Eliminate Credit Card Debt - Proven Steps to Acquire a Favourable Debt Negotiation Deal

While many believe that bankruptcy is the only way out for their financial freedom from unsecured debt

. The truth is that there are ways in which you can eliminate your credit card debts without filing for bankruptcy. If you are behind your payments on many accounts and consolidation of debt is not a feasible option for you then you might want to consider debt settlement to erase your debts. This method allows you to fulfill your obligation to your creditors while you pay much less than the total amount owed.

1. Make a list of all the debts where you can get a debt settlement. This would include only those accounts which are past due, since the creditors are generally willing to settle debts only on such accounts. Hence, keep out all the accounts which are current from the list. This should have details like the total amount of debt, the creditor's name and the interest rate being charged on those accounts.

2. Now you must decide, what percentage of the total debt are you willing and able to pay. The settlement process requires that you must make a lump sum payment to the creditor in order to get the waiver on your account. Usually, a good negotiation can get you a waiver of 40 % to 60 % of the total balance and the remaining needs to be paid by the debtor in cash.

3. Try to settle the debt which is has the highest balance or which is seriously pat due first. Generally, the older the debt is the lower it can get settled for. This is due to the fact that all unsecured loans have a time limit and if they cannot get back some money on that account then they will have to write it off as bad debt.

Eliminate Credit Card Debt - Proven Steps to Acquire a Favourable Debt Negotiation Deal

By: Arvel Bert

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