As a borrower, you may think whether it is a fair trade if you can get a chance to eliminate your debt and take a lower credit score.
In the global financial meltdown situation, the financial stability of a normal man has fallen down.
Most of the people are suffering from the overwhelming financial obligations.
And their central focus is on eliminating these credit card debts.
If you choose to file bankruptcy, you will wipe out all your debt quicker.
But this will have a negative impact on your credit score.
You will not be able to take a loan for almost a decade.
You will only be eligible for a loan after ten years.
Therefore it is important for you to consider a method to eliminate your debt without damaging your credit score.
In such a situation these borrowers will be delighted to hear that it is now possible to eliminate 60% of the debt amount and take a low credit score.
But we need to consider whether it is a fair trade for borrowers.
As the newly adopted fiscal policy has made the situation of the lending firms better, they have made their terms and conditions more flexible.
And most of the borrowers find that it is advantageous for them to reduce their debt.
Of cause going for a debt settlement process will do the least impact on your credit score.
This advantage can be practically approached by making deals with you lending firm, through a qualified debt relief company.
It is very important to keep in your mind that in order to get the best benefit of this program, you need to take professional guidance.
These companies may negotiate with you lender and eliminate about 60% of your credit card debt.
Then you will be able to pay the balance amount in monthly installments.