People are a creature of habit, and get comfortable with their direction and are uncomfortable with change. When your faced with mounting debt, and no money left at the end of the month you have heavy decisions to make. These decisions should be well thought out, and calculated. Don't rush into anything, take your time, don't let anybody push you into anything.
Heck even do some shopping around. “OOPS, if your reading this and have mounted Credit Card Debt you have probably already shopped around. If you want to keep paying interest on the accounts and seeing nothing change on your amounts owed do what you have been doing. And you will keep getting nowhere and letting the banks control your finances and future.
Ask yourself these three questions then weigh the risk of debt settlement:
1. If you lost your job today and had no money on hand where would you get money to feed or house your family?
2. If you lost a loved one after loosing your house and job how would you provide for your other family members?
3. If your family lost you today, and had no money saved, how would they continue?
They money your wasting now on unsecured debt, stretching to get by can and in most cases will impact your entire family at some point. The decision to take control and rebuild is a decision only you can make. The risk is far less than doing what your doing.
Below are key factors in choosing a debt settlement company to assist are listed below.
* Does the Debt Settlement Company you are considering report to any of the three major credit bureaus about your enrollment in their program?
* Does the debt settlement company you are considering have IAPDA certified debt arbitrators? IAPDA certified debt arbitrators possess a solid understanding of the laws governing the Debt Settlement industry and fully understand your current financial situation.
* Does the company offer any type of service guarantee? If so, what is the guarantee? If a company can not get settlement on your debt, you should never have to pay a fee, or the fee should be fully refunded.
* Does the debt settlement company you are considering belong to the United States Chamber of Commerce? If so, is the Chamber an accredited member of the Chamber of Commerce of the Unites States?
* Is the debt settlement company you are considering a member of the Better Business Bureau? If they do not advertise this, you can always inquire with the BBB first.
Knowing the risk of doing nothing, your risk in debt settlement can will be different for every person. They can include collection calls “we can stop most all of them", You will get letters from the banks “you get them now" Your credit score will suffer “you don't have a credit report now" you have a debt report. Other risks could include an attorney telling to pay up. In most cases and attorney is not even involved, yet the collection letter comes on his letter head. Biggest risk of all is “YOU BEING IN CONTROL". That is a risk the banks don't like to take so they can and will settle with the right approach.
In order to lower the risk in debt settlement, be sure you have searched the BBB report, make sure the company you use is an active member of the United States Chamber Of Commerce and IAPDA Certified. This will increase your chances of reaching your desired goals.
Tom Bates, CDA
Absolute Debt Solutions, Inc.