Debt settlement is just one of the many options that people use to get out of debt. While the debtors themselves can ‘settle’ their dues, the entire process is typically done with the help of a company or through the assistance of debt settlement lawyers in Arizona. They’ll negotiate on your behalf and, using their experience and existing connection with credit companies, find ways to make it easier for you to clear your debts.
Debt settlement allows you to:
Reduce the total amount you have to pay
Owing a seemingly insurmountable amount of money can be quite disorienting and panic-inducing, but debt settlement can help you reduce and erase a large amount of debt. Debt settlement companies or firms negotiate with creditors, aiming to clear the debt by paying a lump sum that is lower than the total amount owed. This lump sum, which can be around 60% of the remaining balance, will wipe your debt away in full. Aside from erasing the debt at a fraction of its total cost, your debt settlement firm can also ask the creditors to lower the interest rate or forgive fees, significantly reducing the amount you have to struggle with.
Erase your debt at a much shorter time
The amount of money isn’t the only thing that people worry about when paying a large debt. Sometimes, you may also feel overwhelmed by the number of years you need to clear the debt in full. You definitely don’t want to spend the most productive years of your life paying back your creditors instead of earning for yourself. Debt settlement can speed up the entire process, as it can be used to pay your debt in full in just 24 to 36 months. After that, you can start saving for and investing in your future.
Take better control of your finances
It’s easy to lose your sense of control over money when you’re dealing with debt. However, the advice of a good debt settlement lawyer can help you sort out your financial responsibilities and make informed choices. An expert opinion can go a long way in helping you prioritize your expenses, see the sections of your budget that can generate more savings, and find ways to best protect your current resources and assets. With a lawyer, you’re one solid step ahead in ensuring a debt-free future for yourself and your family.
Get rid of the things that distract you from paying your debt
Getting out of debt goes beyond earning and saving enough money to pay everything you owe. It also involves dealing with debt collectors, thinking of ways to trim your expenses, finding new resources, plus the constant struggle of paying your utilities, rent, or mortgage. But with the help of a debt settlement company or a firm that specializes in debt settlement, you don’t have to worry about many of these things. The professional assigned to you can help you go over all these tiny details and come up with a practical plan for tackling your debt. At the same time, your lawyer can help you get debt collectors off your back. Without the constant hounding, you’ll be able to think more clearly, sleep more soundly, and face your financial issues with less trepidation.
Finding a Good Debt Settlement Firm
Debt settlement, of course, is not a get-out-of-debt-free card. While it does have its many benefits, you still have to ascertain that it is the best option for your specific financial situation. A good debt settlement firm will first assess your finances and advice you of the right choice. Find a firm that will give you a balanced view of your current options—one that’s willing to point you to the right direction, not sell you a debt settlement program as a be-all-end-all answer to your debt issue.