If you are feeling like your debt has taken over your life completely, you may be right.
Unfortunately, you may have accumulated so much debt that even a small change to your income or expenses can upset the balance, leaving you unable to pay even the minimum payments.
Thankfully, debt settlement is an option and help you get back in control of your life.
In very basic terms, a debt settlement company can negotiate a better deal for you with all of your creditors.
You may consider handling the negotiations by yourself, but the minute you call one creditor, you will understand why you should leave this to the experts.
Negotiation can be time consuming and if you try it yourself, it may leave you with a major feeling of inadequacy.
The results of the negotiations with your creditors can vary.
Some of your creditors may settle for as little as fifty-percent of your debt owed and may allow you to make a few months to pay the other fifty-percent.
Other creditors may settle for a larger percentage, but will allow you more time.
Regardless of the outcome, you will find it much easier to handle than it was before.
The downside to this option is that it will not immediately clear up your credit problems.
In fact, all settlements will probably be on your credit report for as much as three years.
However, bankruptcy can stay on your credit report for ten years and it causes much more damage to your credit than a settlement.
With the current economy, many people have found themselves unable to pay their creditors.
What they may not realize, however, is that debt settlement is an option that needs to be considered.
The settlement will help you to get your finances in order and allow you to pay off the debt that is not settled in a timely manner.
Most important, it will allow you to take back the control of your life.