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There are many reasons why debt settlement is one of the best debt cures you can use. There is bankruptcy but not everyone qualifies for the best form which is Chapter 7 which discharges your debt. The new bankruptcy laws made it harder to qualify for Chapter 7. A lesser of two evils is to use debt settlement over bankruptcy to get out of debt. In the short article, I will give you some card debt settlement advice to help you learn more about it and understand why you should use it instead of filing bankruptcy or using debt consolidation or other debt elimination methods.

So what exactly is debt settlement? Debt settlement and debt negotiation allow you too achieve a zero balance on your credit cards with a small lump sum payment which represents a fraction of the total amount owed. They would rather settle your debt for a percentage of what you owe right now than to go through a bankruptcy and wait some more years to get paid through the bankruptcy court.

On average you can save 50% of what you owe to your creditors. This is the same as cutting your credit card payments in half. When you do this it’s easy to get out of credit card debt. That’s what makes this one of the most powerful debt elimination methods you can use.

Your interest rates will skyrocket to up to 30% but all you will be concerned about is getting the balances paid off in full with a partial payment.

You also do not worry about your credit score. The effects of bankruptcy and debt settlement on your credit score are similar, however, debt settlement is easier to recover from. Your bankruptcy filing information will be available in the public through the courthouse or online databases. With debt settlement, your credit score will still go down but it will not be a matter of public record. It is much easier to rebuild credit when you have no debt to worry about.