If you want to make this year the landmark year in which you successfully got rid of all your financial complications, then you will have to either make use of a bankruptcy or a debt settlement. Of course, I am presuming that you are an ordinary American who has struggled to earn a steady income because of the recession.
If you are multimillionaire, then it is obvious that a small credit card amount will be small change for you. For those who are really in trouble and those who want to eliminate credit card debt in a time bound manner, it either has to be bankruptcy or a settlement.
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Settlement offers many obvious advantages. For starters, your debts come down by 50% or more and you have the option of repaying the balance. As long as you make regular repayments, you can always enter into detailed negotiations with your lenders for any changes in the terms and conditions.
It all depends on how well you negotiate and what sort of relation you have with your credit card issuers. Secondly, you get an opportunity to tackle your low credit score even as the repayment is being done. This often is a minor factor for many individuals but the truth is that it should be given a lot of importance.
Quick repair of the credit score is definitely going to be profitable when the recession ends. Bankruptcy has become a very unprofitable and unfavorable option. You first have to enter into a lot of formalities and technicalities to complete this task. Needless to say, you will have to spend money on the bankruptcy attorney charges.
Do you know that the charges can range from $1500 to $2500? Can you imagine spending so much money just because you want to declare bankruptcy? If you owe debt worth $15,000, a deposit of $2500 can easily fetch you a 50% discount.
You just have to repay the balance $5000 over a period of 12 months and you would be absolutely free of debt without any bankruptcy whatsoever. Hence, from the cost point of view, bankruptcy is not any better than debt settlement. In fact, it is a lot worse.
Of course, the social factor is one point where bankruptcy loses hands down. That settlement helps you keep your private problems private and helps you tackle debt without of making a public spectacle about your mismanagement.
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