Credit Card Debt Relief Bailouts - How New Federal Laws Make It Possible To Eliminate Credit Debt

Credit Card Debt Relief Bailouts - How New Federal Laws Make It Possible To Eliminate Credit Debt

Credit card debt relief bailouts are not fictional. They do exist and new federal laws have made it much easier for consumers to legally eliminate credit debt. These debt relief bailouts are only intended for consumers that are experiencing a legitimate financial hardship and that are struggling to meet their monthly credit card payments. Just because you want to get a bailout does not mean you will qualify.

Typically to be considered for one of these debt relief programs consumers must have at least $10,000 in unsecured debt and must be a legitimate candidate for bankruptcy. Creditors of unsecured debt are offering discounts ranging from 40-60% on average, for consumers that are on the verge of bankruptcy. They are offering these discounts because they know that if you file bankruptcy they will likely receive little to none of their money back. Therefore they would rather negotiate and settle for 50% of the actual balance rather than have you file bankruptcy and receive nothing.

When speaking of these credit card debt relief bailout programs I am of course speaking of the debt settlement negotiation process. Thanks to new federal laws just recently passed under the Obama administration, debt settlement companies are no longer to collect upfront fees. That means that there is far less risk as you don't have to pay a dime unless your negotiation company can reach a successful settlement.

The average settlement in 2009 was negotiated for 50% of the overall balance. That means 50% of your debt is completely forgiven. Not a bad deal. While your credit score will be negatively effected in the short run, this is a trade off to be able to get almost half of your credit card debt removed.

Getting out of debt through a debt settlement process is currently very popular but you need to know where to locate the best performing programs in order to get the best deals. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.

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