The amount of time that it takes to get
out of debt depends
upon the amount and type of debt that you are carrying. But,
if you are currently making only the minimum monthly payment,
it could take 15 to 20 years to pay off your debt. With most
debt management programs, you can pay off your debt (yes, all
of your debt in the program) in anywhere from 1-5 years. Again,
depending on the amount and type of your debt, your income, and
your commitment to consistently follow your plan, the length
of time it would take you to become debt free would be dramatically
diminished.
A professional debt settlement program usually takes about 36
months or less to settle all enrolled debt accounts. The time
it takes to complete a debt settlement program also depends on
how much debt you have and the status of your debt accounts.
Some debt settlements can take time because it is essential
to let your accounts age. It is also important to let your set-aside
funds accrue enough to offer a settlement to your creditors.
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