Credit Card Debt Settlements: Why Creditors Will Accept a Debt Settlement Agreement
People think that lenders are doing a favor by offering a fifty percent exemption. At least that’s what fraudulent debt settlement service providers say and what most of us believe. This is the main reason why a large number of people fall into the clutches of fraudulent companies. If you understand the economics behind the whole solution, you will realize that it is nothing more than a sensible move by the government and lenders to keep the economy afloat. Remember that this is a solution that will not be offered over and over again.
However, before you panic and deal with the first liquidation company you come across, remember that whenever the economy faces such a severe crisis and millions of people file for bankruptcy, the government will always step in and prop up the entire process.
As far as lenders are concerned, borrowers receive a discount that the government will repay in the form of a stimulus package. Therefore, the actual loss suffered by the lenders is very less. This is the right way to go because the lenders also employ a large number of people and the huge losses mean that their employers will also start filing for bankruptcy.
It is the government that is absorbing the losses. This should help you relax. As long as the government is of the opinion that society and the economy need a stimulus package, it will continue to provide this service.
So the next time a fraudulent settlement company tries to rush you into making a decision, just take the time to log on to the web and check out the various resources. Find out what is the general opinion and the consensus opinion. Find out if the economy is on the road to recovery or not.
Check out what all the experts and bigwigs in the economy have to say about the speed of the process. If you find that the general consensus is that the economy will take a long time to recover, there is no need to rush into a deal.
It may take a few days to use online resources to find the best possible service provider. You can just ignore all the service providers making it look like the deal will be pulled tomorrow. They are trying to manipulate the situation to their advantage. That is definitely not going to be the case.