How Americans Can Legally Eliminate Unsecured Debt By 50%

Due to the current economic recession and increase in unemployment

, many individuals are being brought to the brink of bankruptcy. Credit card debt negotiation programs are often an optimal solution for both parties involved as the creditors stand to recover at least a part of the debt (as opposed to not receiving anything at all, in case the consumer files for bankruptcy) and it helps the consumers to clear off debts with less of financial difficulty, though it can create a slight impact on their credit rating scores.

If you are confident of negotiating a good deal for yourself and are aware of the laws protecting the rights of debtors, you could look at carrying out the negotiations by yourself. If not, it is better to take the help of professional settlement companies to negotiate on your behalf as they are in a better position to procure better deals for you with their proficiency.

In order to ensure that you eliminate as much of your debt balance as possible, there are certain things to keep in mind while preparing for the negotiation, irrespective of whether you are doing so by yourself or with the help of a settlement company.

Make sure that you have evidence to justify why you cannot pay off the debts in full. Also, stress on the fact that if the debts cannot be lowered, you may be left with no choice but to file for bankruptcy though you should not use this argument unless you are seriously considering the bankruptcy option.

Decide with the settlement company on how much of the debt you will be able to pay off and whether the payment would be made as lump sum or in monthly payments

Ensure that you know your consumer rights and the Fair Debt Collection Practices so that the creditors are not in a position to intimidate you unjustly.

Be sure to follow up on verbal communications with formal written requests, documenting every conversation and insist on receiving formal notification of the new terms of your credit card debt.

Debt settlement is a viable alternative to filing for bankruptcy and benefits both the creditor and the debtor equally.

How Americans Can Legally Eliminate Unsecured Debt By 50%

By: meena jha

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