At the moment, the biggest issue for Americans is unpaid credit card bills. In most cases, the unpaid amount is above ten thousand dollars because loan takers have not paid their bills for several months. In the United States, debt settlement has become very common with the passage of time. A lot of people are negotiating their bills and this is a very good option. However, you need to consider some issues which emerge after the completion of the negotiation process. One of these problems is lump sum debt repayment. How hard is it to make lump sum debt repayment? What problems do loan takers face in this relation?
Lump sum debt repayment is a harsh requirement by money granting firms
Let me give you an example of lump sum debt repayment. Consider that you have an unpaid debt of twenty thousand dollars and you wish to get a substantial sum eliminated. For instance, suppose that the bank agrees to a reduction of fifty percent. This leaves you with ten thousand dollars only. Now you have two options. Either you can pay the whole sum in one installment or you can clear your dues on monthly basis. Most money granting companies emphasize on lump sum debt repayment because they need their dues on an urgent scale. We know that it is hard for financial firms to wait in such a situation. Lump sum debt repayment has its own advantages and disadvantages.
- If you clear all your dues in one go, you do not have to pay a lot of interest. Apart from that, you do not have to take the mental stress for a longer period of time.
- If you are unemployed, it will be impossible for you to clear all your dues in one go. You need your savings to cover your daily expenses until you find another employment. In the present economic situation, this is a huge ask.
It is not hard for professional consultants to reject this alternative
If you need a more comfortable time frame to clear your payables, your counselor has to prepare your arguments accordingly. The problem is that most counselors cannot even face the creditors. Some of them even drop relief cases without completing them. In my opinion, professional liability elimination networks can provide adequate help. When you talk about dependable settlement organizations, this is the best way to approach them.