Prior to the recession, credit card companies were realizing a tremendous return on the outstanding debt of American consumers. From 2000 on, the average consumer was bombarded  by finance companies on a daily basis with offers of credit cards with extremely high credit limits. There was no process in place  to review whether or not the consumer would be able to repay the debt if the full limit was used. They were handing credit cards out like candy and realizing high returns on each account.

If you are a user of credit cards, you are acutely aware of the financial trap that one can easily fall into, I am referring of course to the repayment of debt by paying only the minimum amount due. This is exactly what the companies want you to do, since the minimum  payment is comprised  primarily of interest only on the account. A consumer caught in this cycle of repayment finds them on a treadmill to nowhere, opening up statements month to month barely seeing any progress toward debt reduction. As the consumer added accounts, the burden of making the monthly payments became harder and harder.

Couple this trend of consumers increasing their debts with a recession that hit like a tidal wave and you can understand how many Americans are now in a position where they can no longer meet their monthly obligations. I am in no way placing the whole blame on the credit card companies, they were loose with extending credit, but the consumer could have been more discipline in their money management. It seems that it just became a matter of the credit card companies seeing profit margins rising and the consumer believing that carrying a debt load was not a great risk, after all the housing markets were experiencing home value increases never before seen in this country. The average consumer felt protected by this cushion and just kept borrowing more and more. The housing market bubble  burst and here we are today with a fully realized unemployment rate of 17.2%, taking into consideration  people who have exhausted their unemployment or have just given up looking for a job.

Clearly, the attorney-based settlement process is preferable to bankruptcy, but one must enlist the help of a reputable company. Certified Financial Services offers superior service and a high standard of honesty and dedication in ensuring that the proper recommendation is given based solely on the facts of the finances of the client. They offer free debt consultations and you can visit their website at http://certifiedfinancialsolutions.com or call 1-877-293-0008 for more information

In today’s economy there are a surprising  number of people who are slowly being consumed by their credit card debt. If this dilemma is not addressed promptly, many will find themselves falling deeper and deeper into a financial hole that will affect them for years to come. This will hamper their ability to obtain loans for college, home and car purchases. It left unresolved the borrower could find themselves in a situation where lawsuits could be filed and judgements put in place.

The emergence of credit card over usage has a direct correlation to a lack of proper financial management on the part of the consumer. Part of the blame also has to fall on the lap of the financial institutions who were only taking advantage of the regulations put in place by congress, so there is plenty of blame to go around. This economic meltdown  can be linked directly to the housing  boom where credit was handed out to anyone who could sign the documents, having mortgages originated with no income documentation, interest only loans and option arms; which turned into negative amortization, since borrowers could not afford to pay the 30 or 15-year option and relied on the minimum payment which did not even cover the interest due on a monthly basis. The end result created a situation where the loan balance was actually increasing on a monthly basis. This loose credit environment also allowed consumers to rack up credit card debts that were averaging more than $10,000.00 per household.

The good news is that there are alternatives for consumers who have accumulated debts they can no longer sustain. They can be solved legally and that is only possible if you look  for a debt settlement company that is attorney based. This form of settlement can be found online and you can locate a legitimate company by visiting their website and asking the right questions. Are they truly attorney based? Do they spread their legal fees out over longer period of time, for example 15-24 months? Non-attorney based companies charge fees up front and the consumer does not begin their saving plan for 5-8 months, not good for obvious reasons. Do you start building your savings account from month one? Do they charge a flat fee? (What you should look for) Are there additional charges, enrollment and administrative fees? ( This dramatically increases the fee you pay overall and is not the best option)

There are many legal based companies that can reduce your debt by 40-60 percent; in some cases it can be reduced by 70%. You usually need at least $10,000.00 in unsecured debt. The company you are dealing with should have a qualifying process to determine whether or not debt settlement is appropriate for your particular situation. They should be looking at your net income, your monthly obligations and the cost of the savings plan they are recommending. The bottom line should be that they are entering you into a plan that offers a clear benefit to you. If they are not asking these questions look elsewhere for help. It is important to understand that there are other options available to consumers who are in over their head with debt. They are as follows, consolidation, credit counseling, settlement or bankruptcy through which a complete write off of your debt can be done, if the court agrees.

