According to an economic report, half of the American population is badly facing the problem of massive credit card debt. When the financial condition of country was stable, people were not experiencing any hurdles in the repayment of credit card debts but the recent wave of recession has turned down the whole situation. People lost their jobs due to limited funds and now they are not in position of paying anything to the lenders. The credit card companies and banks are not interested in this fiscal disequilibrium of borrower's life. They simply pressurize and force them to pay the whole amount. Debtors usually file for bankruptcy in order to get escape from this constant pressure. Though it is a legal process but still it is not recommendable to file for it. The reason why it is not considered as a wise option for the elimination of debt is that it brings negative image over the borrower's credit report. Due to this, a person gets ineligible for taking or borrowing loans from banks for the next seven to ten years. The process is also expensive as the legal bankruptcy attorneys charge high amount of fees in return of their services. Process of bankruptcy is also bad from lender's aspect because in this way they are not able to get back any money. In short it is correct to state that filing for bankruptcy is the emotional way for dealing with the problem of massive liabilities.
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Person can easily settle bad credit debt with the help of debt settlement. This is also a legal method and works under the full support of the federal government. This process is basically conducted by professional and expert negotiators. They talk with lenders and convince them on giving reduction in the amount that borrowers actually have to pay. Due to the negotiator's expertise, a person gets up to 50% elimination in payable liabilities easily and the remaining balance will get adjusted by the mutual understanding of both parties. The process of settlement is beneficial for credit card lenders as well because in this way they are able to recover their money.
It is advisable that person should take the help of a settlement company and avoid bankruptcy as much as he can.
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