Debt settlement can help you say goodbye to debt and hello to a new life
At Think Debt Relief, we’re dedicated to helping you turn things around.
No matter how much debt you have or how far away the light at the end of the tunnel may seem, our professional debt negotiators at Think Debt Relief can help you break free from the constant stress and pressure of overwhelming debt and pave the road to a fresh start for you and your family.
Debt Settlement: Get rid of your debt without bankruptcy
Debt settlement is one of the most affordable ways to get out of debt. If you’re thinking of filing for bankruptcy, debt settlement may be a better choice for you.
Here’s how debt settlement can help you get out of debt:
- Our debt settlement professionals will negotiate with your creditors to lower your balances as much as possible.
- You’ll begin making one easy monthly payment into an FDIC-insured account that’ll be used to settle your reduced debts.
- With lower balances and lower interest rates, you can expect to have your debts settled in as little as 12–36 months*
Debt Settlement vs. Bankruptcy: Why debt settlement is a better choice
The biggest problem with filing for bankruptcy as a way of freeing yourself from debt is that it will seriously affect your credit for years to come, it may result in you losing property, and in some cases, you may end up having to repay your debts anyway:
- A bankruptcy can leave a terrible stain on your credit report for 7–10 years.
- In a Chapter 7 bankruptcy, you’ll be required to sell off all your property that isn’t protected by law.
- In a Chapter 13 bankruptcy, your debts won’t be wiped out. You’ll have a bankruptcy on your credit report and still have to set up a repayment plan to pay off all or part of your debts.
- With a bankruptcy on your credit report, you’ll find it difficult to get affordable interest rates when you try to buy a home or a car or apply for some other form of credit.
- A bankruptcy can stay on your official court records for more than 20 years — sometimes for the rest of your life — and can hurt your chances of being approved or even hired when you apply for a job or a loan or try to rent an apartment.
Debt settlement, on the other hand, can be a better way to help free yourself from debt:
- Unlike a bankruptcy, our debt settlement program will NOT show up on your credit report. Although any of your debts that are settled for less than the full amount will typically be noted as “settled” rather than “paid” on your credit report, no one will be able to tell just by pulling your credit that you’re working with Think Debt Relief.
- Once you pay off your new, lower balances, creditors will report to credit agencies that your debts have been settled, which means you can get out of debt without having to lose your property or set up a lengthy bankruptcy repayment plan.
- Although your credit score may drop while you’re in a debt settlement program, once you’ve successfully completed the program, your unsecured debts will be paid off, and you’ll be able to start taking steps to get your life back — without a bankruptcy to hang over you and your credit report for as long as 10 years.
- With debt settlement, there are no negative court records that follow you around and hurt your chances for future employment, leases, or loans.
3 Debt Relief Alternatives to Debt Settlement
At Think Debt Relief, we believe debt settlement is a good solution for many people. However, our goal is to help you make the debt relief decision that’s right for you. That’s why we provide information and guidance on the three main credit relief alternatives to debt settlement:
