Can You Get Out of Debt with Debt Settlement USA?

If you are in debt and not sure how to get out of it by yourself, contacting a debt settlement company is one strategy to become debt free. Debt Settlement USA offers one of the most effective debt reduction programs in the United States. You must have an unsecured debt of at least $12,000 and the balance of each creditor must be at least $1,000 to join the program.  Could be useful in eliminating credit card debt, if you for some reason cannot do it on your own.

Examples of unsecured debts are credit card debt, medical/hospital bills, department store credit card debt, unsecured personal loans, overdue rent, and past due utility bills. You are not eligible for the debt settlement program if you are looking to settle student loan debts, mortgages, car payments and income tax payments.

If you are trying to figure out how to get out of debt, the process is fairly simple; once you have signed up for the debt settlement program, your creditors will be contacted by one of Debt Settlement USA representatives. At this stage, the debt negotiators from the company will represent you on settling your debt with your creditors. You will no longer have to deal with the inconvenience or the awkwardness from answering phone calls or receiving letters from your creditors.

Your case will be handled by a team of experts who have an extensive knowledge in settling debt and negotiation. Debt Settlement USA has an established relationship with creditors and collection agencies. This is particularly a great reason why you should use them, instead of trying to handle it yourself, as good relationships always ease the path to difficult negotiations. They also have a profound understanding of the Fair Credit Reporting Act, as well as the Fair Debt Collection Practices.

Your current level of debt will generally be reduced by 40% – 60% after the negotiation. You will only have to pay part of your debt. Your monthly payment plan is rather flexible and determined on a case-by-case basis. You will be consulting with your representative in regards to the amount you will have to pay each month. This largely depends on your current level of debt, income and expenses. Your path to become debt free is all planned out and you will know exactly when all your debts will be paid, considering you stick to the plan. It will generally takes about 18-36 months to do so, and may be sooner depending on your situation.

Because any accounts that are included in the settlement will have to be closed, it is recommended that you keep at least one credit card open. This card should only be used in emergency situations. This is because it is not smart to engage yourself in more debt when you are trying to get out of one.

Even though Debt Settlement USA can help you negotiate your debts and handle almost all of the steps involved on your behalf, they cannot stop a creditor from accruing an interest on a late payment. In addition, it is important to know that there are some creditors that will refuse to settle. However, this rarely happens as most creditors realize that it is in their best interest to settle the debt, as they would not get anything if a debtor decides to file for bankruptcy.