The options referenced above are effective based on the type of liability and the amount of debt involved. If you have ample income and a low amount of debt, consolidation or credit counseling could work and you would pay the debt off on a monthly basis. If you happen to have a large number of outstanding debts and are struggling to makes ends meet, then it would be wise to choose settlement. Bankruptcy should be the last option that you consider.

Attorney based debt settlement is clearly the better option than bankruptcy and due to the staggering amount of consumer debt today, creditors are very eager to reach a settlement agreement. For more information visit our website at www.certifiedfinancialsolutions.com or call 1-877-293-0008 and we would be happy to conduct a free financial analysis to determine if debt settlement is the proper path for you.

If you find yourself in a situation like this do not feel depressed or guilty about things. My suggestion is to take a step back and look at the world around you. There are millions of people throughout the country who are facing the same problem due to businesses closing, moving out of the country or downsizing. So it makes the most sense to look at your options for gaining control of a situation that can easily get out of control, fast. The choices available today are:

Debt consolidation loan

Consumer Credit Counseling

Bankruptcy

Debt settlement

The focus of our discussion here will focus on the two options that deal specifically with people who are experiencing a financial hardship, debt settlement and bankruptcy. The goal is to look at these two options by offering a concise comparison, enabling the consumer to come to a better understanding of the options that are available to them and the issues that are associated with each. 

Suitability:

Bankruptcy, is legal based and is carried out by an attorney who is under the supervision of the court. This option should be entered into only when there is nothing left to do. In other words, it is the last resort. In contrast, debt settlement is an option that can be accessed at any time as long as there is a financial hardship and the person has the ability to stick to the savings plan that has been approved for them.

Credit Score:

Filing for bankruptcy is a drastic move that will ruin your credit standing for as long as 7-10 years. Your ability to obtain any future credit from a financial institution will be hampered until much time has gone by and you have slowly re-established a credit history. With debt settlement your credit will also be hit hard, but the re-building process for your credit will happen quicker. There are options out there today that can help speed up the process, secured credit cards for one. This is where you open an account with Visa or MasterCard and use your own money to re-establish your credit.

 Application process:

Filing for bankruptcy is a timely process that includes meetings with a lawyer, gathering financial information and evaluating personal property for possible liquidation. The laws and processes vary State to State, but one thing is certain, you will have to stand before a court to gain the approval. In the case of debt settlement the process is less time consuming. You should go through an enrollment process where a detailed financial analysis is done to determine whether or not entering the program is right for you.  Once this is done an attorney should sign off on your case accepting you into the program. If this is not the method used, the program is not attorney based and you should look elsewhere for help.

Assets and Personal Property:

In the case of a bankruptcy your assets and personal property can be attaches and there is a strong possibility of losing them. In contrast, debt settlement does not have any effect on your property and assets and you can retain them. 

In conclusion, debt settlement is clearly the most logical step for most people who are enduring a financial hardship. Collection agencies are agreeing to beneficial settlements due to the enormous amounts of consumer debt. It is important to compare debt settlement companies, look for an attorney based program where they have a vested interest in your success. In other words, they spread there legal fee out over a 15-24 month period to ensure you are building your savings account from month one. The non attorney based programs front load their fees, you pay the fee off first, over a 4-8 month period. By collecting there fees up front they have little concern as to whether or not you stick with the program.

Contact us for more information and a free consultation at www.certifiedfinancialsolutions.com or call 1-877-293-0008

Debt settlement or Debt negotiation done by a licensed attorney will reduce the amount of debt you owe. The attorney negotiates with your creditors on your behalf to lower the overall debt amount. The average debt reduction is about 60 percent. So, if you owe $30,000 in unsecured debt/ credit card debt, you can expect to have your debt reduced by $18,000. A significant savings. There are many Debt settlement companies out there, but, your best bet is to go with a company that has attorneys who oversee your case and negotiate on your behalf. The industry is not yet regulated and this means that there are many companies out there who are unethical and have little experience. That will soon be coming to an end when the FTC rules take effect. The non attorney based debt settlement companies will no longer be able to operate. Unfortunately many non attorney based debt settlement companies are making claims to the consumer that are simply not true.  There is no government stimulus plan for consumer credit card debt. They use this to lure people in. They claim that debt settlement is fast and easy. That is not true. It can take anywhere from 12 to 40 months to settle all your debt. Debt settlement is not for people who just want to save money. It does have an effect on your credit but once your debts are settled your credit score will go back up. Debt settlement is for people who have had a hardship and can no longer pay high monthly bills. Some of the hardships considered are people who have had an illness, effecting their income or expenses; people who have lost a job or partial income loss; divorce, etc.

