Personal Debt – How to Eliminate Personal Debt With the Help of a Debt Settlement Company

If you are in personal debt you are obviously not alone. The majority of the American public has been is personal debt sometime throughout their lives yet if you find yourself in this predicament today, you are much luckier than those before you. This is because there has never been such an advantageous time to eliminate personal debt. A debt settlement company can eliminate up to 70% of your personal debt in today’s volatile economic environment. This is a very rare time in our economy. The financial bailouts and injection of billions of dollars into our economy has created an environment where creditors are being more generous than ever when it comes to debt settlement negotiations.

It used to be considered a successful negotiation when a debt settlement company could settle your debt for 75% of the original balance. Well, the bar has been significantly raised in today’s market and it is not uncommon for a successful debt settlement company to be able to negotiate a 25-30% settlement. This means if you owe $20,000 you could actually end up only having to pay around $6,000. The debt company will then collect probably a $2,000 fee for their services so you walk out the door only having to pay $8,000 on an original $20,000 balance. This might seem too good to be true but in fact it is a reality that many people are realizing every day.

If you have at least $10,000 in personal debt it would be wise to hire a debt settlement company to negotiate with your creditors on your behalf. If you are under $10,000 in personal debt you might want to consider trying to negotiate by yourself however, the debt companies are much more likely to settle your debt for a lower amount and can also significantly expedite the process.