Debt Relief for the Average Individual – Debt Settlement

by Mar 22, 2020Debt Relief Programs0 comments

Debt relief for the average individual.

With nearly 55% of the American households having at least one credit card and holding $7104 of debt in 2019, many people naturally ask the question, how can I get out from under this mess? There are several options such as debt relief programs, bankruptcy, budging programs just to name a few. Focusing our attention on debt relief programs, let’s explore one specific type, the debt settlement program.

What is debt settlement?

Debt settlement is a negotiated agreement by which a creditor accepts less than the total amount owed to legally satisfy a debt.

How long do debt settlement programs last?

The length of time that debt settlement programs depends on the company with whom you are working. Generally, debt settlement programs will last anywhere from 12 to 48 months.

What determines the length of a debt settlement program?

There are several factors that will go into determining the amount of time you may spend in a debt settlement program. Some of those factors include delinquency of accounts, creditors, number of accounts, and the total amount of debt you are placing into the program.

How much can I save by going into a debt settlement program?

The amount saved on your debt varies from person to person, again being determined by a host of factors. However, typically people that enroll in a debt settlement program may have their debt settled between 40 to 70% of the original balance that they enrolled into the program.

How are my debts settled with my creditors?

This depends on what your debt settlement company can arrange with each creditor you enroll. Generally enrolled debts are either settled by a lump sum or by monthly payments. These methods are impacted by the amount of funds available through your program.

For more information about debt settlement or to explore your particular situation in greater depth, please visit with the guys over at Debt Reset US. These guys and their company truly care about your financial health. Your debt relief may be just a single click away.