For free advise visit Certified Financial Solutions, attorney based debt settlement at  http://www.certifiedfinancialsolutions.com/ or call 877-293-0008

So what else can you do? Debt Settlement is a good alternative to bankruptcy. You can try to negotiate with your creditors yourself but most creditors want any settlements to be paid in full. So, what if you want to settle but can’t afford a large lump sum to pay off your debt? That’s when an attorney based debt settlement company can help you. The attorneys negotiate your debt for you and have the expertise to get the best settlement possible. An affordable monthly savings payment plan is set up for you, so that once an agreement is reached with your creditors; the debts can be paid off with the money that has been put into your savings account each month. The creditors are told that you have enrolled in a debt settlement program and that you intend to pay off the negotiated debt amount. The creditors are also told to contact the attorney regarding your case, so you can go on with your life and not have to deal with this day in and day out. The attorneys have the experience and knowledge to get the best possible settlement for you.  Debts are reduced by 40-60 percent. That is a significant savings. On an average debt amount of $25,000. your debt settlement could be as much as $15,000 saving you $10,000. This doesn’t even take into account all the interest that would have piled up if you continued to try to pay this over average of 30 years. You would end up paying over $100,000 dollars on 25,000 worth of debt over 30 years. So, you would be saving 85,000 if you were to continue with trying to pay over 30 years.

Once your debt is settled, which on average is 36 to 40 months, your credit score will begin to go backup. Your credit report will show paid settled by you, not a third party, because the payment is coming from your savings account. This is important because if, as in debt consolidation, it shows the payment is through a third party, that is considered as a major derogatory on your report by most creditor’s. With debt settlement, it shows paid by you. If you are considering debt consolidation or bankruptcy you owe it to yourself to check into debt settlement. There are many companies that offer this service and there are a few key things you should look for when considering this.. The most important is that the company has attorneys who will oversee your case. Companies that do not have attorneys, have little regulation and because of the new FTC and congressional rulings that are now being discussed, many will soon be forced to stop doing business. An attorney based debt settlement company will soon be the only option for debt settlement .Attorney have the knowledge of the laws in your state and the experience in dealing with negotiating your debt. for more information visit Certified Financial Solutions at certifiedfinancialsolutions.com   or call 1-877-293-0008

1. Do they have attorneys licensed in your home state who will be working on your case? This is critical. You want to be sure that the debt settlement company does have licensed attorneys overseeing your case. Having an attorney who is knowledgeable on your state’s laws will ensure that your case is being handled properly and that you will receive the most benefit from the program.

2. Does your money go towards settling your debts from day one of the program? If your money is all going towards the debt settlement fees and not towards your debts, then the debt settlement company is getting paid before any of your debts are settled. Look for a company that does not collect all their fees up front. They have little incentive to ensure you settle your debts if they are paid in full up front.

3. Do they accept everyone in the program or do they have a set of criteria that has to be met to determine if the program is right for you? An in depth analysis should be done by licensed attorneys to determine if you are a good candidate for the debt settlement program and that you will be successful in completing the program.

4. Do you retain control of your money that is being put into an account to settle your debts? You should always retain control of your money. 

5.  Do they tailor their program to meet your needs? One size does not fit all. Are you able to afford the payments that you make each month that goes towards settling your debts? Ideally you should be setting aside as much as you can afford, to pay off your debts as quickly as possible, but setting a higher payment then you can realistically afford will result in your continuing to be under stress and probably not completing the program. Make sure that your debt advisor is looking at your over all financial picture and that the payments you are making are comfortable for you. Sometimes it may mean extending the pay back period so that you can still see a positive cash flow each month and that your financial stress is relieved.

6. Be aware that new changes in the FTC rules will put debt settlement companies who are not attorney based out of business. The FTC is cracking down on debt settlement companies who are not attorney based.  Many of theses companies have taken advantage of people by promising a fast solution to your debt problems and having little experience in settling debts. These companies will soon be out of business, so make sure you only sign up with a company who has attorneys who will be overseeing your case. The last thing you want to do is sign up with a company who will be out of business in a few months.

