Article
Index
The
Advantages & Disadvantages Of Debt
Elimination
As with any debt
reduction & credit repair strategy, Debt Elimination
presents its own set of advantages and disadvantages. Outlined
below are what we believe to be the major advantages &
disadvantages of utilizing a debt elimination program to improve
your financial situation. You will find more information about
these advantages & disadvantages throughout the rest of the
Debt Elimination site in the article index.
Debt Elimination
Advantages
-
Cost
effective.
-
Simple &
stress free.
-
Ends harassment
from debt collectors.
-
Can remove
your debt immediately if already in collections.
-
Legally
eliminates the need for you to repay the debt.
-
Negative
credit report entries (see disadvantages below) can be
removed through the use of the associated debt elimination credit
repair strategy.
-
You will not
be reducing or refinancing your debt (as in the case of debt
consolidation) but rather removing it entirely.
-
Debt
Elimination does not require collateral which protects your
valuable assets in the future.
Debt Elimination
Disadvantages
-
You will lose
the credit cards & accounts you're defaulting on.
-
Can take 4-10
months if your accounts are still active and have yet to be
handed over to a debt collection agency.
-
Negative
entries are made on your credit report. For more information
please see credit
repair strategy
-
Cannot be used
for business debt. Debt Elimination programs are only
available on personal unsecured debt.