Eleanor Simpson is a debt counselor for Franklin Debt Relief, the leading company in debt settlement programs for consumers.
Are you looking for the fastest way to become debt free? Bankruptcy is no longer the best option, since the 2005 overhaul significantly reduced the number of consumers who qualify for financial relief. Balance transfers or ten-year consolidation loans are not quick fixes either. You could always work another job or sell your possessions, but the extra effort and stress is often not worth the payoff. Fortunately you have access to experienced debt relief professionals who will work with your creditors and can slash the amount you owe by up to 60%. Debt settlement services can help you become debt free in as little as 12 to 36 months. If you are behind on your credit cards, store cards, personal loans, etc. by 90 days or more, your creditors want money and they will settle to obtain it. Depending on your situation, you have two plans from which to choose: lump sum settlement or periodic payment settlement.
In a lump sum settlement, the debt relief service negotiates with individual creditors and collection agencies to find a
single, final payment that will end their harassment. This payment is typically 40 – 60% of your balance and completely satisfies the debt. A lump sum settlement typically takes four to twelve months and then the debts are marked as settled on your credit report.
The second option is a periodic payment settlement. In this scenario, your debt relief service still negotiates with your
creditors, but you will continue to make payments until the settlement threshold is met. This option is convenient for
people who cannot afford to make a lump sum settlement payment, but it does take two to five years to complete. A
periodic payment settlement is still a better option that attempting to make minimum payments on high-interest credit
cards to become debt free.
Working with debt relief services is the fastest way to become debt free. Use the experience of these financial professionals to navigate complex legal requirements and convince your creditors to work with you. By negotiating a simple settlement agreement, you can gain a fresh start to your financial future.