Debt Consolidation verses Debt Settlement
January 26, 2012

Getting Out of Debt … The Hard Way

One of the great benefits of living in the United States is being able to live the “American Dream”…that is, until the American Dream backfires.  The author of this article found herself in financial straits when her business could no longer make ends meet once the recession hit in 2008.

Like many Americans, this person accrued debt on her credit cards.  Unfortunately for her though, she decided to consolidate her debts which entailed making one huge payment a month for 50 months (i.e., a little over 4 years).  During this time, this author writes that she had one last credit card with a limit of $1500 but that was even canceled.  With no savings and no recourse to any other lines of credit, she was very lucky that no emergencies befell her during this period, especially with two young children.  What could she have done differently?  Debt settlement.  She could have spoken with an attorney who would have negotiated down the balance on her credit cards instead of just combining the balances through debt consolidation. Debt settlement would have allowed her to get out of debt much more quickly, leaving her with more money for her and her family.  Many Americans have been a victim of the Great Recession, but help is available out there for those in financial distress.  Consider debt settlement…it makes the most financial sense for many Americans in these times.

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