Credit Delinquency & Other Issues of Many Debt Settlement Clients

Every year, thousands of people get into a situation where their credit score and debt total has reached a delinquency status. Months of built-up credit card balances, utility bills, and other unpaid statements is a common scenario for people seeking debt settlement. What many people do not realize, however, is that the buildup is a result of many other issues.

Here are some of the most common financial features of debt settlement clients:

They Have Delinquent Payments

First and foremost, many who seek settlement have credit delinquency on their credit report. Perhaps you met with an unforeseen expense with regularly occurring, large payments or maybe you are in between jobs. Whatever the situation, your late or missing payments are often a sign of your financial hardship, which is a sort of prerequisite for debt negotiations. Lenders want a concrete and documented reason you cannot make your payments before they agree to lower your total amount due.

They Have Multiple Lines of Credit

As soon as you open one credit card, it seems like just about every card company known to man will offer you another. For a period of time, it can seem like a great idea to open one or two more lines of credit, especially if you have managed to boost your score a couple hundred points and have done a good job of making your payments every month. For many people, however, it just takes one major expense — a pricey Christmas gift for a loved one, a weekend vacation, or even a bill you had to put on your credit card — to put your financial situation over the deep end. If this is your situation and you now have credit delinquency on one or more of these credit lines, contact Liberty Debt Relief to learn more about how we may be able to help.

They Do Not Have a Clear Budget

Budgets are the best way to figure out what you can and can’t afford. Unfortunately, most people who have delinquency on their credit report do not have established budgets. They tend to live paycheck to paycheck and pay for what they need as they go. Many times, they also do not have a savings account for emergencies or financial investments to fall back on. For people who rely on credit cards and loans to get by, this lifestyle may lead you to underestimate your debt and overspend.

Get the Relief You Have Been Looking For

If any of these characteristics sound similar to your situation, there is help available. Contact Liberty Debt Relief and get connected with a debt relief consultant. They will help you get back on track with your finances so you can start moving toward a better future.