Tips On Credit Card Debt Reduction And How Settlement Programs Can Help Eliminate 50% Of Your Debt

There are lots of credit card debt reduction options available to consumers today

but many debtors really wonder if the claim of over 50% of the debt profile is truth. Those who doubt the possibility of getting up to 50% or more of their credit card debt reduced may have genuine reasons for their disbelief because the card issuers are known to be very stiff when it comes to negotiations and or even simply discounts.

In 90 percent of the situations, the credit card company finds it very difficult to shift any ground in their stiff interest and penalties policies not to talk of credit card debt reduction negations. They sometime operate as if there aren't interested in what happens to their customers and will not lend their ear to any argument that favors the customer during any sort of debt reduction.

All these goes a long way to create doubts in the minds of many people who still can't believe that credit card debt reduction is possible. But the truth is that if well handled, you can have your credit card debt reduced to half, which is 50% of the entire debt will be forgiven.

It may not be as simple as many would want to make it but the truth is that these credit card companies will be ready to play ball and write-off as much as 50 percent of the debtor's entire debt if they are convinced that it is the only way they can get any money from such creditor.

This of course will be followed by negotiation of how the remaining debts should be paid back. This is usually preceded by a comprehensive debt counseling where the counselor or debt settlement company gathers all the necessary information that will enable him to favorable argue the debtor's case.

The facts about the debtor's finances are professionally communicated to the creditors who now look into it and know if any progress would be made or not. No rule says that you can't do this by yourself but you will be doing more damage to your credit card debt reduction quest if you handle the situation very amateurishly.

It is possible that if you opt to handle it by yourself, you might start pointing out issues that wouldn't help your case whereas the professional debt settlement company would have clearly reminded the card issuer to take advantage of the economic stimuli from the Federal government and listen to your case.

In any credit card debt reduction deal, there will be signed agreement on how much has been agreed to forgive and when or modalities of repaying the remaining debt balance. This agreement usually includes reduce monthly repayment so as to enable the debtor meet the simpler obligation.

You can decide to be paying the money directly to the creditor or to a designated escrow accounts meant for that but the bottom line is that your debt profile must have been reduce relatively before this credit card debt reduction agreement is signed by all the parties involved.

by: Dan Cavalli

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