There are a number of ways to deal with debt, as there's the full blown bankruptcy, taking steps to decrease expenses and apply the difference to paying down your debt, and there's also debt settlement.

I want to talk a little about debt settlement, which includes unsecured debt such as medical bill debt, credit card debt, or other types of debt like that to qualify.

We'll get a little into the positives and negatives of debt settlement so you understand what it is and means to use it as a tool to manage your debt.

Now let's talk payment in general, so you see what this is all about. For example, if you're struggling financially but are still paying all your debt on time, you're not going to qualify for this, as it's those that aren't able to pay any more that will be negotiated with.

What I mean by that is no credit card or other debt holder is going to let you off the hook if you've been paying your bill every month. Why would they, when you really think of it?

There's no motivation for those holding your debt to negotiate with someone they can string out with high interest payments for years into the future.

So guess what? You're going to have to show that you're unable to pay the debt off or you're going to have to endure the pain of barely being able to make it. You show you're unable to pay it off by simply stop paying your bills. How else could you do it? It's from there that the negotiations begin.

When you first hear this it may sound wrong to you, but it's the truth. As long as you're able to pay your debt off you don't qualify for negotiations, and companies will in no way even bother with you doing it until you miss a payment.

The answer is absolutely yes! Credit card and other unsecured debt holders understand the risks they are taking when they allow someone to use their cards or make payments.

So when times get tough for you, or the overall economic conditions are difficult, there is legal recourse for anyone that is not only legal and ethical, but the right thing to do if you can't survive without the actions. 

Some cases you can negotiate from lender to lender, so it could change from company to company. But you can expect from about 35 percent to 50 percent of your debt to be wiped out through debt settlement programs; possibly more.
 

Debt settlement will definitely ruin your credit, but if you're in that difficult of a position anyway, that's the least of your worries.

And what's nice about debt settlements is they can usually be implemented for three years, and you can start building up your credit again if you want to go that route again.

The first time you get behind on a payment your credit is ruined, so nothing you can do will change that for some time, so you may as well go all the way and take care of it anyway.
 
Other than keeping up with payments and applying the extra cash to paying down your debt, all debt reduction programs will negatively affect your credit rating, so it's best to do it right away and get it out of the way as quickly as you can. 

Because debt settlement is the quickest way to pay off your debt - usually as fast as two to three years - it's better than bankruptcy in my opinion, as the goal should be to take care of personal debt settlement as quickly as possible and get things turned around.

It's also better than consumer debt and credit counseling or debt consolidation because you cut the actual debt significantly, whereas with the others you still pay the entirety of what you owe.

Contrary to bankruptcy, you don't have your record made available to the public, and there is also no involvement of the courts.

Overall savings can be dramatic if you debt settlement programs or debt settlement software which can aid you in negotiating your own debt settlement, saving you even more in fees for debt settlement advice, debt settlement help, or debt settlement services via a debt settlement company of some type.

So keep in mind there are debt settlement software and tools out there you can use to mediate your own deals with your creditors, which can save you a lot of money.

 Am I counseling debt settlement as the best way to take care of your debt problems? For most people it is, but it depends on the makeup of each individual and how they view financial, among other things.

So if you do choose this route to take, keep in mind there are a few negatives that go with it.

First of all, you're going to start getting the phone calls from your creditors pressuring you to pay up, and in some cases leaving a taste in your mouth of being threatened. But the phone calls can't be avoided, and are simply part of the process of dealing with hard times for you.

Second, you will have a big negative hit against your credit, but I think that's a blessing in disguise because it stops you in your tracks from going even deeper into debt, and you won't be able to be dragged down any deeper if you're tempted to spend beyond your means in any way.

There's a very slight chance of getting sued in the process, but if you do, all that happens is you just call the creditor and negotiate a deal. The suit could be potentially filed during the time you're behind in bills and making a decision to go the debt settlement route.

This is a last resort by creditors because of the extra costs, so the chances are very slim it could happen, but the tiny possibility is there, but more than a nuisance than something to be concerned over.

All of this is referring to credit debt settlement in the USA, so I'm not sure at all how things are done in other countries, although I'm sure there are similar, if operationally different programs out there.

But this is primarily for those in the USA who aren't interested in a consolidation debt settlement, bankruptcy, or costly credit counseling which still requires you to pay in full. 

In the end it's up to each individual to decide their particular makeup and comfort level as to what to do about their debt problems. Debt settlement is one of the better ways to do it if you don't mind negotiating on your own, or if you want to pay some fees, have a debt settlement company or debt settlement service handle it for you. Either way it's the quickest way to get debt relief and get it out of your life very fast.

Now you can at least look at the overall picture and see if debt settlement is the way to go for you.

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