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Debt Settlements are For More Than Credit Cards

Generally, when people talk about debt reduction they are referring to credit cards, and sometimes medical bills. But, in point of fact, debt settlement can be used for a wider group of unsecured debts. For example Rental agreements and leases. Yes, why? Because these agreements are unsecured debts, and, provided you are no longer living in the unit, they can be settled on.

How about second mortgages after a house has been foreclosed on? If the second mortgage was not handled by the foreclosure sale, in other words, not enough money was paid to cover it, then, it becomes an unsecured debt, for which you are still obligated. At this point, the debt can be qualified for a debt settlement program and settled on.

What about when a business goes out of business? Usually, there are vendor bills and business debts that are unsecured. As long as you are no longer doing business and the debt was unsecured, there is a special program for settling these debts as well.

So there you have it. A good credit counselor, working in a for-profit environment will be able to bring you far more solutions to avoid bankruptcy than a non-profit could ever. Why? Because, for the most part, non-profits are beholden to the banks and credit card companies because they are paid by them! And, are constrained from offering other solutions beyond debt management programs, which are controlled by the banks.

If you have a debt issue and want to know all your options so you can make an intelligent decision, visit us at American Debt Enders and get an intelligent free credit counseling session to learn all your options.

Written By:
Steven Ciantro
Member National Association of Credit Counselors
American Debt Enders