Thursday, September 06, 2007

More and More are in Debt

More and more people are getting themselves in debt due to the demand of current lifestyle and cost of living. I am blessed with a wife that does not demand so much and is very spendthrift too. I am also blessed with a brother that gave me the cash to start my business. Loan without repayment period and without interest. I am also learning to be contented with whatever I have. I don't have car loan because as long as my car can transport me from one destination to another, I am thankful.

However there are some people who have so many loans that they can no longer afford to pay them. All their income goes to paying loan to the extend that they have to borrow from loan sharks which is sure going to kill them with their high interest rate. My advice would be for them consider a way for Debt Relief.

Debt Settlement is the fastest and least expensive option to get Debt Relief without filing bankruptcy. The Debt settlement companies will negotiate with the creditors on behalf of the client to settle for an amount much less than the balance owed. In return, the debtor will make a settlement payment for the balance owed. Creditors are usually willing to settle the balance of debt owed if the debtor is under a financial hardship. If the debtor chooses to file bankruptcy, then the creditor would receive nothing. So better than nothing.

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