During economy crisis, many Americans find that the only viable option they can have is to file bankruptcy.
In fact, in the process of seeking debt relief, you may also consider debt settlement.
The goal is the same - to achieve debt free.
In order to assure that this financial option suits you most, you are required to ask yourself the following questions:

• How much unsecured debt do you have?

You can know the exact amount of your unsecured debts by requesting for a copy of credit report from any of the main credit reporting agencies.

• Are you qualified for debt settlement?

Search for the service providers in the market to find out the basic requirements to sign up for the settlement plan.
In general, most of the companies only work with people who owe more than USD 7,500.

• Do you have sufficient cash on hand?

If you have no more money left over in your saving account, you should not try this plan because you have nothing to negotiate with your creditors at all.

• What is your main objective of having this plan?

Debt settlement only works best for you if you can really reduce the total amount you owe.
The main objectives of settling debt are to reduce the total amount you owe in a faster way and improve the relationship between you and your creditors.
Last but not the least; you are reminded to look at your current financial position carefully.
Make sure the overall benefits are being taken care of.