quotes about strength and life

Is Debt Settlement Right for You? Debt settlement is a common negotiation strategy though it is not right for everyone. The intent of debt settlement is a way to avoid bankruptcy. It is an honorable way to pay back your debt when you simply don't have enough money to pay it back under the original terms. Here are Four Steps to help you determine whether or not Debt Settlement is right for you. 1. Do you have a financial hardship? Most debt problems are caused by loss of income, medical bills, divorce, or simply the problems that life can throw at us. These are financial hardships that can happen to anyone through no fault of their own, and any one of these situations can destroy a household budget. 2. Do you have a desire to solve your problem? This is true with any debt negotiation, but particularly with debt settlement. As with most things in life, success is determined by your level of desire to staying the course, even when the road gets a little rough. You likely didn't get into this problem overnight, so it is unreasonable to think you can fix it overnight. If you are likely to give up easily, then debt settlement is probably not right for you. But if you are determined to avoid bankruptcy, then it is a very good approach to eliminating your debt. So is debt settlement right for you? 3. Do you have most of your debt on credit cards and other unsecured debt? Most types of unsecured debt can be negotiated, including medical bills, lines of credit, signature loans, repossessions, department store cards, miscellaneous bills. Debt settlement is not appropriate if your problems are from secured debt like mortgages and household bills like utilities. In some cases mortgage companies will work with you to help you get over some rough times. 4. Do you have the ability to set aside a small amount of money toward your debt settlement? Though there is no set rule to the amount of money you need to put aside each month, it is important to be realistic. A good guideline is that you should be able to set aside around 2%-4% of your debt level monthly. This is only a guideline, so other amounts can work. You can start off setting aside less money and then increase later. The more you can set aside, the faster you will become debt free. When you become free of debt life is a lot easier and much more fun.
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