For more information on settling your debts visit Certified Financial Solutions at  http://www.certifiedfinancialsolutions.com/

1. Do they have attorneys licensed in your home state who will be working on your case? This is critical. You want to be sure that the debt settlement company does have licensed attorneys overseeing your case. Having an attorney who is knowledgeable on your state’s laws will ensure that your case is being handled properly and that you will receive the most benefit from the program.

2. Does your money go towards settling your debts from day one of the program? If your money is all going towards the debt settlement fees and not towards your debts, then the debt settlement company is getting paid before any of your debts are settled. Look for a company that does not collect all their fees up front. They have little incentive to ensure you settle your debts if they are paid in full up front.

3. Do they accept everyone in the program or do they have a set of criteria that has to be met to determine if the program is right for you? An in depth analysis should be done by licensed attorneys to determine if you are a good candidate for the debt settlement program and that you will be successful in completing the program.

4. Do you retain control of your money that is being put into an account to settle your debts? You should always retain control of your money.
5. Do they tailor their program to meet your needs? One size does not fit all. Are you able to afford the payments that you make each month that goes towards settling your debts? Ideally you should be setting aside as much as you can afford, to pay off your debts as quickly as possible, but setting a higher payment then you can realistically afford will result in your continuing to be under stress and probably not completing the program. Make sure that your debt advisor is looking at your over all financial picture and that the payments you are making are comfortable for you. Sometimes it may mean extending the pay back period so that you can still see a positive cash flow each month and that your financial stress is relieved.

6. Be aware that new changes in the FTC rules will put debt settlement companies who are not attorney based out of business. The FTC is cracking down on debt settlement companies who are not attorney based. Many of theses companies have taken advantage of people by promising a fast solution to your debt problems and having little experience in settling debts. These companies will soon be out of business, so make sure you only sign up with a company who has attorneys who will be overseeing your case. The last thing you want to do is sign up with a company who will be out of business in a few months.

For more information on settling your debts visit Certified Financial Solutions at http://www.certifiedfinancialsolutions.com/

Their website is http://certifiedfinancialsolutions.com visit them and give them a call.

Many people think that debt consolidation means a quick, easy way out of their financial problems with no repercussions. On the contrary, credit scores can fluctuate after a debt consolidation and they might get better; or they might get worse. You will see your credit impacted due to this “third Party Intervention”. Basically, you are telling future creditors that you are unable to manage your financial affairs and had to turn them over to someone else to manage them. However, if you keep up with your bills and make sure you stay out of debt, you should have no problems rebuilding your credit scores.
Be patient as it can take a few days to get all the paperwork in to set up your debt consolidation payment. Make sure that you keep up with your payments throughout this entire time and even past it: Paying your bills on time should be a life lesson that a lot of people don’t seem to understand. Generally what a debt consolidation will do is negotiate a lower amount of interest for your debt and usually come up with a schedule for you to pay it off. The only problem with this is that you end up paying exactly what you owe and it can continue on for a long time. While this can help keep you organized, it’s up to you to stick to it.
There are other alternatives; more people are using debt settlement programs these days. These companies help reduce debt by 40-60% and will have you debt free in 12-40 months. There are plenty of debt settlement companies out there so you have a large variety of programs that you can choose from. If you decide you like a particular company, make sure you research it extensively to get a better perspective on how the company works. Check online and get reviews, see how the company has dealt with problems in the past, and if you notice any fishy behavior from that company’s history, walk away. There are loads of other debt settlement firms out there so do not feel pressured to choose a particular one just because you are desperate: It may end up costing you in the long run.
By choosing a well known and respected firm, you will save time and money, see results faster, and get better results from a debt advisor who actually knows what he or she is doing, not just some guy who claims he can help you out, but is actually incompetent and only after commissions. If you don’t want to get ripped off, have heard of scams and want no part of it then an attorney supervised debt settlement program might be right for you.
If you want to try Attorney Supervised Debt settlement then I would give Certified Financial Solutions a try. See what they have to offer, you can visit them online at http”//certifiedfinancialsolutions.com