consumer debt levels have been increasing
Lansing, MI (PRWEB) July 09, 2017
Debt Settlement and Bankruptcy are starting to gain traction in the people’s financial thoughts and discussion all because of the current debt level the country has. This is the reason why National Debt Relief recently came out with an article published May 22, 2017 and titled “Debt Settlement or Bankruptcy?” to help people differentiate one from the other.
The article starts off by explaining how consumer debt levels have been increasing that is poised to reach an all-time high in 2017. Credit card accounts are increasing with various lenders easing their restriction for consumers and once other debt accounts are added into the mix such as student loans, auto loans and even mortgage debt, the sum total can be alarming.
The article explains that most households are just one financial trouble or emergency away from catastrophe. This can come in the form of unemployment or losing a job or even overspending on budget. This poses serious concerns for households that once they happen, bankruptcy or debt settlement becomes a serious possibility.
The article shares that bankruptcy is a big legal step taken by people who are in financial disarray that they are unable to meet all their financial obligations. This process helps eliminate most, if not all their debts. There are bankruptcy types that simply helps restructure repayment over a period of time.
On the other hand, debt settlement means talking directly to the lender in an effort to offer a reduced lump sum payment. The article explains that there are legitimate companies that help consumers with this process. Often taking the role of a middleman in the process, consumers would have an easier time with professional help when considering debt settlement.
There are several ways to address debt problem and it is important to consider options carefully and seek professional advice on the best path to take. To read the full article, click https://www.nationaldebtrelief.com/debt-settlement-bankruptcy/