What is debt settlement?

Debt settlement (also called debt negotiation) is a process of negotiating with your creditors to pay off your credit cards and other unsecured debt (student loans, auto loans, and home mortgages are secured debts, and don’t qualify) for an amount less than you currently owe, often at a 40-60% savings. You will need to be behind in your payments in order to gain the leverage needed to get the creditors to settle your debts at a reduced amount (if you are making your payments on time, creditors won’t want to give you a “deal”). Typically you will pay the settlement company a percentage of the savings.

Does debt settlement really work?

Yes it does. Debt settlement works best for people who cannot pay their bills, are behind in their payments, or are considering bankruptcy. It is not designed for consumers who have small amounts of debt or who can still make their payments. It is a more aggressive approach to getting out of debt, and is not right for everyone. But debt settlement is a proven method, that does work (and worked very well for me personally).

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There are lots of ways to get into debt. That's the easy part. And there are also lots of ways to get out of debt. Some you can do on your own. Others you can get professional help. If you want to do it yourself, there is one particular method that works quite well. But it has a funny name - debt snowball.

No, it doesn't mean you that you challenge some famous rich person to a snowball fight, and whoever wins gets all the money (but wouldn't that be loads of fun!)

I can tell you from my own experience that it's not that easy getting out of debt, and it's definitely not that much fun. But if you decide to use the "debt snowball method" you will see just how well it works!

Why the name "Debt Snowball"?

Think of your debt like making a snowman. You start with a small snowball. Then you roll the snowball in the snow, and as you roll it keeps getting bigger, and bigger and ... well, before you know it you've got a snowman!

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Here are reviews of two of the top
debt settlement companies

Are you considering debt settlement, but are not sure how to find a company that's honest, reliable, and won't rip you off?

Well, you're not alone. Finding a good debt settlement company isn't easy. There are so many companies out there that they all start to look alike after a while. Ads on TV, the radio, in newspapers - you've probably seen them. And of course, they all say they're good. But how the heck can the average person tell the good ones from the bad ones?

So, what makes a debt settlement company a good one?

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"Do-it-yourself" debt settlement does work. And it can help you save lots of money ... especially with FREE help from an expert!

The concept of settling your debts is pretty simple. You can't pay your bills, so you offer the credit card companies a reduced amount in a lump sum to pay off your debts in full. They get some money rather than getting nothing - and - you get out of debt.

But the actual process of settling your debts isn't as easy as that. You certainly can "do it yourself." But the credit card companies would lose lots of money if everyone knew how to do it. And they would lose even more if the process was easy. And, debt settlement is not for everyone. If you can pay bills, you should. And if you can't then you need to realize how it really works.

So, if you still want to settle your own debts, here's what you need to know:

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Curadebt offers debt relief for both consumers and businesses. One of the more visible relief companies on the Internet, Curadebt has developed a reputation for customer service.

Curadebt was the second debt relief company to be listed on www.Debt-Tips.com, based on it's reputation and excellent customer service. The founders have been involved with relief and other financial services for more than 25 years, and have built their reputation by being up-front with customers.

Sadly, this is not common in an industry where many unhappy customers feel "ripped off" by a process they don't always understand.

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There are lots of different debt relief companies. And if you read their ads or visit their website then you probably think there are a ton of different types of debt relief programs. And that's exactly what they want you to think.

But the truth is that there are really only a handful of different methods.

Personally, I used debt settlement (also called debt negotiation) but there are several different types of debt relief services. Using debt settlement I saved $9,937.40, a reduction of nearly 40% - and paid off all my credit card bills in less than 2 years. So despite what the experts say, it does work. But it's not just an easy way for you to get out of paying what you owe (but that's what the companies in the ads want you to think, too).

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If you are a small business owner who is struggling with debt, you're not alone. According to the results of a Gallup poll conducted last month, almost half of America's business owners are finding it difficult to reduce their debt.

In the survey, 36 percent of American business owners admitted to being either “somewhat” or “very” uncomfortable with their amount of business debt.

This lingering burden of debt is the dark cloud on an otherwise healthy report. One-third of small business owners reported to having decreased their debt over the past year, and owner optimism reached a level that hasn't been seen since 2008.

The results of the poll imply that some business owners are treating debt much more seriously than before, and are no longer willing to rely on credit or loans to finance their businesses.

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Most people will do everything they can to avoid filing for bankruptcy, considering it a measure of last resort. Some won’t even consider it as an option, thinking that only “losers” or “deadbeats” file for bankruptcy. However, there can be times that filing for bankruptcy can be the best option for you.

Whether you are trying to declare total bankruptcy (Chapter 7) or are interested in working out a structured debt-repayment plan (Chapter 13), you may find that bankruptcy can actually help you in a number of ways.

Here are a few ways that filing for bankruptcy can actually improve your circumstances:

It Will Relieve You of Creditor Harassment

Once you fall behind on your payments, your creditors can become relentless, calling you at all hours of the day and night both at home and at work. Even though federal laws prevent creditors from harassing you, many of them flaunt these laws and use questionable tactics to collect on your debts.

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