It’s no secret that Americans are struggling financially. Massive layoffs, inflation, unaffordable healthcare, skyrocketing gas prices and hiked-up interest rates on credit card accounts are plunging millions of consumers to the brink of bankruptcy. However, many of the would-be bankrupt are turning to a less drastic solution to their debt problems: debt settlement.
Debt settlement is nothing new. It’s simply an agreement between two parties to settle a debt for less than the outstanding balance. Lenders have been doing this for hundreds of years, but the modern American banking industry started formalizing the practice after many of their customers starting falling behind in the late 1980s and early 1990s. These banks setup separate departments with specially-trained negotiators who contacted delinquent customers and offered them a lower pay-off amount to fully settle an overdue account.
Shortly afterward, entrepreneurs set up companies to help negotiate the best possible terms for financially distressed consumers trying to settle their debts. This marked the birth of the modern debt settlement company . Thousands upon thousands of consumers flocked to debt settlement websites seeking more information and enrollment into a debt settlement program and debt settlement’s popularity as a bankruptcy alternative continues to grow.
There’s good reason for debt settlement’s popularity. For some, it can be the fastest and least expensive form of debt relief besides bankruptcy. A consumer may be able to settle all settlement-eligible debts for less than the full outstanding balance in less than three years by maintaining the same payment amount that the consumers were paying on their cards prior to the program, since every situation is different please contact one of our representatives to go over your exact situation.