Do It Yourself Debt Settlement: Can You Really Handle It?

Do It Yourself Debt Settlement: Can You Really Handle It

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The average American today owes thousands of dollars in debt. Credit cards are a major cause, but they are not the only cause.

Almost everyone has a mortgage, car note and student loans. There comes a time in life when people are ready to get their affairs in order. They begin by getting a copy of their credit report and identifying the outstanding debts on their name. At this point people go in two different directions.

Aurora Lillo Editor of the "Best Debt Relief Programs" website -- http://www.BestDebtReliefPrograms.net -- pointed out;

"...Some hire a credit repair professional and pay them to clean up their outstanding debts. A growing number of Americans are making a different choice. They negotiate directly with their creditors to settle their debt..."

When you hire a credit repair professional they contact and negotiate with your creditors. They call each one, ascertain the amount of the debt, dispute some of them and begin to negotiate to pay off the rest for pennies on the dollar. It requires writing and making follow-up calls. It is not difficult, but it takes time.

A growing number of people have come to see that debt settlement is not rocket science. They realize that if they are patient, persistent and organized they can reach a settlement with their creditors and save the cost of hiring someone.

The first step in settling your financial obligations are to identify how much you owe and to whom. Next, contact the companies and verify the amount. At this point, the negotiations begin. Many people walk away from their debts and the creditor never receives anything. If you call a company and offer to clear up the debt, you will have their attention.

"...The percent of your original bill you pay depends on your ability to negotiate and the company's willingness to settle. Once you have an agreement, request a copy of the agreement and arrange for them to send you a 'paid in full' letter when your payment is complete. Using checks or credit cards gives you an additional receipt to verify you have made the payment..." added A. Lillo.

Once you have the letters from your creditors, you are ready to contact the credit reporting bureaus. Make sure all paid debts are no longer on your credit report. At the end of this process you should have copies of your credit report from the three major credit reporting companies and the good feeling of knowing you were able to settle you debts yourself.

Further Information By Visiting; http://www.BestDebtReliefPrograms.net

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