Credit Debt Relief: Do it Yourself Credit Card Debt Settlement

Credit Debt Relief: Do it Yourself Credit Card Debt Settlement

If debt is making your life a misery and settlement is your preferred credit debt relief choice, you can either use a professional credit card debt settlement company, or you can do it yourself. There are pros and cons to both sides. If you do it yourself, obviously the money you would pay a third party can actually be spent on paying off your debt. You are also in complete control of your side of the process, which can be a reassuring thing, given that your debt is out of control.

However, there is a downside which you should consider before committing to a process that can be complicated and frustrating. This downside of Do It Yourself is that credit debt relief is a major industry now, and companies providing credit card debt services which includes negotiating settlements are bringing big business to creditors who are therefore more interested in dealing with them than with individuals.

As an individual, you have very little negotiating clout, which you have probably already discovered, with your creditors. This means that you will probably not be able to bargain down your debt very significantly, as a credit card debt settlement company could.

Also, your creditor will probably not consider you important enough to prioritize your needs. You may experience a lot of difficulty in finding out who the decision makers are, let alone connecting with them. The people you are likely to deal with have been trained to stonewall you and simply make you afraid of what will happen to you if you do not pay.

They operate on the belief that you can really pay, you just do not want to, so if they make you scared enough, then you will back down and pay up. It is not logical, or even intelligent, but it is the way they have been trained to operate. The whole process of debt settlement can be very emotionally draining and demoralizing if you are doing it on your own. If you do not know what you're doing, and you do not read the fine print, or you just make a mistake, you can end up in more trouble.

On the other hand, a professional company providing debt settlement services employs consultants who know what they are doing. They are not intimidated by creditors and they understand the fine print. Above all, they have negotiating clout, so they can negotiate your debt down sometimes to as much as 60%. They will also have a customer service department who want to answer your questions because you are important to them.

You do have to pay a credit card debt settlement company something, but you can negotiate that, because your business is important to them. Whatever choice you make, always think it through very carefully, and if you choose a third party, never make an impulsive decision, never let them persuade you to do something you are uncomfortable with. Ask as many questions as you want, and always seek advice from a friend or family member before making your final choice.

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