title:Looking For the Debt Settlement Program That’s Right For You? author:Jason Niesen source_url:http://www.articlecity.com/articles/business_and_finance/article_6734.shtml date_saved:2007-07-25 12:30:08 category:business_and_finance article:

Debt settlement is quickly becoming the most popular debt management strategy in America today. Through the right Debt Settlement Program, you can become debt free in 6-33 months (a little longer in rare cases), for about 55-70% of what you owe. This includes ALL FEES! What could you do if you no longer had to make payments of credit cards or any other unsecured debt??? What would you do with the cash flow?
With benefits like these, how could you afford NOT to take advantage of a debt settlement program? Well, unfortunately, much like the credit counseling industry, too many companies are jumping on the bandwagon and giving the industry a bad name.
BEWARE of anyone that gives you a “quote” for a debt settlement program (how much you can get out of debt for, how long it will take, the size of any lump sum required, etc) …WITHOUT FIRST looking closely at ALL of your current account statements (within 30-45 days).
In order to accurately estimate and design a debt settlement program that you can compelte successfully ALL of the following factors must be considered:
* Who your creditors are
* How many creditors you have
* How delenquent your accounts may be
* Account activity such as balance transfers, cash advances and large purchase
* Your state of residence
* Your financial situation
Anyone who quotes you a debt settlement program WITHOUT looking at all these factors from your current statements IS BLOWING SMOKE.
Without closely examining all of your current statements, there’s really no way to accurately estimate how quickly or how much you can settle your debt for. It’s much like a loan officer giving a quote on a home loan (how much you qualify for, what your interest rate will be, etc) without first checking your credit report or income information.
This is a major red flag, and you’ve now been warned.
What we have sadly seen, time and time again, from too many debt settlement companies out there, are eager debt consultants making promises they simply cannot and do not fulfill. Clients usually must come up with much more money to settle their debts due to poor initial estimates that they initially bought into. If they can come up with the cash, they walk away debt free, but at a cost MUCH greater than they expected. If they cannot get the cash, they often go bankrupt, while the debt settlement company they signed up with KEEPS the fees.
Not very financial smart, is it?
Think about this if you’re shopping and only concerned about fees or getting the lowest monthly payment. In the end, enrolling into a debt settlement program that is “too good to be true” will cost you FAR more than finding a good one that will actually work. Remember, without considering all the factors above, you’re setting yourself up for a very rude awakening in your financial future.

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