Like many consumers nowadays, I too was in debt.
For you to understand how debt settlement works, it is best to give a proven example, what better example than my own? I got a substantial pay cut from work due to the economic crisis, but I was used to certain life stile.
It didn't take me long to start spending over my limit with the help of my credit card.
I have to admit that I liked the freedom of buying what I needed even if I knew about my bad financial state.
There is no surprise that I end up in debt; in quite a lot of debt I might add.
I started thinking about bankruptcy, but it never seemed to be the right to do, mostly because it would damage my credit score and I won't be able to take a loan for decades.
And so I got online and I was determined to find a better way to clear my debt.
I quickly come across a debt relief option called debt settlement.
At first I wasn't very interested in it, but by getting more information I started seeing that this was the best option for me right now.
Like I said I had credit card debt, this is an unsecured debt which is a requirement for debt settlement, and I also had debt of ten thousand dollars.
It seemed like an aggressive way to clear debt, but it also seemed very efficient, so I got online again and started looking for a debt settlement company.
A friend of mine said that I might come across fake companies and that I should search in debt relief networks, and so I did.
Here I found a lot of information about several companies in my area and I even found a forum for previous costumers in which they talked about the services of the company they used; this was quite helpful.
And so, I hired a debt settlement company and they quickly began negotiations.
I have to say that they took care of every aspect, all I had to do was give my approval and sign the contract if I agreed with the reduction, this was of 50%, and I couldn't been more happy with it.
Now I am saving up money in a bank account until I reach the remaining 50%.