Loan seekers today facing the ill effects of recession naming some unemployment, salary cuts and homelessness have come to a point where they can no longer keep up with payments of bills on their credit cards. Consumer debt is on the rise and effecting people’s life like cancer. While dealing with unsecured debt, the available options so far in the market are Bankruptcy, debt settlement, debt consolidation, and debt elimination. The first three are viable options concerning unsecured debts namely credit card debts.
Looking at the aspect of authenticity of debt settlement as a 2010 solution of debt, the debt settlement market offers free debt counselling. Credit counseling is a process through which the consumers are given guidance about how to stop incurring future debts. There are many credit counseling firms which show you the way to finding ways to help repay your bad debt. These professional firms promote well-organized debt management programs such as proper budgeting and proper management of your wealth. There are professional experts who give you purposeful and effective guidance on credit card debt management and also provide the debtors with best opportunities for managing their bad debts. In this way, credit counseling helps in eliminating your debt through ethical way.
With the know-how you gain from these sessions you can choose the right and established settlement companies. These firms in turn help by setting up one easy monthly payment for credit cards, and even aids in lowering the interest charges. In simple words, credit counseling is a method by which debtors are educated to make informed decisions and planning for their future. Through this process, not only do the debtors start managing money sensibly, but they also become stress free and start enjoying life just like old times. It would be wise to utilize a debt relief networks which have listed top settlement companies for you and ensure that they are legitimate and have proven themselves.
While looking for a reliable credit counseling service go for those which are accredited with a number of professional organizations such as Best Business Bureau, Association for Financial Counseling and Planning Education (AFCPE), Council on Accreditation (COA), National Association of Certified Credit Counselors (NACCC) etc.
Debt settlement is a legitimate alternative to filing bankruptcy. If consumers are experiencing a financial hardship and have at least $10k in unsecured debt then debt settlement can be a legitimate way to eliminate up to 70% of that balance.