One of those solutions is debt settlement. This is a way of consolidating your debt. A company that handles these settlement will go to a creditor on a consumers behalf and negotiate with them to lower the amount the consumer owes as well as the interest rate. This lower rate will then be considered the full amount now owed by the consumer. Once paid, the debt will be settled. In this process, a consumer’s debt may be condensed to even more than half of what was due. And from that, they will work out the best payment plan to put toward this newer, lower sum. These lower payments will be spread out over a few years.

A consumer may wonder why a creditor would allow this. If a consumer files for bankruptcy, they are at risk of loosing all the money that is due to them. So, forgiving a percentage of the debt also helps a creditor assure they will receive some funds, rather than none at all. Also, many of these debts are collected through collection agencies, who are often willing to receive a lower payment.

As a consumer, you have a right to view your credit report. The first step Vivix Credit Solutions takes is to sit down and review that credit report with you. One of the things we look out for are delinquencies that have passed the statute of limitations of collections. These should be removed from your record and not considered for debt settlement.

Though a debt settlement will have a negative effect on your credit, it may be a better alternative to bankruptcy. It may be the first step to regaining you financial independence. Vivix Credit Solutions has helped hundreds of people in similar situations get back on their feet after debt troubles and go on to repair their credit.

For outstanding debt like credit cards and medical bills, debt settlement may be a viable solution. Especially over bankruptcy that will scar your credit for much longer as well as being accompanied with a long list of negative results. Debt settlement helps to alleviate your debt in a quick and streamlined manner. As well as lowering the amount that you owe, greatly relieving your financial burden.

Before you make any major financial decisions, you should be away or all the options.

Vivix Credit Solutions has assisted hundreds of people in similar situations as yourself. To receive your free special report: “The TRUTH About Legal Credit Repair & Your Credit Report” along with a free consultation with one of our credit repair experts, visit: http://www.vivixcreditsolutions.com/freeconsultation.html