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Whitepaper Extolls Virtues Of Debt Settlement
I say Bravo to these professors for 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.
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