In my opinion, debt settlement is one of the best solutions to help the U.
S.
economy overcome its current problem.
Why are we facing a recession? The problem has occurred primarily because people have focused on profits and have ignored their responsibility.
Lenders have tried to increase their profits by resorting to all sorts of financial jugglery.
Individuals were not responsible and incurred expenditure far beyond their ability to repay.
All this meant that the economy got overheated and the recession took place once people discovered that they had absolutely no money to manage their finances.
A debt settlement is a midway solution.
It lies somewhere between a complete wavier of debt and a complete repayment of the debt.
This means that both parties admit their responsibility and work towards solving the problem.
If you check, you will realize that no other solution offers these benefits.
That is the reason why the government has stepped in with the stimulus package and has actually permitted individuals to avoid making full repayment.
The lenders, naturally, were not pleased with the idea.
That is the reason why the government offered funds to enable them to absorb the losses.
Of course, lenders were not in a very good position themselves.
They were in lots of trouble and were at the brink of bankruptcy themselves.
Considering all this, settlement has made a huge impact.
However, you will have to maintain your respective positions for formality sake.
You cannot walk into the lender's office and talk as if repayment of debt is just not an option.
In the same way, the lender too cannot avoid insisting on full repayment.
At the end of the day, both of you will know that there is no way your expectations can be fulfilled.
Yet, the charade has to be carried out.
This is where the professional debt settlement companies help you a lot.
Lenders may talk as if they are insisting on full repayment as a formality.
However, you will be surprised to find that lenders will happily accept full repayment if you agree to pay the same.
If you opt for the professional settlement companies, you will get a heavy discount and can get all the procedural aspects out of your way very easily.
You stand a very little risk of recalcitrant lenders insisting on a significant payment from your side.
Instead, you will hear about how you and the lenders should work together to sort things out.