Debt Settlement Versus Bankruptcy

To go bankrupt or not to go bankrupt, that is the question. If “not” is your gut response, then debt settlement may be a good alternative. Let’s look at both sides of this very important topic. You’re up to your neck in credit card debt, otherwise you probably would not be reading this article.

Whether or not your debts are due to your spending habits, a catastrophic illness, or job loss is not relevant at this point. Getting out of debt for the least expense and long-term damage is.

Then there’s the matter of the impact on your emotional well-being  by the  unending collection phone calls, the letters and the worry.

Bankruptcy may not be the answer

According to WikiAnswers.com, bankruptcy can stay on your credit records for up to 10 years. But according to expertlaw.com, debt settlement entries can only stay on your credit report for up to seven years. Moreover, debt settlement means that you are taking control of your financial and emotional health by taking the bull by the horns and moving on with your life.