Credit card debt and student loan debt are on the rise, and a massive amount of debt burdens many Americans. Life-long debt is a fact of life for many Americans, and the reality is that most of them will never make progress toward resolving their debts.
Many consumers are not aware of what options they have available to them. Those who are struggling with debts often believe that bankruptcy is their only option, which is incorrect. In this article, GM Law Firm, LLC, will discuss the options consumers have to help them pay off their debts and become debt-free.
Debt is on the Rise
Americans have become used to debt. Many people living in the US believe that carrying a certain amount of debt is normal. However, like the debt you accumulate on credit cards, revolving debt is detrimental to your credit. It can prevent you from being eligible to make significant purchases, such as buying a home.
Studies show that many consumers do not understand how loans or credit cards work, making for a dangerous financial situation for many Americans. As more and more people are taking on student loan debt to get a college education, the debt picture for many Americans is a recipe for disaster.
The Difference Between Debt Settlement and Debt Dismissal
Debt dismissal and debt settlement are two different processes. They are both options that consumers can elect to use to help them handle their debt load, but they come with their pros and cons.
Debt settlement is the process of having your debt reduced via an agreement negotiated by a debt settlement expert. This will make it possible to have a single payment against your debt and reduce the amount of interest accumulated against the amount you owe.
Debt dismissal is the process of having your debt forgiven without it coming to bear on you again. This might be dismissing credit card debt or arranging a way to have your student loans forgiven. This is always the preferred method for attending to debt, but it is impossible to secure this outcome.
Getting a debt dismissal gives you the chance to keep your assets like your car and your house and spare your credit from the damage caused by declaring bankruptcy. Many people are not aware of these options and wait until it is too late when bankruptcy is the only choice available.
If you are struggling with debts that you cannot pay, you have more options than you think. Never assume that your only option is bankruptcy. A debt dismissal expert can help you handle your debt load and get your finances back on track before it’s too late.
About GM Law Firm, LLC
GM Law Firm, LLC, is a consumer advocacy law firm based in Boca Raton, Florida, that empowers clients battling credit card, repossessions, installment loans, private student loans, and medical debt to fight for their rights and help negotiate a satisfactory debt resolution. The experienced attorneys from the GM Law Firm, LLC, also legally protect clients against harassing debt collectors and provide a customized strategy for debt defense. Contact GM Law Firm, LLC, for a consultation.