How To Decide When To Use a Debt Settlement Company

Hiring a debt settlement company to help you get out of a tough financial bind could be a good idea.  People get into heavy debt for different reasons.  Perhaps you had a medical emergency come up, car repairs, or you were simply negligent when using your card.  Whatever the reason is, if you get too far into debt it can be very difficult to get out of that hole.

Most credit cards charge a very high rate of interest.  If a person is simply paying the minimum payment each month it can take several years, sometimes 10 or more, to get out of debt.  The high interest rate eats up almost all of the payment that you are making towards your debt.  This is where a debt settlement company comes into play.

A good debt settlement company will work with your creditors on your behalf and come to an agreed upon sum of money that is less than what you currently owe.  How much less?  Well that depends on the creditor and the negotiating skills of the debt settlement company.  Sunbeam Financial is a debt relief company that we personally recommend.  On average they have settled debts for somewhere between 10 to 40 percent of the amount owed.  They have achieved debt settlement with Amercian Express and all the major credit card companies.

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Imagine being able to immediately wipe out 70% of your debt and only having to pay the remaining 30%.  How much faster will you be able to get your finances back on track?  This is the exact scenario that Sunbeam Financial can help you achieve.  Keep in mind, each person’s situation is different and they cannot guarantee that they will wipe out 70% on every case.  This is just an example and a fairly common amount they settle for.

Getting a debt settlement takes a bit of time and will not happen overnight.  Do not fall for a debt settements marketing tactics that claim they can wipe out your debt in a few days.  This simply isn’t realistic.  Also, be sure to check the background of the company and choose one that has a proven track record of reducing a client’s debt.  We suggest working with Sunbeam Financial because they are upfront with all of their customers and you can easily access their past successes on their website at

So how do you know if you need to get the help of a debt settlement company?  If you are just paying the miniumums on your bills each month and not getting anywhere that is a good sign.  Sunbeam Financial works with individuals who have more than ten thousand dollars in unsecured debt.  Having a balance of this size will usually take a person several years to pay off.  The help of a debt settlement company can reduce this time significantly.

The best thing to do is to compare companies and do your due diligence.  Don’t select a company that charges a monthly fee for their service.  Choose a company that only charges you when they settle one of your debts and you agree to the terms set forth.  Sunbeam Financial is a company that meets all of these criteria and is our top recommendation.  You can give them a call and one of their financial advisors will look over your situation free of charge.  Take charge your finances and start to get ahead of the game today!