Debt Relief Tips - How Federal Stimulus Money is Making it Easier to Eliminate Unsecured Debt -
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You are here: DIME Home > Business > Debt Relief Tips - How Federal Stimulus Money is Making it Easier to Eliminate Unsecured Debt
This current economic environment has created unique opportunities to eliminate unsecured debt. This recession has been described as the worst economic markets since the Great Depression. Obama's financial stimulus bills have severely softened the blow however the results of such swift and massive economic intervention by the government have yet to be fully seen.
Author: Erik Stump
Date: Jan 25, 2010 - 10:10:14 PM
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This
current economic environment has created unique opportunities to
eliminate unsecured debt. This recession has been described as the
worst economic markets since the Great Depression. Obama's financial
stimulus bills have severely softened the blow however the results of
such swift and massive economic intervention by the government have yet
to be fully seen. Only
have of the federal stimulus money has been used thus far. The majority
of this money went directly to large financial institutions and it is
now becoming clear that the stimulus money is indirectly helping
consumers eliminate unsecured debt. Creditors are agreeing to very
generous debt settlements in this market and it would be wise for
consumers to take advantage of such favorable market conditions to
eliminate unsecured debt before it's too late. With
billions of stimulus dollars, it is now financially feasible for major
creditors to agree to favorable debt settlements. Consumers who find
themselves at least $10,000 in unsecured debt are able to eliminate 60%
of their balance on average and cases as high as 90% are not uncommon
in this market. Major creditors are able to incur these losses because
of the federal stimulus money however when it runs out they will most
likely not be so generous. This is why it is very important that
consumers, who are considering a debt settlement, do so sooner than
later. When
you get a debt settlement it will have a negative impact on your credit
score although it will not be nearly as bad as bankruptcy. Debt
settlements usually take 1-2 years to fully recover from while
bankruptcy will stay on your credit report for 7 years. Debt
settlements are clearly a better alternative especially in this market
where creditors are being so generous. If
you want to get out of debt and hire a debt settlement company for debt
negotiation then I have an important piece of advice. Do Not go
directly to a particular debt settlement company but rather first go to
a debt relief network who is affiliated with several legitimate debt
companies. In order to be in the debt relief network, the debt
settlement companies must prove a track record of successfully
negotiating and eliminating debt. They must also pass an ethical
standards test. Going through a debt relief network will ensure that
the debt company you are provided with is a legitimate and respected
company. This is the most efficient way in finding the best debt
settlement companies and increasing your chances of eliminating your
debt. FreeDebtSettlementAdvice.com
is one of the largest and most respected debt relief networks on the
marketplace today. To find a debt settlement company through
FreeDebtSettlementAdvice.com check out the following link
View all articles by Erik Stump
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