Best aspect of a debt settlement program

So what is the number one benefit of going through a debt settlement program? This question is asked my many folks who have found themselves stuck in debt with no real way to get out. In my opinion the best aspect of debt settlement is getting off the credit treadmill.

Now you may ask what the credit treadmill is. This is the vicious almost never ending cycle of monthly minimum payments. The creditor’s minimum payment scheme is meant to keep the debtor in debt for at least thirty years, and this is if they have an average interest rate. The creditor’s ultimate goal is to get the interest rate up to the default rate which will pretty much keep the debtor stuck in debt for the rest of their life. And while paying down this debt the debtor will end up paying over ten times the original balance in interest alone.

As anyone can see this is pretty much financial ruin, and is probably one of the biggest mistakes people can make financially. Debt settlement gives people the opportunity to get out of debt within less than two years and save over fifty percent of what they currently owe. This is the ultimate counterpunch to staying on the dreaded credit treadmill.