Most people who carry the burden of debt want to get rid of it as soon as possible. While some debtors would just try to settle the account by making a lump sum partial payment others wouldn’t have enough resources to do so. Ideally those seeking debt settlement can settle the debt within three to nine months however if they would like to expedite the process it could be accomplished in a month.
The timeline in which a debt should be settled depends on many factors. Most people looking for debt relief are advised to make the process of repaying as short as possible.
Even after a settlement at lower value has been initiated, the credit card company would continue charging interest on the outstanding balance. A longer duration of settlement could end in the account being settled in court. Only once your debt is cleared you are able to start repairing your credit ratings and thus it is advisable not to extend it for too long but to become debt free as soon as possible.
Many debt relief experts always advise to stay away from fraudulent claims made by companies of settling the debt in 30 days or few months. The process of negotiation takes time.
A person in debt should always remember that it is their debt and they have to repay it. The faster they do it the better. While picking a debt settlement program it;s always advisable to check if there is possibility of getting the interest rate reduced with any future lump sum payment.
An interest rate charged on reducing balance can not only help lower monthly payments but can also help in paying the debt a lot more quickly. While seeking debt relief check for the programs that are affordable, flexible and help you save while you make payments.
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