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"I cannot begin to express my gratitude for saving me several court appearances, garnished wages, and about $30,000."
- Mike Barrett
You handled this debt in a fast and cheap way after years of bill collectors trying to make us feel guilty of something we didn't create.
- Cesar Gomez
Client settles $21,000 medical
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Debt Settlement Company Bankruptcy Alternative Provides Faster Debt Consolidation than Credit Counseling


Clients of Debt Free League are given a better option to avoid bankruptcy and substantially reduce credit card debt. They are to curtailing financial hardships sidestepping conventional credit counseling debt management plans with a stronger, much faster debt relief solution.



Consumer Bankruptcy Alternatives


May 22, 2010 -- Debt Free League warns of major financial troubles up ahead for Americans with credit card debt. Not only did the U.S. unemployment rate rise to 9.9 percent in April. But, according to a Zillow report, in the first quarter more than one fifth of U.S. mortgage holders owed more than their homes were worth. As a result, millions of cardholders in need of debt relief will be turned down for debt consolidation loans.


Additionally, bankruptcy filings have hit a record high. According to the Administrative Office of the US Courts, U.S. bankruptcy filings rose 27 percent in the past 12 months ending March 31, 2010.


"Over 1.5 million consumers and businesses have filed bankruptcy. This is the biggest number of filings since 2005 before the Bankruptcy Abuse Prevention and Consumer Protection Act, a law that made it harder for consumers to file for bankruptcy," declares Gerardo Hernandez, Debt Free League Operations Director.


Despite the alarming numbers, Americans are determined to avoid bankruptcy and a 10-year sting on their credit reports. Hernandez indicates that instead, people are increasingly seeking assistance from a credit counselor or debt settlement company. However, he warns debt relief candidates to carefully weigh their bankruptcy alternatives.


Statistically, credit counseling is the least successful option. A Consumer Reports survey warns that credit counseling has a 21 percent completion rate, primarily because of the unbearable monthly payments often taxed on consumers by a debt management plan. Plus, the only debt consolidation it achieves is interest rate reduction.


Even Chapter 13 bankruptcy, which has a 33 percent completion rate, excels over credit counseling. Whereas, debt settlement has an even higher completion rate (45-50 percent) according to a study by the Association of Settlement Companies (TASC), which in 2009 settled $1.1 billion of consumer debts and saved $640 million for consumers.


Hernandez suggests a debt settlement company is a better option for consumers that can't make the high monthly payments of credit counseling debt management plans, which average 5-6 years to complete. He claims a debt settlement company can terminate a consumer debt in about half the time, while assisting a consumer with a lower monthly payment.


The Debt Free League executive adds, "Many debtors ultimately learn that credit counseling barely scratches the surface. However, debt settlement gets people out of debt considerably faster since it reduces both the debt principal and interest rate."


About Debt Free League:

The complete debt settlement service provider has in-house debt negotiation specialists help people in financial hardships negotiate settlements of personal, medical, and business debts.


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You can debt-free in much less time than a consumer credit counseling debt consolidation program, benefiting not only from a substantial reduction on interest, but also on principal and fees.
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