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By: Debt Consolidation

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Friday, 19-Oct-2012 11:03 Email | Share | | Bookmark
Should Consumers go with Credit Counseling or Debt Settlement?

Debt Settlement is a relatively new and far more aggressive option for consumers that have accumulated debt to a level where making even the minimum monthly payments is no longer feasible. A Debt Settlement Process can include credit card debts, medical bills in collections, department store cards, signature loans, overdue rent, unpaid utility bills, unsecured lines of credit, and revolving charge accounts.

Just as it sounds, a Debt Consolidation rolls multiple lines of consumer debt, usually credit cards, in to one line with a lower overall interest rate and a single monthly payment. Debt Consolidation will target the higher interest credit cards first, paying more to them to knock down the outstanding balances at a faster rate.

Once you have considered your debt relief options, and decided to file Chapter 7 Bankruptcy it's important to know the process and timeline involved. If you should have not yet spoken with a Bankruptcy Law Chapter 13, you should as soon as possible.

Homeowners seeking Loan Modifications are well aware of how long, complicated, and uncertain the process is. Loan modifications that drag on for months, require multiple document submissions, and then result in a denial have become commonplace, leaving these homeowners either facing Foreclosure or bankruptcy.


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