Having too much of debts makes us feel depressed and upset. We can't enjoy our life with this financial burden. People in debt always have the dilemma. They do not know which financial solution that suits them best. Sometimes, they are not too sure whether they should choose a debt settlement plan or filling for bankruptcy.
If you are facing the same problem, here is some guidance for you.
•Before you commit to either option, you are advised to weigh the pros and cons of both solutions first. You need to be clear that whichever solution you choose must not spoil your credit score completely. The solution is supposed to assist you to alleviate your financial woes.
•Make sure that you don't make your decision in a hurry. You are advised to request a copy of your credit report from the major credit reporting agency. Once you get the copy, review the report carefully. It is a must for you to know your credit score.
•Based on your report, find out your total debt amount. Then, start assessing your current financial position. You need to consider carefully whether you have sufficient income and funds to negotiate for debt reduction with your creditors. For instance, if you have zero income or insufficient fund in account, debt settlement is definitely not the right choice for you.
•Besides looking at your current problem, you need to include your future plan too. You are reminded not to simply make a decision. Filing for bankruptcy may help you to avoid those irritating debt collection calls but this solution will be stated in your credit report for 10 years. Do you think it is worth doing so?
To sum up, before making any final decision, think twice on the effects so that you won't regret in future.
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