Receiving relief in credit card debt is the main concern of every individual these days. Due to recession many people are suffering from the burden and stress of unsecured liabilities. People mostly use credit cards in order to meet their expenses easily. When the economic condition of country was stable, people were not experiencing any difficulties in repaying the amount back to lenders but the bang of inflation has turned the whole situation down. Majority of people lost their jobs and few got decline in the amount of their wage rate. This condition made the people unstable and that is the reason why they fell in to the pool of credit card debt.
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Debt settlement and bankruptcy are the two remedies for credit card debt. Though both methods bring tremendous reduction in the amount of debt but still debt settlement deals are considered better than bankruptcy. In this given article a person will get the information and knowledge about why the debt settlement stands higher than bankruptcy.
Debt settlement: this is the modern approach for the elimination of debts. Due to many benefits, it is considered as the best way for the elimination of credit card debts. The process of settlement is basically done by professional and certified negotiation companies. The fiscal gurus of these companies talk with lenders and convince them to agree on granting reduction in the amount that debtor actually has to pay. The process is less expensive as the firms charge very reasonable and minimum amount of fees. The new laws of settlement have bound the companies to charge fees only when they bring decline in the amount of their customer's liabilities. Not too much legal formalities are involved in it. The process is good from lender's aspect because in this way they are getting their money back.
Bankruptcy: the process of bankruptcy is the traditional way for the elimination of credit card debt. This process is an expensive way for reduction of debt because the bankruptcy lawyers charge high amount of fees in return of their services. Many legal tests and other official formalities are involved in it. The process is not good from lender's aspect because in this way they are not able to get their money back.
On the above mentioned basis, one can easily say that debt settlement is far better option than bankruptcy.
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