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7 Benefits of Doing Debt Settlement

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7 Benefits of Doing Debt Settlement

According to a recent study published by CNBC, 8 out of every 10 Americans is in debt. The average household has about $53,000 in unpaid dues and borrowed money. With so many people struggling to make ends meet in this economy, debt settlement is becoming an increasingly popular option.
What Is Debt Settlement?
Debt settlement is defined as a financial strategy through which businesses and consumers can reduce, manage, or settle their financial obligations. It may involve conversations with lenders, term negotiations, paperwork, and a lump-sum upfront payment. It might also include a newly drafted agreement with creditors and a slight reduction in your credit score.
Debt settlement companies are good at what they do. That’s likely why they always charge an additional fee for their professional assistance. They may be submitting paperwork on your behalf, acting as negotiators on your account, or simply advising you on the most frugal financial strategies. So, while debt settlement may seem like an expensive option at first, there are actually several money-saving benefits, including but not limited to the following 7:
1. Debt settlement can restructure the terms of your existing debt, often reducing the monthly installments of the loan. This makes it easier for you to remit on time payments and improve your credit score with time.
2. Debt settlement can help consumers define payment terms based on their earned income while making it possible to renegotiate for more affordable loan and interest rates.
3. Debt settlement allows consumers to track their monthly credit card purchases and compare those to their equated monthly installments (EMI).
4. Debt settlements helps consumers convert an older loan to a new one.
5. Debt settlement, for businesses especially, helps to reduce public debts and mitigate the damages of unexpected expenses.
6. Debt settlement can decrease the national debt by helping businesses and consumers use borrowed funds more responsibly.
7. Debt settlement makes it easier to establish or re-establish a decent credit score by helping businesses and consumers manage their money more efficiently.
To start enjoying the benefits of debt settlement, be sure to contact a trusted company that respects your privacy and possesses the tools to make the process as seamless as possible. Have all your debts calculated before initiating services, and it might not hurt to get a copy of your credit report beforehand as well. Communicate with the agent to create a beneficial method.

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External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by Platinum Debt Services. Links are provided for informational purposes and should not be viewed as an endorsement.

Platinum Debt Services refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. Platinum Debt Services always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Third Party Brand Mentions: No brands or products mentioned are affiliated with Platinum Debt Services, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.

Platinum Debt Services was founded by a young group of professionals who recognized that they student loan crisis was partly due to that fact that borrowers do not know their options. Our main goal is to educate and empower consumers by providing up to date new programs and information.

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