National Debt Relief Services is among the largest debt settlement firms located in Broadway, New York. There are many reasons why National Debt Relief has become so popular for debt settlement this late. They’ve been there before and their track record since then is stupendous even for new starters.
It all began when they were very credible and legitimate. It was mainly because they offered to settle your unsecured debts at less than half of their total amount without any hassle. This is how they started making thousands of dollars daily by doing so. But then they encountered some difficulties in securing funding from lenders. Lenders were scared about collecting the full amounts of money due to the fact that many people were applying for bankruptcy.
When they asked their clients for their payment back, they were met with a lot of excuses. Debtors simply explained to them that they couldn’t afford to pay it back. The creditors tried everything possible to make them pay – threatening them with lawsuits, levies on property, liens, and so on. This was when people realized that they had no way of paying back the debt settlement bills and this was how things started to turn sour.
Bankruptcy is not a solution when there are too many people who cannot be able to pay for their unsecured bills. It is a matter of a wave of devastation that hits everyone. The economy also suffers a downfall and there’s simply no way to recover from bankruptcy. Hence, lenders decided to adopt a solution that would help settle debt settlement obligations in a much better way than filing for bankruptcy.
This is how debt settlement services became popular. As long as creditors offer a settlement, you can still pay your credit card bills on time. You do not have to worry about being denied for future credit because your credit history will not be ruined. On the other hand, if your debt settlement company advice bankruptcy, your credit history will be definitely destroyed. The damage is already done and there’s really nothing you can do about it.
This is just the start of bad news for people who think that eliminating debt can only happen through bankruptcy. Some may think that these debt settlement agencies will actually help them get rid of their unpaid dues faster. They are wrong. Debtors should know that their responsibilities don’t stop with settling their outstanding amounts. They still owe their creditors money even if they choose to use debt settlement services. Their responsibility then is to pay less.