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Credit Counseling Debt Settlement Services

Credit Counseling: Debt Settlement Services

A debt settlement service is something that you’ll want to think about if
you find yourself with a high amount of debt that you are having trouble
paying back each month. There are many ways that you can successfully
manage your debt so that you can rebuild your credit rating. One way
that you can start to manage your debt is to first make a list of all
your debts. For each separate debt entry that you have, divide the
entire amount by the monthly payment that you’ve been paying. This total
is the AC (Accelerator Margin). For the debt with the lowest number give
it the number “one”. Work your way up the list, assigning debt in order
for lowest to highest. Your goal each month should be to make the
minimum monthly payments to all your debt except for the debt that you
have that is in the “one” position. For the debt in the “one” position
you’ll pay the minimum amount plus the total AC. Continue with this type
of payment plan until the first debt is paid off, working your way up
through your debts until they are all paid off.

When you finally have all your debt paid off you should think about using
the money that you have used in the past to make bill payments and start
putting it into savings of some kind, such as a mutual fund. This way
you’ll be accumulating interest on the money that you save each month
rather than paying interest towards your debt. When you use a debt
elimination plan you’ll find that you are taking concrete steps to
reducing and eliminating your debt. But what do you do if your debt is
simply too high and you need help? A debt settlement service can help
you deal with your creditors and negotiate lower interest rates and
payback terms so that you can still pay off all, or a portion, of your
debt without reaching the point of filing for bankruptcy.

Debt settlement companies will help you settle the following types of
debt: (1) credit cards, (2) medical bills, (3) store credit cards, (4)
any checks that you’ve bounced, (5) personal loans, and (6) student
loans. These are called “unsecured debts”. This means that there is no
collateral attached to the money that is loaned and therefore the
creditor may be willing to settle since they don’t have any other
guarantee for the lending of the money. Take your time finding just the
right debt settlement company for your needs. Don’t sign a contract with
the first company that you talk to since it will be to your benefit to
shop around for the lowest rates. The one thing that you’ll want to be
certain of is that the debt settlement service is licensed and


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