United States Debt Relief - How Americans With Unsecured Debt Are Trying To Get Bailed Out

Online, June 2, 2010 (Newswire.com) - The economic crash left many Americans in a disaster financially. Massive debts have plagued families across the country and Americans were left searching for answers and ways to pay their unsecured debt. With many financial institutions getting bailed out, consumers were left wondering what unsecured debt relief bailouts were out there to help them.

Many of the debt advisers recommended the consumer to try credit counseling for their unsecured debt relief bailouts . When people tried to enroll in a credit counseling program they found that actually completing the program was very difficult. In a credit counseling program the payments to the program were usually about the same as the sum of their current minimums and a lot of times even more than that. For someone with massive unsecured debt this payment was just not possible to reach and when they were late on a couple of payments they were asked to leave the program.

After failing to complete the credit counseling program many consumers were left in a worse position than where they started and looked into filing for bankruptcy to attempt getting bailed out of their unsecured debt. What many consumers found was that bankruptcy can cost up to $2,500 to file, have a negative impact on your credit for 7-10 years, and have a negative impact on your employment status. On top of this bankruptcy is harder than ever to qualify for with the addition of new laws being passed with strict limitations.

The latest of the unsecured debt relief bailouts that many consumers are taking advantage of is debt settlement . Debt settlement has been helping a large potion of Americans with massive debts by the process of negotiating the balances of their unsecured debts. When individuals and families have turned to legitimate debt settlement companies they found their unsecured debt relief bailouts created financial independence in as short as 4 years or less. This has been a major breakthrough for people in financial hardship and trying to get bailed out.

Debt settlement is a legitimate alternative to bankruptcy and should only be considered by consumers who have at least $10k in unsecured debt and are experiencing a financial hardship. To compare debt settlement companies it would be wise to visit a Free Debt Relief Network that will provide a free debt consultation to determine which option is best for you.

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