Debt Settlement - An Easier Way To Pay Credit Card Debt
Debt Settlement - An Easier Way To Pay Credit Card Debt
Credit card indeed has added a touch of great convenience to our lives. Yet it has also paved the way to wild spending habits and mounting debt figures. If you are suffering from enormous credit card debts, then be assured, you are certainly not the only one in this plight! Surveys and researches confirm that an average US family owes about $7000 as credit card debt and pays around $1000 as interest every year! A little reckless you get with your credit card and you may land up with a bloated credit card debt encroaching on your finances!
Living under debt burdens could be quite distressing. And therefore it is always advisable to get your debt issues resolved as soon as possible. Now if your much cherished credit cards have reaped you quite a bit of due, then it is time you get the dues eliminated and restore a debt-free life for yourself.
Here are some guidelines on how to prepare for your credit card debt repayments.
Analyze your financial position:
In the very first thing, jot down your resources including all your income, assets and monthly savings on a piece of paper. That would allow you to have an insight into your financial position and you will know how much you are actually capable of paying towards your credit card debt repayments.
Prioritize your repayments:
Once you have thoroughly evaluated your financial position, identify which of the cards have high interest rates and have longer late payment dues. It would help you to better decide on a repayment scheme.
Curtail on your credit cards:
One of the best ways to stop your credit card debts from piling up, is to retain a single credit card with lower interest. Also set your credit card aside strictly for emergency purposes. Resist all your temptations and abstain from indulging in redundant expenditures with it! This would surely save you from getting into more credit card debts
What are the repayment options in hand?
Once you are aware of the actual state of your finances, you would know exactly how much you can dedicate towards the repayment. If you do not seem to be quite sure of paying back your debts totally, then credit card debt settlement would definitely pull you out of your problems.
On the other hand, if you feel you are capable of paying all your credit card debts in full amount, provided the repayment is spread over a longer period of time, then, opting for credit card debt consolidation would be wise.
Credit Card Debt Settlement
Debt settlement, in simplest term, refers to a debt reduction procedure where in, the debtor and the creditor agree upon a reduced sum of money, which is regarded as payment in full. For getting your credit card debts settled at a reduced amount, you may either negotiate with the credit card company directly or you may hire a BBB accredited settlement company for getting your job done.
In most cases, creditors do agree on debt settlement, if they are confirmed of the debtor's crippled finances. The creditors would rather go for settlement than find you land up with a bankrupt status, because a bankrupt debtor would not repay even a single penny but settlement would at least fetch a portion of the due.
However it is equally important for you to offer a fat settlement amount to your creditors, in order to further lure them into settlement. All you need to do is be a little tactful and get your debts effectively negotiated. A good negotiation can slash your debts considerably, that is, even up to 60% of the original amount.
Credit Card Debt Consolidation
Debt consolidation simply means combining several debts into a single payment, which you pay off at a lower monthly interest and over an extended period of time. You may get your credit card debts consolidated by any of the following means:
1. Resort to balance transfer: If you have more than one credit card to deal with, you might consider transferring all your credit card debts from cards with higher APRs to one with a lower APR. This would not only lower the amount of money you are spending on the interest but also help you eliminate your debts faster.
2. Use a HELOC as a consolidation loan: If you have considerable equity on your home, you may use it as collateral and take out a Home Equity Line of Credit (HELOC). Collateralized loans usually have low interest rates that come as a great advantage. With the loan, you may pay off your existing credit card dues and that would leave you with a single payment to be made towards the loan.
3. Hire services of a bona fide debt consolidation company: You may also enroll in a consolidation program offered by a BBB accredited debt consolidation company and get your credit card debts consolidated. Once you sign up for the program, your entire debt issue is handled by the company until your debts are paid off. All you need to do is make your monthly payments to the company. And from this monthly sum the company would disburse the monthly dues of your creditors and pave your way to a debt free life.
Now, if all that sounds like a much awaited relief from your spiraling credit card debts, then why not start with your repayment plans right now! Brooding over your debts is easy, but taking the right step towards a fruitful solution is even easier. All you require is the right attitude! So, plan your repayment and secure a nice, peaceful life for yourself and your family!
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