It is not necessary that financial indiscipline should be the reason behind your debt problems. There are many reasons why a person may end up facing financial trouble. Irresponsible credit card use or personal loan use are considered common reasons. However, another common reason is medical emergencies.
If you suddenly fall ill, your family members may have no option but to use the credit card to pay off the hospital bills. Or, they may have no option but to request the hospital to carry out the treatment and collect the bill at a later date. Medical institutions levy interest and other penalties on payment of the bill in installments or in a delayed manner. In either case, the combination of the medical debt to your existing debt is enough to put a serious obstacle in your financial planning.
The option of relying on our children and passing on your debts to them is always present. However, chances are high that your children themselves are facing the problem of excessive credit card debt. Further, they are also facing the problem of unemployment and underemployment. In such a scenario, asking them to take over your debt may seem unfair.
Why don’t you log on to the World Wide Web and check out debt relief options available in the market. You may not be aware of the same but there are lenders that offer as much as 50% to 60% off on the total amount owed. You just have to know the right way to negotiate with the service providers.
If you are not confident of undertaking this difficult task on your own, you should simply employ professional debt settlement service providers. For a nominal fee, they will step in and intercede with your lenders on your behalf. You simply have to wait for the settlement agreement to be finalized and you can enjoy the fruits of a fantastic waiver.
Once your medical debt comes down by 50% and once you have given an additional 24-36 months to repay the balance amount. This should be enough to help you overcome your debt problems on your own. What is more, you can also suggest this remedy or solution to your family members as well.
If you play your cards right, you can not only get a discount but you can also improve the way you manage your finances. Debt settlement has the potential of helping you overcome your debt problems and your tendency to get into debt problems forever.