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Debt Settlements - Things Every Consumer Needs to Know About Debt Settlements

Author: Erik Stump
Date: Jan 26, 2010 - 11:18:35 PM

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Debt settlements can help you eliminate a percentage of your unsecured debt however they can also cause a lot of trouble if you end up choosing a bad debt settlement industry. There are hundreds of debt companies out there and the fact is that some companies are just flat out better than others. There are some things that your should absolutely make sure your debt settlement company has before you hire them. Knowing the things to look for in debt settlement companies can end up saving you a lot of money and will help you obtain the most favorable settlement. This article will break down things that every consumer should know about debt settlements.

The first thing that consumers should clarify with a debt settlement company is whether or not they are a part of The Association Of Settlement Companies. TASC is a third party watchdog of the debt settlement industry and selects companies into their accredited organization when they have successfully proven the ability to excel in negotiating debt settlements. All legitimate debt companies will be a part of this accredited organization and if they are not I would strongly recommend looking elsewhere.

Debt settlements will negatively affect your credit score and anyone who tells you otherwise is not being truthful. Your credit score will be lowered initially but nowhere near as bad as bankruptcy. Bankruptcy takes nearly 7 years to recover from while settlements only typically take 1-2. If you are willing to accept a lower credit score to be able to eliminate over60% of your unsecured debt then debt settlements might be a good option for you to get out of debt.

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.

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:

Free Debt Advice (http://www. debtreliefemergency.com/)

View all articles by Erik Stump

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