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    itors are often more than willing to settle, especially if you are behind in payments. Plus, most debt settlement firms use their knowledge of laws and negotiation tactics to achieve the desired settlement. Often, the creditors or collection agencies will say that the
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    Debt settlement is a perfectly legal and viable alternative to bankruptcy; however, many people overlook this option because they are unsure of what it is and how it works. Here are six common myths and the actual facts regarding debt settlement..

    Myth #1: Debt negotiation and debt consolidation are the same type of programs.

    Fact: This could not be further from the truth. Debt consolidation combines your debts into one payment. You may get a lower interest rate; however, your debt is usually secured by some type of collateral, such as your house. You could end up paying for the debts over a much longer span of time; this means you could eventually end up paying more for your debt. On the other hand, debt settlement helps to reduce the total amount owed by up to 50%, allowing you to pay of your debts within a significantly reduced period of time.

    Myth #2: My creditors won’t work with a debt settlement company.

    Fact: Most creditors will work with debt settlement companies because if you declare bankruptcy they may never see a dime. Creditors are often more than willing to settle, especially if you are behind in payments. Plus, most debt settlement firms use their knowledge of laws and negotiation tactics to achieve the desired settlement. Often, the creditors or collection agencies will say that they

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    negotiation and debt consolidation are the same type of programs.

    Fact: This could not be further from the truth. Debt consolidation combines your debts into one payment. You may get a lower interest rate; however, your debt is usually secured by some type of collateral, such as your house. You could end up paying for the debts over a much longer span of time; this means you could eventually end up paying more for your debt. On the other hand, debt settlement helps to reduce the total amount owed by up to 50%, allowing you to pay of your debts within a significantly reduced period of time.

    Myth #2: My creditors won’t work with a debt settlement company.

    Fact: Most creditors will work with debt settlement companies because if you declare bankruptcy they may never see a dime. Creditors are often more than willing to settle, especially if you are behind in payments. Plus, most debt settlement firms use their knowledge of laws and negotiation tactics to achieve the desired settlement. Often, the creditors or collection agencies will say that the

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    lateral, such as your house. You could end up paying for the debts over a much longer span of time; this means you could eventually end up paying more for your debt. On the other hand, debt settlement helps to reduce the total amount owed by up to 50%, allowing you to pay of your debts within a significantly reduced period of time.

    Myth #2: My creditors won’t work with a debt settlement company.

    Fact: Most creditors will work with debt settlement companies because if you declare bankruptcy they may never see a dime. Creditors are often more than willing to settle, especially if you are behind in payments. Plus, most debt settlement firms use their knowledge of laws and negotiation tactics to achieve the desired settlement. Often, the creditors or collection agencies will say that the

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    pay of your debts within a significantly reduced period of time.

    Myth #2: My creditors won’t work with a debt settlement company.

    Fact: Most creditors will work with debt settlement companies because if you declare bankruptcy they may never see a dime. Creditors are often more than willing to settle, especially if you are behind in payments. Plus, most debt settlement firms use their knowledge of laws and negotiation tactics to achieve the desired settlement. Often, the creditors or collection agencies will say that the

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    itors are often more than willing to settle, especially if you are behind in payments. Plus, most debt settlement firms use their knowledge of laws and negotiation tactics to achieve the desired settlement. Often, the creditors or collection agencies will say that they won’t work with the debt settlement company because they want to force you to pay the entire amount on the balance; however, they are often not being truthful and will usually take a settlement offer.

    Myth #3: My credit will be ruined if I settle my debts.

    Fact: Although your credit may be negatively affected in the short term, you will eventually be able to repair it. In fact, your credit is more adversely affected by the inability to pay on the amount of debt you have now and the limited amount of credit you have available. Once you finish the program you will soon be able to rebuild your credit.

    Myth #4: The debt settlement company can’t guarantee that I will get a settlement; they will just take my money and leave me with the full amount to pay.

    Fact: Most debt settlement companies offer guarantees that protect you if they are unable to settle on your account. For example, some debt settlement companies will offer a refund or the diff

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