt consolidation is our topic for today. There are many forms of debt consolidation but we want to first understand what debt consolidation is before we can take the next step to determine if debt consolidation is for me or not.

The first thing that you will need to know is that debt consolidation is a process in which you combine all of your credit card debt into one lump program and make only one monthly payment instead of multiple payments to all of your creditors.

There are multiple forms of debt consolidation. You can obtain the services of a debt consolidation company in which they specialize in working with the creditors to lower your monthly payment to be more manageable and they also get the creditors to stop harassing calls and letters to you.

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Another form of debt consolidation is the debt consolidation loans. Getting debt consolidation loans can be a bit tricky. You will need to have a good credit rating to get debt consolidation loans. This may be difficult if you are currently behind on payments of your credit card debt now. Your credit score is lowered every time you are late with a monthly payment to a creditor. So you may not even qualify for the debt consolidation loans. You will need to check with your local banking institution for best results to see if this is the best way for you to go.

A third form of debt consolidation is to settle on your debt. This is typically known as debt settlement. I would not normally suggest this as there are a lot of better things that you can do to get real debt relief.

The best way for debt consolidation is to do this yourself. This will be the cheapest way and normally the fastest way for you to finally get rid of all of your credit card debt and find true debt relief. However, this is not an easy process. This will take strong will and determination on your part to not give up. It may take anywhere from three to five years or more to get all of your credit card debt paid off. The key will be if you can stick it out. You will also need to learn to live on a budget during this process and to not apply for any new credit cards. Your goal is to learn to live within your means and live on cash.

So you see, debt consolidation is very good in some ways and trickier in other ways.

You need to see what all the debts that you have to pay off. Click here to obtain all three of your credit reports for free. I hope that this has helped you today.

Until next time,

Janna Jones


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What are the Bankruptcy Laws?


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What are the bankruptcy laws? This is a very good question. Bankruptcy laws can be complex and difficult to answer. The reason you have bankruptcy laws to begin with is that they originated in the bankruptcy courts by bankruptcy attorneys. Bankruptcy laws can be both in the consumers benefit and the creditors benefit. It mainly depends on what kind of bankruptcy you are filing because they all differ with their bankruptcy laws.

The best way to answer the question,”What are the bankruptcy laws?” is to understand what a bankruptcy is. A bankruptcy is when you, the consumer, go to the courts to get help with your debts. You are tired of the harassing calls and letters that you that you are receiving and you want legal help. Getting this legal help will require you to seek the advice of a bankruptcy attorney about the bankruptcy laws and what you can legally do to file a bankruptcy to get the creditors to stop with their harassment.

The legal definition to “What are the bankruptcy laws?” is  that bankruptcy is a federal system of statutes and courts which allows the consumer that has debts to place these debts under the control of the bankruptcy courts. Since there is more than one kind of bankruptcy that you can file in the bankruptcy courts, there are different and multiple laws that go with each particular kind of bankruptcy.

Bankruptcy laws allow the courts to supervise in the division of your assets and payments to the creditors monthly. Again, this will be determined on which bankruptcy you filed.

Remember to always seek the advice of a legal counsel such as a bankruptcy attorney before you actually file for bankruptcy. Here are some links that may help you;

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Let me know how this article has helped you. Just leave me a post on this page.

Good luck. Until next time,

Janna Jones