Debt settlement has been widely used as an alternative debt solution to avoid bankruptcy. Although it works in many serious debt situations, it might not be the best option for you. Depending on your debt situation, choosing a debt settlement as a way to relief from overwhelming debt might be a costly solution. Below are the basic five steps to determine if it is the best option for you:
Step #1: Request a copy of credit report
The first step you should do before deciding a debt relief option that fits your financial need is to determine how much debt you have. Request a copy of your credit report from one of three credit reporting agencies. Or, you can make request through online request form from the website of a credit monitoring company like MyFICO or Experian.
Step #2: Are you qualified for debt settlement
There are a few requirements that you need to meet to be qualified for debt settlement. Most often, your total debt needs to meet the minimum amount such as $8,500 in order to be accepted into the program. There are other requirements vary from one company to another. Read through the details of the requirements and make sure you meet the requirements of your selected debt settling service. Continue reading ‘5 Steps to Determine If Debt Settlement is the Best Option For You’ »