Integrity First Financial

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Debt Settlement Services

If you are struggling with unsecured debt, you are not alone. Americans are in debt. According to the Federal Reserve, Americans carry a total of $2.40 trillion, of which, the average household owes almost $15,000 in credit card debt. When searching for a way out of debt, debt settlement can be an effective option for getting rid of unsecured debt.

Debt settlement involves negotiating with creditors or collection agencies to pay off debt for less than the full amount owed on an account. You can either negotiate directly with the creditors and collection agencies or have a company offering debt settlement services do the negotiating for you. Debt settlement allows you to reduce debt and pay it off in a fraction of the time it takes to pay off high interest credit card balances.

Debt settlement can be an effective solution for unsecured debts, such as:

  • Credit cards
  • Personal loans
  • Some student loans
  • Medical bills
  • Bounced checks

Secured debt, such as your home mortgage or car payment generally cannot be settled. The reason is that these loans are secured by collateral, either your vehicle or home. In these cases, the finance company or mortgage company will repossess the collateral, rather than settle the debt. Because unsecured debts are not attached to anything that can be repossessed, the creditor will often agree to debt settlement, rather than risk getting nothing.

How Debt Settlement Works

Creditors will often agree to reduce the balance owed on an account to avoid receiving no payment on the account if you file for bankruptcy. When agreeing to debt settlement, the creditor will get part of the outstanding balance and the individual gets out of debt, so everyone wins.

You will need to have some money saved in order to negotiate with creditors and pay off the debt. If you are negotiating on your own, you will need to save money to use in negotiations because the creditor will want money in exchange for the deal. In debt settlement services, this is done by making one monthly payment to the program with the funds being used to pay off your creditors. The amount is determined based on your income and living expenses and will be affordable.

Many people choose professional debt settlement services because professional negotiators are familiar with the process. Experienced debt negotiation specialists know how collection agencies work and know effective negotiating strategies to use with creditors and collection agencies. In addition, fear and scare tactics have no affect on a professional.

Integrity First Financial Services, LLC offers debt settlement programs to help individuals and families get out of debt. The professional debt specialists at Integrity First have helped thousands of people get out of debt and take control of their finances. For more information about debt settlement services, visit our website.

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INTEGRITY FIRST FINANCIAL SERVICES, LLC © 2010
60 Lincoln Highway, Edison, NJ 08820
Tel: 732-662-9780 | Toll Free: 866-963-6443 | Fax: 732-662-9781

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