Eliminate Debt Eliminate debt legally, including how to eliminate credit card debt

If you are struggling with debt, it is likely that you have consulted with some of the many New York Times Bestselling books on the subject. Famous financial advisors like Suze Orman and Dave Ramsey not only have books, but also TV shows, radio shows and informative websites. They put consumers on strict debt diets and have them cutting up their credit cards in order to start paying bills. And when it comes to debt settlement, these and other ‘trusted’ and popular financial advice resources such as MSN money, all agree-just say no!

It’s no wonder that consumers are leery of debt settlement. Not only have America’s debtors been hearing that debt settlement is bad from financial gurus and the debt advisors on Ophra’s much-watched “Debt Diet”, but they also have grown up on the axiom that “if it sounds too good to be true, it is”.

And there’s no doubt about it, debt settlement sure does sound good. Debt settlement is a method for resolving debts by compromising with the lending company owed. The goal of debt settlement is to settle the debt for at least half of the amount owed. Debt settlement programs usually last between 12 to 36 months.

There is nothing illegal about debt settlement, whether you attempt it on your own, or you use a debt settlement company. Why then, are many popular financial gurus against it? This is most likely because all debt settlement companies were not created equal. The debt settlement industry is still quite new and its growing rapidly, as is consumer debt in America. The government hasn’t been able to keep up with the growth, and the industry is therefore lacking in regulation, meaning that some companies are unreputable. Money gurus in the media don’t endorse debt settlement because they don’t want to be held responsible if one of their followers takes their advice, but falls victim to a debt settlement scam.

Carefully choosing a debt settlement company is the key to avoiding a scam. Some red flags include no address or phone number listed on the website, or asking for large deposits of money upfront. When evaluationg a debt settlement company consumers should consider a couple of things. Professional debt settlement companies will hold memberships to the Better Business Bureau, local and national Chambers of Commerce and debt industry organizations. Representatives of a legitimate company will be more than willing to answer your questions and explain their debt settlement program to you.

Another reason why financial advisors in the media warn against debt settlement is because debt settlement isn’t for everyone, and this is true. Candidates for debt settlement are those with extensive unsecured debt, usually in excess of $5000. Debtors who have stopped making monthly payments or are struggling to do so should consider debt settlement as a viable solution to their debt.

Despite the negative representation of debt settlement by some popular financial advisors, it is actually one of the best debt resolutions available. Debt settlement is the fastest way to become debt free and move on with your life.

Learn more about debt relief and how debt negotiation can help you become debt free in as little as 12 to 36 months.

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1. Debt Relief Programs – How to Know When a Debt Relief Program Makes Financial Sense
2. Debt Relief: Aid You in Dealing Your Financial Condition
3. Federal Debt Relief – How Stimulus Cash Helps Consumer Debt Settlement
4. Understanding The Pros And Cons Of Debt Settlement
5. Credit Debt Relief – Is Bankruptcy The Answer?