Individual Debt Relief Grants - Does Credit Card Debt Settlement Really Help Buyers?

Debt settlement has become a popular way of tackling debts which a debtor is unable to pay off

. There are many companies which can assist you in this process but it is also possible to get out of debt yourself. This article will show you how debt settlement can help consumers with their debts.

1.You can start by requesting your credit report from all major credit reporting bureaus. These are Experian, Equifax and Trans Union. Ever customer is entitled to one free copy of credit report each year. You can either get it from the website or you can send them a written request.

2.Once you have your credit report you will be able to cross verify the amount of the debt and also its status. This means if the debt is still with the original creditor or with some collection agency.

3.Now you should plan out your offer amount. Figure out the maximum amount that you are ready to pay to your creditors. Now you should also plan the first offer that you will make your second offer and your third offer. Since the amount your creditor will be willing to settle will vary from one creditor to another you should have multiple offers ready. With this plan ready you can start calling up your creditors. You must make your first offer low. It can start from 25 % of the total amount. But you must be prepared to accept a rejection of your first offer. Generally 50 % to 60 % is considered to be a good settlement amount.

4.Once the settlement amount has been agreed upon by the debtor, get the agreement in writing before you make any payments towards this account. Keep track of the credit report and make sure that it is reported in the correct manner.

Individual Debt Relief Grants - Does Credit Card Debt Settlement Really Help Buyers?

By: Bowen Alfie

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