Never Pay Back Credit Card Debt in Full - How to Make a Debt Settlement Deal

Never Pay Back Credit Card Debt in Full - How to Make a Debt Settlement Deal

Welcome to the 21 century, if you are like the majority of people in this country you are sitting on a mountain of debt that you have no real way to pay off. You pretend that it is not there, that it will go away if you just don't worry about it. You make your monthly payments but the amount still keeps growing. If this sounds somewhat like you then you need to know how to make a debt settlement deal now.

A debt settlement deal is exactly that, a deal that is brokered between a credit relief company and your creditors ( credit card companies) in order to get you out of debt. Here is how it works

You go speak to a credit counsellor, he or she will go though all of your finances and what you own. He or she is going to go through every nook and cranny for the previous couple of years and figure everything out. Once he asses how much you owe, what you own, and what you make as well as your monthly expenses then he or she will get in contact with the credit companies.

Your counsellor will work with the credit card companies, and try to get the amount owed cut down, often by about a quarter to a half and in some cases even more. The counsellor will politely remind the credit card company that if no deal is reached their client will be forced to file for bankruptcy and if this happens then the credit card company would not see a dime.

The two will negotiate a settlement price out, as well as a minimum monthly payment and an interest rate on that payment. Your counsellor will ensure that it is a payment that is within your power to make every month.

That is the basic run down of how you can get a debt settlement and not have to pay back all of the money you owe them.

Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.

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