Debt Settlement 101

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The process of credit card debt settlement can be confusing. It is important to understand debt settlement and why so many consumers are choosing to use credit card debt settlement as their primary debt relief option. Many consumers are coming to the conclusion that Credit Card Debt Settlement may be a much better, and less public option than bankruptcy. Grab your Fee Copy of “ Secrets of A Debt Insider CD” now to save thousands off of your credit cards starting today @ http://www.NewDebtRulesBlog.com

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Debt Settlement 101

  1. 1. Debt Settlement 101 The Basics of Debt Settlement
  2. 2. Need to Get Out Of Debt Fast?? NewDebtRulesBlog.com is the single best online resource for consumers who are looking to get out of debt quickly, using only the most effective debt relief strategies available. Our goal is to help as many consumers as possible become DEBT FREE by educating consumers on the various debt relief strategies available to them, and helping them identify the specific strategy that that is best suited for their specific debt challenge. In our Free Report on “beating the debt trap” we will expose you to some of the tactics the banks are using to lure you into debt in the first place, and keep you there for as long as possible so they can continue to collect fees along the way. We also show you how to beat this Debt Trap for good! If you are in debt, whether it is credit card debt, student loans, medical bills, or mortgage debt, than you owe it to yourself to get access to this information now. Our Expert Consumer Advocates are available to help you create a customized solution for your specific situation. NewDebtRulesBlog.com - Wishing You A Debt Free Life. Click here now (www.NewDebtRules.com) for access to a Free Interview called: “Secrets of a Debt Insider” to learn from an executive at a Debt Relief Company how you too can beat the Debt Trap. http://www.NewDebtRules.com
  3. 3. Copyright © 2009 by New Debt Rules Copyright © 2009 by New Debt Rules All rights reserved. You have the right to use, reproduce, or transmit this in any form or by any means, electronic or mechanical, including fax, photocopy, recording, or any information storage and retrieval system by anyone but the purchaser for their own personal use. The contents of this file may not be modified in any form without the express written permission of New Debt Rules.com For more information, please contact: Address: New Debt Rules.com 601 Heritage Drive 410 Jupiter, Fl 33458 Need Help: Admin@newdebtrules.com Websites: http://www.NewDebtRulesBlog.com http://www.NewDebtRules.com http://www.NewDebtRules.com
  4. 4. About The Author About The Authors: New Debt Rules was founded by a group of Consumer Advocates with over 15 years of combined experience in the debt relief industry. Over those 15 years the founding partners witnessed both the god side of the debt relief industry, as well as the bad side of the industry. It was the dramatic increase in the number of unethical debt relief organizations over the last few years that motivated the partners to create New Debt Rules and establish it as a primary resource for consumers seeking accurate, straightforward and effective debt relief information and services. It became clear to the partners that it had become increasingly difficult for the average consumer to research and identify honest debt relief companies as well as effective debt relief solutions. Therefore, it became the mission of New Debt Rules to help as many consumers as possible to get out of debt faster than the consumer ever believed possible. New Debt Rules delivers on this mission primarily in two ways: 1) by educating consumers on their options in regard to the various debt relief strategies available to them, and 2) by investigating on the consumer’s behalf to identify only the most ethical, effective and consumer friendly debt relief service providers capable of actually assisting consumers with the implementation of a debt relief strategy. http://www.NewDebtRules.com
  5. 5. History of Debt Settlement  Banks offered settled amounts as early as the late 1980s  New Bankruptcy Laws in 2005 created renewed interest in Debt Settlement  Current economic conditions are also increasing interest in Debt Settlement
  6. 6. Definition of Debt Settlement  Creditor (credit card company) and debtor (consumer) agree to a reduced total on the credit card bill in exchange for a lump sum payment.  Often this is managed by a Debt Settlement Company for a fee.
  7. 7. The Good News  Consumers can turn the management of the debt over to the Debt Settlement Company  Negative credit information can be negotiated away, the debt can be shown as closed rather than settled if agreed in the negotiation process.
  8. 8. The Bad News  Debt Settlement firms charge large fees.  If the consumer doesn’t have the lump sum payments are held by the Debt Settlement Company until the total is collected, while they collect fees and the balance goes unpaid.  Any financial gains must be reported to the IRS.  If the negotiation does not include clearing history the credit report still suffers and the score still declines.
  9. 9. The Bottom Line  Debt Settlement can reduce the total obligation of the consumer.  The Debt Settlement company should be researched for pending actions, or past complaints or judgments.  The fees and other hidden cost must be weighed against the savings.  Credit history clearing should be negotiated as part of the process.
  10. 10. Need to Get Out Of Debt Fast?? NewDebtRulesBlog.com is the single best online resource for consumers who are looking to get out of debt quickly, using only the most effective debt relief strategies available. Our goal is to help as many consumers as possible become DEBT FREE by educating consumers on the various debt relief strategies available to them, and helping them identify the specific strategy that that is best suited for their specific debt challenge. In our Free Report on “beating the debt trap” we will expose you to some of the tactics the banks are using to lure you into debt in the first place, and keep you there for as long as possible so they can continue to collect fees along the way. We also show you how to beat this Debt Trap for good! If you are in debt, whether it is credit card debt, student loans, medical bills, or mortgage debt, than you owe it to yourself to get access to this information now. Our Expert Consumer Advocates are available to help you create a customized solution for your specific situation. NewDebtRulesBlog.com - Wishing You A Debt Free Life. Click here now (www.NewDebtRules.com) for access to a Free Interview called: “Secrets of a Debt Insider” to learn from an executive at a Debt Relief Company how you too can beat the Debt Trap. http://www.NewDebtRules.com

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