Consumer Debt is on the Rise - How to Legally Never Pay Back 50% of Your Credit Debt

There is a definite increase in the usage of credit cards and this has been the trend for quite some years

. The economic recession resulted in loss of jobs, decrease in salaries and wages, increased over heads, forced closure of industries and affected financial institutions as well. People had borrowed so much that it became virtually impossible to pay back all the debts that had mounted over time.

This lead to the introduction of new programs, that offered some respite to the borrower. The federal government helped financial institutions by framing new laws and taking measures that have helped to revive the system. This has also worked in favor of the debtor with unsecured loans in excess of $ 10000. There is a certain way in which the creditor has to be approached to legally waive off a sizeable portion of the unsecured debt.

To convince the creditor that the candidate is worthy of receiving a discount, the person approaching the creditor must have a financial plan with projections that are derived from genuine disclosures. If the debtor has not paid the monthly dues and has consistently done so for quite some time it makes the creditor think that the financial situation of the debtor is weak. A high unsecured debt strengthens the case further. The more dollar amount due the more consideration you will get.

For all this to happen you need to start by deciding to initiate talks with the creditor by providing necessary details like proof of income/non-income and the reasons for it, financial projections, your offer of debt installment payments (considering your capability to pay back) etc...

Would you prefer doing all this on your own or get expert help to lessen your burden and improve your chances of getting a good discount on your debt payments from the creditor? Working with professional debt settlement firms will almost ensure discounts up to 50% because of their familiarity with debt settlement related work. They would always be a better representative and you can bank on these experts to provide the best solutions without any legal entanglements.

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.

Consumer Debt is on the Rise - How to Legally Never Pay Back 50% of Your Credit Debt

By: Chester Fraizer

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