No financial planner would ever recommend a mortgage refinance (one form of debt consolidation) to get out of credit card debt. It is substituting secured debt for unsecured debt and you could lose your home over a bunch of unsecured credit card debt if you get injured or can't afford your new higher monthly payments.
Also, and these are verifiable published reports, 77% of all people who refinance their way out of credit card debt are right back at the same level of credit card debt 2.5 years later on average only now with less equity in their home. So it obviously isn't fixing the problem.
why?
Because no behavior modification was needed. You made it too easy on them to just refinance out of cc debt. No financial planner will ever recommend that route.
In settlement though they have to go without using credit cards for 2 to 3 years and do go through behavior modication as does an alcoholic in rehab. Secondly, credit counseling entries on your credit report are as bad as bankruptcy entries they will crash your FICO for 10 years and take you from a 700 FICO down to low 500's literally overnight.
Debt settlement on the other hand is only a late pay on your credit report. Late pays bring down a 700+ FICO about 40-50 points, they bring down 600+ FICO's about 30 points, and bring down 500+ FICOs about 10-20 points. But more importantly, the FICO goes back up more than the drop from late pays as we eliminate the debt so their debt to income ratio goes down to zero and their FICO is back up higher than it was before they joined a settlement program even with the late pays on there
http://www.articlesfactory.com/pic/x.gif" alt="Free Web Content" border="0">, but we demand a withdrawal of the late pay entry as part of the negotiated settlement and get that 99% of the time.
Superior Debt Relief is the only debt settlement company that pays for three levels of credit restoration afterwards to bring the FICO up even higher.
Asbestos Settlement- The Grim RealityReasons for Asbestos Settlement
In the recent years, there has been a drastic increase in the number of asbestos settlement cases, owing to the increasing number of people suffering from asbestos related diseases. Studies reveal that a majority of people developed several lung diseases like mesothelioma due to asbestos exposure. The owners of manufacturing industries that use asbestos now find themselves in legal battles because of the overuse of asbestos. The owners persistently used asbestos materials despite being aware of the ill effects of asbestos on the human body. Several people are s ..
Settlement is one of the methods used by mortgage consolidation people to get someone qualified into a home that was denied financing due to too high of a debt to income ratio.
ABOUT THE AUTHOR
We have been in business for over 4 years, and in that time we have achieved the highest rating in the BBB of all debt settlement companies with over 10,000 clients. We have also ranked #1 in our industry for 3 years straight by arbitrain.com, an independent ranking organization for the debt settlement industry.
Senior Life Settlement-Uses and Applications
In a recent article in the National Underwriter (April, 2005) a Senior Life Settlement is depicted as an ingenious financial planning option available to consumers by providing access to secondary life insurance market through life insurance valuation a new trend, tool in the financial advisory services industry unlocking opportunity for many.
Sound investment practices require diligence and regular appraisal and valuation of assets. To date insurance policies were excluded from said valuations, due to the perceived absence of market for them. However, the landscape, opportunity and choi ..
