Personal Debt Relief Options - Legal Tips To Reduce Credit Card Debt By 50%

If the credit card debt is piling up and the bills are going un-paid

, it make seem like your sinking fast at this rate. Unpaid bills accrue mas amounts of fees and charges very quickly. The bills can grow in size to amounts that are inconceivable to pay. The credit card companies and banks will continue to rack up charges and expenses and if something is not done quickly it will soon reach a state that may be completely uncontrollable. The down hill slide is fast with credit card and bank debt, it has to be taken care of as soon as it becomes a problem or even before hand. Because even if you are able to pay the bill currently, it can easily be missed if one thing goes wrong in life. A death in the family, an illness, car accident, job loss or anything else can mean the debt can no longer be paid. There are personal debt relief options. There are some things that people can do to reduce the amount that they owe.

If you already have credit cards that are behind, check to see if the company has charged the debt off. Many creditors simply charge debt off, releasing you from any obligation to repay the debt. The debt is considered legally dead and the company can never come after you again if it has been charged off. If your debt has been charged off, eliminate from any debt you owe and make sure to let any collection agency that calls know that they can no longer contact you since the debt is now charged off.

Check the credit report also to make sure the amounts are correct. Any amount that is incorrect or any debt that is not yours needs to be removed. You will need to contact the credit bureaus and let them know it is not your debt or the amount if incorrect. The company than has to prove that the debt is legitimate. If they can not prove this, the debt is removed and no collection agencies can continue to call about it.

Make sure that the statue of limitations has not run out on the debt. Each state has different rules that state how long a company can try to collect a debt for. Once that statue runs out, the debt is dead and they can no longer come after you for it. If the debt is past that point, have it removed from the credit report, as well as notify any collection agency that has called or written to you.

Any debt can only stay on a credit report for 7 years. If there are items on there that are more than 7 years old, have them removed. Remember this time can be different than the statue in the state. However, having it removed is still a good idea.

Once this has been done and there is only the remaining debt, a debt settlement company can help reduce and eliminate the remaining debt legally.

Now comes the golden part! How to reduce debt by 50% legally? As said, hire a professional settlement firm and follow the advise of going delinquent. Once you stop paying, the creditor will ask a collection agency to collect the debt from you. The collection agency strikes a deal and agrees to pay back only 20-30% of the collected money to the lender. The lender agrees. The negotiator from the settlement firm now contacts the creditor and offers 30-50% of the debt repayment and that too in lump sum. If the creditor disagrees, you can file for bankruptcy. The creditor never wants this and eliminates the debt by at least 50%. This is a completely legal method.

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. Check out the following link to locate legitimate debt relief companies in your state for free help.

Personal Debt Relief Options - Legal Tips To Reduce Credit Card Debt By 50%

By: ketty archer

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