It's difficult not to be concerned when facing numbers like these:

43% of U.S. families spent more than they earned. On average, Americans spend $1.22 for each dollar they earn.

Standard Households have about $8,000 in credit card debt.

In the past decade Personal bankruptcies have doubled

Americans owed $1.9773 trillion in October 2003. This amount has increased 41% from what consumers owed in 1998.

The average American household has $18,654 in debt not including mortgage debt.

In excess of 1 million homeowners currently have 3 or 4 mortgages on their homes. 1.8 million Homeowners have loans equal to 100% or more the value of their homes.

Personal bankruptcy filings in 2003, rose 7.8% from the same period in 2002

Average U.S. household with a mortgage, two college graduates who borrowed money for school and more than one credit card, owes about $112,000.

Do these scary statistics describe your situation? Do you feel trapped by your debt? There is hope! The key to escaping the trap of ever growing debt is simple: you need to spend less than you make and start eliminating your Debt. Let an IAPDA Certified Debt Arbitrator help you avoid bankruptcy and start the process of creating wealth.
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How long does a debt settlement process take?

A normal credit card debt settlement case might take 3-9 months. If someone wanted to speed up the progress it could be shortened to 1-3 months. Someone wishing to stretch things out could find the time extended to 12-18 months. Some special debt management and debt reduction firms can even lengthen the process to 4 years or more.

How much do Debt Arbitration firms usually charge?

Most debt arbitration companies are transparent about their fee structure but you are advised to check out if there are any hidden fees involved in the settlement process. On an average the charge of debt reduction firms range from 8%-15% of the total outstanding debt.

Find links to Members of the IAPDA
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Debt Settlement programs gives you a lot of options to clean your debts. It reduces your principal debt amount, eliminates your late fees, lowers your APR, and provides you the flexibility to repay your debts within your chosen time span.

Principal debt amount: Most debt settlement firms negotiate with your creditors and reduce the principal debt amount you owe. For example, in maximum cases 40-60% of the original debt amount is reduced.

Late fee charges:
Some debt settlement firms waive off your entire late fee charges. It is sometimes seen that late fee charges club to form a major portion of your debt amount. Thus elimination of late fees can save hundred of dollars.

APR:
Some debt settlement programs are done to reduce the high APR's for a particular account. For example, some debt settlement company may notify that APR has been reduced to 8% for the proposals accepted after 10th September 2004 and reduced to 0% for all proposals accepted before 10th September 2004.

Monthly installments:
Debt settlement programs are also determined on the amount you pay on monthly installments. In this process you have to pay a single monthly amount to a debt settlement firm in order to settle your debts. The more you can pay the lesser period of time you take to settle your debt. The amount of your monthly installment is fixed by the debt settlement company based on your present financial status.

Annual time frame:
Debt settlement is also chalked out on the basis of extended time periods. In such cases you have the provision to extend your time period from 2 years to 4 years or sometimes even longer. This is helpful for people who cannot afford to pay at one go.

Learn about the great career opportunities in Debt Settlement
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