A Loophole in the Banking Law! - A New Way to Be Bailed Out of Paying Credit Card Debt

If your unsecured debts are causing you stress to the point where you are thinking

of evading paying your card bills, then you need to find legal and effective ways to settle these debts. The new rules and incentives given out by the Obama administration have set firm grounds for debt settlement.

These rules are here to help the customers to settle their debts with their creditors without going bankrupt. The administration has given stimulus money to large financial institutions in order to encourage negotiations to settle customer's debts. There are a few loopholes in the banking law that will come to your rescue and you can legally be bailed out of paying your credit card debts.

Did you know that the rate of interest of repayment can be lowered by negotiation? With the sky high rate of interest it is difficult for customers to pay off the whole outstanding amount. If you have a large credit card debt, by paying only the minimum amount every month you will be able to achieve more with a reduced rate of interest. You can also reduce the interest rate by consolidation of debt.

You could adopt a payment strategy of paying off one card at a time. Paying off the card with the lowest debt first will be easier. Later the same amount will be available to pay off the next card.

Most importantly you could opt for debt elimination. If your unsecured debt amounts to more than ten thousand dollars and you are an American citizen, you can negotiate a waiver of up to 50 percent of your outstanding debt amount. You can hire a debt settlement agency to negotiate on your behalf with the credit card companies. Good settlement agencies can get a waiver of up to 60 percent of the outstanding amount.

These are a few loopholes that every credit card debtor should take advantage of.

For the millions of Americans who are at least $10 k in unsecured debt, it would be financially prudent to consider the debt settlement option. Creditors are very worried about collecting their debts and legitimate debt settlement companies know exactly what methods to use to get your creditors to agree to eliminate a certain percentage of your unsecured debt.

A Loophole in the Banking Law! - A New Way to Be Bailed Out of Paying Credit Card Debt

By: Benjamin Axel

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