A very recent study by noted economics professors
Dr. Bernard L. Weinstein, Ph.D, and Dr. Terry Clower, Ph.D.
entitled
Debt Settlement, Fulfilling The Need For An Economic Middle Ground,
points out the true value of
Debt SettlementPrograms.

I say Bravo to these professorsfor taking an
unbiased look at such a maligned industry and reporting
the truth. As pointed out in the paper,which I highly
recommend anyone considering a debt
settlement program read, Credit Counseling programs,
or operated by non profits do not reduce the overall debt,
nor do they tend to reduce the monthly payments required to
meet minimum payments, and when so many households are
running upside down in their budgets,
this presents a real problem. If the money to
make the minimum payments cannot be found, even after
the most strenuous cuts in expenses, then this option
is no longer viable.

Debt settlement companies can help
consumers avoid a bankruptcy filing, which
can impair credit scores for many years. And
unlike bankruptcy, the consumer does not
have to turn over all of the household’s nonexempt
assets to a bankruptcy trustee.
(Source: taken directly from the Weinstein paper)

Debt Settlement also involves consumer education
regarding creditor rights. To often today consumers
have no idea of what there legal rights are as debtors,
and consequently, come under serious abuse by third
party collectors. Also, debtors are able to make affordable
budgets for the first time in a long time, so that
secured debt payments can be handled. Consumers can
begin to get back on track, as they see a light at the
end of the tunnel. Plainly speaking, an end to debt
slavery.

So, if you are considering a debt settlement
program, I advise you strongly to shop around. There
are bad players in every industry. I recommend you look
for a program that will have attorneys represent you
if you are sued by a creditor during the process. It also,
is better to be in a program where before any settlement
is made on your behalf, the debt is validated legally.
If a creditor cannot VALIDATE
your debt according to State and Federal laws, then you have
defenses.

If you enjoyed reading this article and know someone
in a serious debt situation, by all means forward this
article to them. Also, feel free to subscribe to our

FREE CREDIT COUNSELING NEWSLETTER.

Remember, Debt Freedom is Self Empowerment.

Written By:
Steven Ciantro
Member National Association of Certified Credit Counselors
American Debt Enders
help@americandebtenders.com
877-766-2465