Credit card debt is one of the biggest financial issues in the United States today as the average American consumer is having to simply keep paying their bills each month. The recent economic recession has left many people with a Triple-digit rate of credit card debt and it has also been said that more than 50% of the bankruptcies are on credit cards. Therefore, the government has been hard at work devising a debt relief solution that can help both debtors and creditors.
Debt settlement is one of the most effective methods of eliminating accumulated debt as it can cut your balance in half withoutSound financial consequences.uate through a debt settlement company and they can alleviate your stress and manage your monthly payments on debt so that you can regain control of your finances. You can find reputable debt companies offering a reliable and secure payment settlement company online or you can find one locally like an attorney or a debt management company. There are several reputable settlement companies in business across the country, hearts of their clients, so finding a high volume and reliable debt settlement company can be tricky. Here are some tips that can help you find a reputable debt settlement company:
1. Start with a traveling you path to finding a reputable debt settlement company/ company. Go through local and online user reviews. However, do not base your decision on the rating of a company on the review site. Instead, look at actual client names for the company. Also, stick with a trusted debt settlement network that only accepts to companies that have a proven record of successfully helping their clients.
2. Do a checks and see if the Better Business Bureau has any information about the debt negotiation company you want to consider. If they do not have anything reported yet, keep searching.
3. See if the company has any history of complaints being made against them with the BBB. If their complaints four years ago were not resolved and the company did not come up with satisfactory resolution, then you could still consider this company to be inferior.
4. If you are considering a debt management company then make sure that they are licensed to operate in your area or you need to check them out further if the records are not available from the BBB.
5. See if prior customers were happy or not. See what their customer comments are like.
6. See what their costumer service department can offer you for signed signed up debt management.
7. Compare different debt settlement companies based on performance, interest bargains and upfront fees only.
8. Look for a 10-15% upfront fee to the settle debts. Then see if the debt management company is pressed for time as their bills are all done and dusted within the first month. If they are still able to hold each client for a bunch of hours, forget the idea as they are likely to blame it on the client.
9. Understand everything about your debt management company and payment plan because your credit will be affected by that choice. Also, understand that there is a difference between settlement and bankruptcy, and that bankruptcy should be your last option since it has a lot of long-term consequences.