Debt Settlement; Too Good to be True?

We have all seen the TV commercials or heard the radio ads telling us, that we do not need to repay our credit card debts in full. Better yet, we actually have the right not to pay our creditors. Truth is we do have the right not to pay our credit card accounts. We also have the right not to pay our mortgage loan, our car loan or our electric bill. However, it is also true that our credit card companies, our mortgage lender, our car finance company, and our electric company all have legal rights to collect the money we owe them, including suing us in court, foreclosing on our home, repossessing our car, and cutting off our electric service.

So if the old adage “If it sounds too good to be true, it probably is” comes to mind, consider the following about these Debt Settlement claims.

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Debt Management vs. Debt Settlement

Out-of-control debt has a way of taking over your life. High interest rates can cause your balances to climb higher each month, and the higher balances hurt your credit score, making it more difficult to obtain financing for important household expenses or personal needs. As the debt grows, so does your stress.

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How to deal with financial hardship

The past few years have been tough for many people, financially and otherwise. If you’re struggling to make ends meet, there are a few things you can do to get back on track.

Create a budget. This may seem obvious, but it’s important to have a clear understanding of where your money is going. Once you know where your money is going, you can start to make changes to save more and reduce your debt.

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Things To Know About Debt Consolidation

Debt consolidation is a way to collect all your individual debts and lump them into a single loan. It works well to combine overdraft, credit card, and automobile loans. By consolidating your debt you only make one payment to one creditor.Usually, you can negotiate better terms, a lower interest rate, and quicker payoff times. But is debt consolidation always the best idea for you?

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Should you pay extra on your mortgage?

You’ve probably dreamed of the day when you finally send in your last mortgage check and own your home free and clear.

Paying a little extra every month on your home loan is a way to make that dream a reality faster than you thought, and with today’s historically low savings rates, it could make more sense than ever.

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Get Out of Debt

Getting out of debt is a great concern for Americans today. Those who suffer from extreme debt often feel like there is no way out of their situation, but the reality is that with careful planning even those in the direst circumstances can look forward to a debt-free tomorrow. There are many different options for people who find themselves with more debt than they can handle.

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