August 17, 2018

When Should You Take a Chance With Debt Settlement?

“Dennis Firenze, computer salesman, discusses the troubles he has encountered during his plunge into debt. Debt is a serious issue that many of us eventually have to deal with. It has been no secret that more and more Americans are taking a turn into debt after the economic meltdown, but when does debt settlement actually make sense? Firenze jumped into the real estate industry expecting that the high rate of vacancy at his condos in Chicago would be able to help him build a successful real estate career. Instead, he found himself headfirst in over $270,000 worth of credit card debts. This is a reality that is striking thousands of Americans across all four corners of the country and can turn into serious issues, such as wage garnishment, increased taxes, and any other means the creditors can access to have their money returned..

At one point, Firenze stated that he was paying over $19,000 more than he was actually making from Chicago condos. He eventually created standing debts on a total of 13 cards, pulled all the money from the college savings of his children, and even drained what was available within his 401k. The debt collectors eventually got sore of the games and began what Firenze described as “”brutal”" calls; asking for up to $80,000 within a day’s period at some points. While he continued to attempt negotiations with the creditors, he eventually decided he needed to take a chance with Debt Settlement USA. After a good period of time, and some hefty fees, Firenze was able to settle debts for fractions of their actual cost.

Most people are afraid to turn to a debt settlement company in times of need. The entire industry is unregulated and customers always feel they are at risk when they decide to place their trust in strangers. Unlike debt consolidation and credit counseling, which basically gives you a larger loan to cover your smaller ones, debt settlement actually wants their clients to avoid bankruptcy and payments, but instead save up all the cash they can. In turn, the company is able to settle with the creditors for rather large amounts. Their fees may be know for being high, but they still offer the chance for customers to save huge sums of money.”

Read more:

MSN Money

Pros and Cons of Debt Settlement

Feeling Good About Debt Settlement

World of Debt Settlement and its Advantages

The In’s and Out’s of Debt Settlement