Regardless of the savings available, we do not wish to give the impression that gaining admittance to a debt settlement program comes without any consequences for the borrower. If you have already run up your unsecured debt balances to such an extent as normal compensation's all but a fantasy, you owe it to yourself and your family to unearth every last path toward satisfaction of the various alternatives toward bankruptcy: or the slow road toward serfdom virtually guaranteed through funding naught but the minimum monthly payments on billing statements.
We're sure, had you to do everything over again, you would never ever allowed such financial problems to come to pass. Hindsight's always twenty twenty, as they say, and, should you borrow in haste, you'll repay in leisure. Nothing will ever take the place of an initial round of budgetary discipline, but, once the damage has already been done, analyzing the potential benefits of some demonstrably successful form of debt relief such as settlement negotiation must be the next step for any head of household worried about the impact of unsecured loan balances upon domestic finances.
There's no point crying over spoiled credit ratings, and beating yourself up over past spending binges won't do a thing to halt the march of compound interest. Life within the twenty first century United States of America all but pushes consumer debt upon the unwary citizen, and, for some purposes (student loans for practical degrees, say, or well thought out home mortgages on fixed rates with twenty percent down payments) borrowing might be the key to a prosperous future.
Strangely enough, though, the powers that be - which seem to have little to do with the wishes of the debt addled populace, believe it or not - have made it harder and harder to get out from under the yoke of unsecured lines of credit just as they've become that much easier to assume. With perfect timing that almost precisely anticipated the coming recession, our national legislative body (acting upon advice from the long standing desires of the credit card companies to curtail easy protection from debt reclamation) enacted successive stumbling blocks toward Chapter 7 bankruptcy declaration that terrifically shrunk the number of Americans that could potentially gain access, and all of this occurred just as the rising unemployment tolls multiplied the demand.
To a degree, even as the Congressional siege upon the United States Bankruptcy Code helped to popularize the debt settlement program among all classes and regions, the limitations placed upon traditional petitions for bankruptcy have also hamstrung the settlement negotiation teams in their own work, since the chance of protection from judicial lawsuit through Chapter 7 protection always looms above any settlement arrangement. After all, the reason why every single debt settlement program restricts itself to just those unsecured lines of credit also covered by the ever diminishing aegis of the bankruptcy laws isn't because of any failure of imagination among the negotiation professionals.
On the contrary, settlement agents dearly wish they could sink their teeth into educational loans, as once lay available before Chapter 7 statutes were altered to ignore, and pray that the medical lobbyists do not successfully so invalidate hospital bills from bankruptcy protection. At this moment, what with multinational corporations indulging their will upon the rights of the citizenry to demand a release from onerous monetary burdens, the debt settlement program underwritten by private companies might be the clearest step toward financial freedom our countrymen have left.
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