No, and you should not have to. If it takes this long to settle your accounts, then something is wrong. Either the Debt Settlement Company is charging too high a fee or something is not right.

Some settlement companies entice a person by giving them the illusion that they can take 4 to 6 years to pay off their debt through a settlement program by giving them an unreasonably low monthly payment. Unfortunately, it doesn't work in the long run.

Setting a client up with a fictitious low payment causes more problems and costs you more in the long run - a lot more. Experience has proven that in order to obtain the best settlements (in the 50% range including agency fees) debts must be settled within 36 months. If someone owes a tremendous amount of debt, like over $75,000 then it could take a little longer - but still 4 years is pushing it.

After that time period, it is often difficult to obtain reasonable settlements, based on your starting balances. Do not make the mistake of assuming you can pay a small 1% payment (like $300 on $30,000 of debt) and you will achieve the desired results. It doesn't take much more of a payment to make it work right. And get you debt free in the shortest time period.

Always trust a Certified Debt Arbitrator to give you honest advice.
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Debt reduction is an issue for many American families these days, as the amount of debt keeps climbing per household. The average family owes about $8,000 on their credit cards, and that does not include such bills as car payments and mortgages! We are living in a constant state of panic over bills that we don't have the ability to pay, and that in itself is an awful feeling.

Most people have at one point or another in their lives fallen behind financially, whether it is due to job loss, divorce, death of a spouse, or illness, the effects can be devastating. Not only does it take a toll on your mental state of mind, but the financial stress can cause you to become physically sick. It is no wonder that many people think that bankruptcy is the easy way out of their financial messes.

You may think that the way to get out of debt is to file bankruptcy. However, that is another big mark on your credit that can last from seven to ten years! You really should consider all other debt reduction options before you go the bankruptcy route.

Things You Can Do Now That Will Help
So many of us are afraid to even tally up what we owe to our creditors because we are terrified of what the total amount will be. But the best way to really take a step in the right direction is to take an honest look at what you owe. Once you face it head on, you are taking a proactive approach to debt reduction and you can begin to reclaim your life.

If you feel that your total debt is too overwhelming for you to pay back, you might want to consider talking with a professional debt counselor who can outline your options to you. He or she may suggest that you sign on with a credit counseling agency that can help negotiate with your creditors on your behalf. By doing this, you will only owe one payment each month, and the agency will dole out the money to each creditor that you owe.

If you can avoid bankruptcy, you should try to do so at all costs. Bankruptcy may seem like a way to get a fresh start, but it leaves a black mark on your record for up to ten years! Sure, you may be able to get credit afterwards, but you will be charged outrageous interest rates. And if you plan on renting or buying a house during that ten year period, you may not be able to without a co-signer to back you up.

Turning It All Around...
Let's face it, nobody wants to be in debt up to their eyeballs. It is a scary position to be in and you may feel like the issue of debt reduction is a lost cause. But keep in mind that there are many viable options out there that can truly help you to turn your financial situation around.

Interested in a career in Professional Debt Reduction?
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The Debt Settlement process involves negotiating with your creditors to settle your debt for amounts significantly less than you currently owe; typically debt settlement can settle your debts for 40-60% of your current balances. This will save you sizable amounts of money on debt principal and interest. It also provides you with the opportunity to pay-off your debts faster.

Debt Consolidation can be accomplished two ways. The first method is through a debt consolidation loan, and second through a debt consolidation service. A debt consolidation loan provides funds to consolidate all of your debts into one single monthly payment and is traditionally secured in the form of home equity. A debt consolidation loan reduces the number of payments you have going out monthly and can simplify your debt problem. However, a debt consolidation loan does not mean you are debt-free; the debts have just been transferred to a new creditor.

Hopefully, this debt consolidation loan will provide you with a lowered APR and allow you to pay off the new loan quicker. This may sound like a good solution to avoid bankruptcy and get out of debt; however, it can also damage your credit and cause you to pay back far more than if you had selected a debt settlement or debt arbitration program.

Debt consolidation services claim to provide assistance and guidance for people with debt and credit problems. They claim that they will work with your creditors to provide you lower interest rates and payments. However, these debt consolidation services spend millions of dollars each and every year on advertising and exist for one purpose only; to ensure that the credit card issuers get paid back every cent that is owed. They call themselves non-profit debt consolidation companies but, this can be misleading. The bottom line is that these "non-profit" debt consolidation companies are funded by the credit card companies that they are supposedly “negotiating” with to help you.

Alan Barnes IAPDA Certified Debt Arbitrator President and CEO of Debt Regret
http://www.debtregret.com
Article Source: http://EzineArticles.com/

Learn about a career in Professional Debt Arbitration
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