The notion of debt negotiations or, biblically, debt forgiveness goes back thousands of years, but the modern versions of debt relief started in the late 80’s after governmental deregulation of the banking industry. At that point, previously unimaginable amounts of credit were made available to ordinary citizens irrespective of income or existing debts. There were, to be sure, economic benefits to the expansion of consumer spending, but a good number of borrowers found themselves unable to meet regular payments. At this point, several alternatives of debt management became popular.
There are many different ways to arrange for the relief of debt (whether unsecured loans, medical expenses, charge cards, or traditional credit accounts), and all solutions to debt relief have their own advantages. Bankruptcy gives one the chance to settle and balance his or her budget and get help from an attorney. Debt Settlement is the fastest and least expensive way to get out of debt. Often referred to as Debt Negotiation, Debt Settlement is a direct and ambitious approach to debt reduction and it is best suited for individuals that have considered filing for Bankruptcy protection.