Will Debt Settlement Work for Me?

While the debt settlement approach is not suitable for everyone, debt settlement has a flexible nature and that makes it applicable to a wide range of financial circumstances. For individuals and families seeking an alternative to bankruptcy, debt settlement is simply the best option to get out of debt. Here are a few guidelines to help you determine whether or not debt settlement is something you should consider:

1. Do you have a legitimate financial hardship condition?

Most debt problems are caused by loss of income, medical issues, or divorce/separation. These are legitimate financial hardships that can happen to anyone through no fault of their own, and any one of these situations can wreak havoc on a household budget. The important point here is that the debt settlement system is not a "free lunch" for people who don't feel like paying their bills. If you are over your head due to a hardship circumstance, and you'd prefer to work things out with your creditors rather than declare bankruptcy, then debt settlement can provide an honest and ethical debt relief alternative.

2. Are you committed to avoiding bankruptcy?

Debt settlement is best viewed as a bankruptcy alternative, one that allows you to keep control over the process and maintain privacy while working through your financial difficulties. As with most things in life, success is determined by your level of commitment to staying the course, even when the road gets a little bumpy. If you are likely to give up at the first rough spot, then debt settlement is probably not the best choice for you. But if you are determined to avoid bankruptcy, debt settlement will likely be the most attractive debt solution for you. One company that I can recommend would be Pro Card Care, they find the right people to help you with all your debt settlement needs.

3. Do you owe more than $10,000 in unsecured debt?

We are the first to admit that debt settlement is strong medicine, and it should be reserved for serious debt problems. While everyone's budget is different, most people can work their way out of smaller debt obligations. If you only owe $5,000, for example, unless you are really in dire straits you can probably deal with that obligation the old-fashioned way - by paying off the debt in full, over time. In other words, smaller debt loads are more of a budgeting problem than a serious financial hardship. At Pro Card Care, we use the benchmark of $10,000 for evaluating whether or not a prospective client qualifies for our program. (Note: Exceptions are sometimes made based on hardship circumstances, so the $10,000 figure should be used as a rule of thumb or guideline.