• Debt Solutions
• Debt Consolidation
• Credit Counseling
• Bankruptcy - Why Stay Away From Bankruptcy?
• Stuck with Credit Card Minimum Monthly Payments
• Debt Elimination, is it Moral?
• Choosing a Debt Settlement Company
• Why Would Creditors be Willing to Negotiate Credit Card Debt?
• Debt Settlement - Impact in your Income Tax
• Common Objections to Debt Settlement

Choosing a debt settlement company

As the economic crisis continues and consumer debt continues to coil out of control, debt settlement is fast becoming a way out for many Americans. Although there are many ways to reach financial freedom, debt settlement is probably the fastest, safest and most economical way to becoming debt free.

When you have became serious about becoming debt free there are many things to be aware of when choosing a debt settlement company. As of 2009 there are over 2,000 debt settlement companies in the United States, many of those companies are small, unrefined and have only been in business for a short period of time.  The more larger, sophisticated companies will have a proven track record of client’s success. They will also be able to provide you with a truthful evaluation of not only the possible benefits, but also the possible disadvantages of debt settlement for your particular situation.

Just like many business’s the debt settlement business has some “bad seeds” that may not have your best interest in mind. The only way to protect yourself is to do research and learn about the industry and the pro’s and con’s of debt settlement. This way you will be able to establish who is being upfront about helping you become debt free. A good resource to rely on is the BBB and the state attorney general. These two resources more credible than just internet research itself.

The FTC advises you to not do business with any company that make promises that seem to be fictional such as:

• ·         Promises to you that your unsecured debt can be paid off for just pennies on the dollar. There is no promise that a creditor can give that they will accept a partial payment or settle for less than owed.
• ·         Tells you to stop making your creditor payments. If you do this you will accumulate late fee’s and added interest.
• ·         A company that requires large upfront fee’s and demands a settlement fee on what they saved you.
• ·         Tells you that creditors do not sue people for not paying there debt. Creditors do have the right to collect the monies owed through a lawsuit which can include a garnishment of your wages or a lien on your property.
• ·         A company that tell you they can remove negative scores on your credit report. That is illegal and no person can remove anything of your credit, only work to improve it.

Please understand that these are just a few ways to help you determine how to chose the right debt settlement company to fit your needs and if the are a legit company. At the end of the day the most important thing to remember is to read and research all terms of any agreement  before enrolling. At Debt Elimination of America we will provide you with a no obligation analysis of your current situation to see if debt settlement will help you become debt free. Please visit us at www.debteliminationamerica.com for your no obligation debt analysis.  

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After a divorce and two year custody battle, I was drowning in a sea of credit card debt. Debt Elimination America literally pulled me out of nightmare of harassing calls from creditors and slashed the ridiculously high interest rates.

They took the anxiety and pressure away! What would have taken me seven to ten years to pay off only took a little over two and a half. Imagine having someone call and tell you that they have erased $8,000 from one of your cards and that is exactly what this company did for me. I tried to do it on my own just to be stonewalled or threatened by the collection agents.

The most outstanding thing about this company is how they manage to negotiate and settle your debts while you, the client, get the credit of paying it off as Debt Elimination America's name never appears on any of the documents. Thanks to this company I was able to sleep at night and could escape the hell of revolving interest rates and late fees.

Natalie Caudill

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