Erase Bad Credit Card Debt - How To Get The Best Debt Settlement Offer

Erase Bad Credit Card Debt - How To Get The Best Debt Settlement Offer

Debt settlement is the method of eliminating a percentage of the debt. This is done by negotiating with the creditors. The negotiation can be done in two ways. First, the consumer can negotiate with the creditor on her or her own and second, the consumer can hire a professional settlement company which will send a professional and well trained negotiator to negotiate with the lender.

In the first method, the creditors will gain the edge. This is because of the fact that the consumers are not well versed with the banking system and are unaware of the loopholes present in the system which can be used against the creditors. People may argue that not all people are equally ignorant. Well, that will be a subject matter of debate because if a person is not ignorant, a person will not easily get into debt! However, assuming that people are ignorant, the creditors will force the consumers to pay the debt in full or they will eliminate only a fraction of the total due, which will not be a significant one. The maximum elimination that the creditor will grant is 30%.

In the second method, the professional negotiators are well trained in every aspect of the banking system and they are aware of the latest laws and policies taken by the government. This will help the negotiators to take an edge over the creditors. The negotiators know exactly what to say and how much to push the creditors so that the lenders agree to eliminate at least 50% and sometimes up to 70% of the debt. The negotiators usually use the threat of bankruptcy to force the creditors to agree for such a massive elimination. So, in order to get the best deal, it is advised that the consumers must use professional debt settlement firms.

With the new FTC laws recently passed, debt settlement is a legitimate alternative to filing bankruptcy. Creditors are ready to negotiate and now you won't have to pay a fee unless your debts actually settle.

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