Credit Debt Relief Options For 2010 - Steps to Realistically Be Credit Card Debt Free in 1-3 Years

Credit Debt Relief Options For 2010 - Steps to Realistically Be Credit Card Debt Free in 1-3 Years

If you managed to get a lot of credit card debt in the last years, you are probably looking for viable options to get rid of it. Having debt on the credit cards can be really annoying because any debt makes you feel like having a big burden. But what do you think about the option of having it cleared off in the next 1-3 years? You probably find this amazing if you have huge debt on your credit card, but having huge debt is actually an advantage in this case. The method is called debt settlement and it requires you to have more than ten thousand dollars debt on your credit card. If you have that much debt, you are actually lucky.

The first step in the journey to be debt free is to get a good debt settlement company to negotiate the debt. Debt can be a really problem and your creditor might be a bit reticent if you do the negotiations yourself. This is why, experts recommend to get a good professional company to negotiate that debt. Make sure that you also check the company on the Better Business Bureau before starting to work with them.

The next step after you hire the company is to actually start the process of negotiation; this can be really annoying if you do it yourself, but if you have a company to do it for you there's nothing that you really need to do. The company will take care of absolutely everything, you just need to sign papers from time to time and show up at different meetings with the creditor.

After deciding what sum to reduce, your creditor will want to know how you are going to pay for the rest. This is the time when you really need to see how you can make the best out of it. Usually, you would be tempted to pay it in easy installments, but you will actually pay less money if you pay it in lump sum. So, make your best decision and if you have money choose that method. If not, you can easily pay the rest of the amount in 1-3 years, thus getting rid of your debt forever.

Debt settlement is a legitimate alternative to filing bankruptcy and often makes sense for consumers on the verge of bankruptcy. There are also other debt relief options available so it would be wise to speak with a debt relief specialist to go over your different options.

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