While the economy shows a promising recovery, the unemployment rate has not improved as much in parallel. Even with increasing employment opportunities, the payroll was slashed down, as reported by most of the media channels. There is a difference of opinion on the economic policies implemented by the government.
Despite all differences, we must agree that the federal stimulus package bailed out several ailing companies. These companies could set their foot again in the market and got a chance to relive. The credit card companies also got the fiscal aid from the stimulus package and are eager to recover as much possible. The highest unemployment ever in the history of the US gave an ugly face to the economy and those under debt found it increasingly difficult to make the payment. The last year saw several small scale business and individuals filing bankruptcy.
This recession however observed some remarkable changes as well. Debt settlement is the preferred option not only by the debtors but by the creditors as well. Handling bankrupt customers would have returned no good to the credit card companies; debt settlement could still help them recover some amount. Filing bankruptcy closes all avenues of a decent life ahead, so if you are under huge debt, your life is under a big mess, you are irritated and agitated, do not resort to bankruptcy, but think of an alternative. If you join the dots backwards, you would realize, it is the over expenditure, irresponsibility on planning a budget, inability to understand basic finance etc. You try to reconcile things but it might be late at this point. This will however be the key to a successful financial management in the long run.
Well, for now, you can call up your credit card company and explain your financial position. You really need to be assertive and strong while dealing with the creditors. You need to explain the benefits for them, that bankruptcy will bring as much harm to you as to them, so negotiation is a pragmatic approach. The creditors might not be interested in a settlement as long as you keep paying the minimum amount, so you need to plan a strategy. If the creditors agree, it can save you a lot of financial charges and end up paying less than half the debt with low APR and affordable monthly payment.
In case you find it difficult to negotiate with the credit card company and the debt amount is as large as $10000, it is recommended to refer a professional. Check the debt settlement companies, the debt relief network online and look for one that promises to eliminate debt 40-60 percent. A legitimate service will be a member of The Association of Settlement Company and should be listed with BBB. Their customer reviews and testimonials will help give you a fair idea about their performance and efficiency. The debt settlement company will negotiate on your behalf and based on the experience and expertise they eliminate your debt up to 70 percent.
If you have over $10,000 in unsecured debt there is legitimate debt relief help available. Creditors of unsecured debt are very concerned about collecting and debt settlement companies know exactly how to eliminate at least 50% of what you actually owe. To locate the top performing debt settlement companies in your state check out the following link: