Armored Debt Center's Director of Corporate Communications, Mel Shubash, States That Hope Lives Amidst Troubled Economy for Consumers in Debt
Despite the troubled economy, consumers may escape bankruptcy if they qualify for debt settlement, explains Armored Debt Center's Director of Corporate Communications, Mel Shubash.
Irvine, CA (PRWEB) April 9, 2009 -- Greater awareness regarding debt settlement as an alternative to bankruptcy is being advocated by Armored Debt Center, an award-winning debt settlement company as more and more consumers struggle to pay off debts and banks suffering significantly from mounting losses.
Debt settlement is defined as an agreement between consumers and their creditors to settle a debt for less than the balance owed. Banks often agree to a settlement when consumers suffer from financial hardship and are no longer able to keep up with payments. At a time when rising unemployment, soaring charge-off rates, alarming numbers of bankruptcies and significant bank losses which contribute to the financial difficulty that clouds consumers and creditors, debt settlement benefits both consumers and creditors.
"For consumers who cannot afford to pay their minimum monthly payments, a mutual agreeable settlement may be an ideal compromise," said Mel Shubash, Director of Corporate Communications of Armored Debt Center. "Banks which are suffering from continual losses also benefit from these settlements as more and more consumers file for bankruptcy" adds Mel.
Fitch Ratings is reporting that the unemployment rate has reached its highest since 1992, a fact that affects creditors as well as consumers. Charge-off rates are expected to reach 10 percent or higher, which will likely cut profits for major lenders in half.
Reports from Fitch Ratings indicate that the unemployment rate has reached its highest since 1992, a fact that affects creditors as well as consumers. Charge-off rates are expected to reach 10 percent or higher, which will likely cut profits for major lenders in half.
"Debt settlement may not apply to everyone, however it can be a viable solution for consumers who qualify," said Mel. He also adds that consumers should consult a licensed attorney if they are unsure of whether they should file for bankruptcy.
Debt settlement is a bankruptcy alternative that helps consumers out of debt by letting them repay less than they what they owe. For consumers who are interested in looking at all their options, Armored Debt Center offers a free consultation.
About Armored Debt Center:
Armored Debt Center, headquartered in Irvine, California, helps individuals and families experiencing financial distress to reestablish their fiscal footing as quickly as possible. Its model for debt settlement is a win-win approach in that it assists clients in reestablishing their financial footing as soon as possible while maintaining a positive relationship with the creditors in order to reach the most favorable settlement for their clients. Armored Debt Center negotiates with creditors and establishes a feasible, practical way for clients to reduce their balances and becoming debt free. For more information about Armored Debt Center, call -1-866-227-8677 or visit their website.
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