Debt Settlement Quotes

• Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you should be able to settle your debts for cents on the dollar. You'll also pay a fee to the debt settlement company, usually either a percentage of the total debt you have or a percentage of the total amount forgiven.

  Jean Chatzky

  Dollars, Debt, Pay

  Fuente: www.nbcnews.com

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• If you'd asked me a few years ago about debt settlement companies, I probably would have told you to avoid them.

  Jean Chatzky

  Years, Debt, Settlement

  Fuente: www.nbcnews.com

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• The Bankruptcy Reform Act of 2005 made it harder for individuals to file bankruptcy, which is always the last resort. Unfortunately, simultaneously consumers racked up so much debt that counseling companies - which are higher up on my list if you need help managing your debt - are sometimes unable to help. So if you fall into this camp, debt settlement may be something to consider.

  Jean Chatzky

  Fall, Lasts, Lists

  Fuente: www.nbcnews.com

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• The debt settlement company will direct you to stop paying your creditor and instead send the money directly to them each month. The company's goal is to demonstrate to your creditor that you don't have the money to pay up - that's your leverage. After a few months, the company will typically go to the creditor and say, "I'm holding X dollars on behalf of your customer. He doesn't have the money to pay you, so you should take this amount as a settlement or you'll end up with nothing." If the creditor wants to get paid badly enough, it will take the money.

  Jean Chatzky

  Goal, Each Month, Dollars

  Fuente: www.nbcnews.com

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• You really don't need to hire a debt settlement company to negotiate with your creditors.

  Jean Chatzky

  Needs, Debt, Creditors

  Fuente: www.nbcnews.com

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• If you are able to settle, you'll be getting off rather easy. Debt settlement companies can sometimes get you off the hook for a large percentage of your debt - in many cases, up to 50% will be written off.

  Jean Chatzky

  Hook, Debt, Able

  Fuente: www.nbcnews.com

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• You settled a debt instead of paying in full will stay on your credit report for as long as the individual accounts are reported, which is typically seven years from the date that the account was settled. Unlike with bankruptcy, there isn't a separate line on your credit report dedicated to debt settlement, so each account settled will be listed as a charge-off.

  Jean Chatzky

  Years, Long, Credit

  Fuente: www.nbcnews.com

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• If you're filing bankruptcy, you will likely want to hire an attorney. But for debt settlement, a company is sufficient, or as I said, you can often do the legwork on your own.

  Jean Chatzky

  Debt, Want, Said

  Fuente: www.nbcnews.com

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• Una vez completada la liquidación, la compañía de la tarjeta de crédito lo comunicará a las agencias de crédito, que anotarán en su informe crediticio que esa cuenta se pagó mediante liquidación. Eso indicará a futuros prestamistas que usted dejó colgado al último. Por eso, al igual que con la quiebra, la liquidación de deudas es una opción extrema, que no debe tomarse a la ligera. No es sólo una manera fácil y barata de eliminar la deuda.

  Jean Chatzky

  Guy, Cards, Credit

  Fuente: www.nbcnews.com

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