Debt Settlement News – How the Recession Has Made Getting Debt Settlements Attractive

I want to play a little word game with you right now: what are the first words that come to mind when you hear the phrase “the recession?” If you are like most people, I am sure you would say: credit cards, money problems, debt, and job loss. Yes, these things are most associated with the recession, but I do have some good news for you. Now, you can associate the recession with debt settlement; settlement that enables you to eliminate a portion of your unsecured credit card debt.
I bet right now you are thinking “this is too good to be true.” Guess what? It isn’t because with debt settlement you can legally erase part of the debt you owe. Now, your slate isn’t going to be wiped completely clean, but how would you like to pay only $5,000 on the $15,000 you currently owe? Sounds pretty good doesn’t it?
Another question you are likely asking yourself is “why now?” In the past, credit card companies wanted all of the money they were owed. What is different now and why are they settling for less? It has do with the recession and the so-called “bailout” money that financial lenders got from the federal government. It has given lenders an incentive, as well as some freedom and flexibility.
Another important point to remember is that credit card companies are actually very smart. They know that Americans are struggling to pay their bills right now and credit card bills are last on their list. In fact, some Americans are declaring bankruptcy to break away from this debt. When bankruptcy happens, a creditor walks away with nothing. So, combine the fact that they do get a percentage of their money with the fact that they have a little cushion from stimulus money, and most tend to see debt settlement as a win-win situation.
If you also like the sound of debt settlement, make contact with a debt relief network. These networks work with different settlement companies who must meet high standards, ensuring you get nothing but professional service and the best results.