subject: Can't Afford to Pay Your Credit Card Debt? A Way to Legally Reduce Credit Card Debt by Over 50% [print this page] Can't Afford to Pay Your Credit Card Debt? A Way to Legally Reduce Credit Card Debt by Over 50%
There comes a time when you simply can't afford to pay back your loan and you start missing payments. This is very common with the bad state of the economy but things seem to be improving with the help of the new government.
The way to legally reduce credit card debt by over 50% is debt settlement, or debt negotiation as it is also known. No matter the name, the results are the same, it can be the best decision you make while fighting with unsecured debt. Debt settlement is a way to negotiate with the creditors and settle on a debt that is 50% smaller that what it used to be. This is quite a bargain and for most consumers, it is the only debt relief option they will ever need. Not only will debt settlement reduce your debt by half but it will also make sure you don't end up in deep debt again. Lower interest rates will be determined for the remaining amount so that you don't have problems with the payments.
Don't worry about the creditors because they aren't doing this out of mercy and are just looking out for their best interest. It is better for them if you settle your debt for half than file for bankruptcy; at least this way they get something back and it won't be noted as a total loss. Although the best thing for the credit card company will be for you to pay the minimum amount each month, try to avoid this option no matter how much they try to persuade you.
And let us not forget about the government founds that help creditors so that they can help you. Stimulus money is a way to compensate those who accept to settle the debt of their clients and can make up for some of the expenses. This makes it easier to negotiate and you don't have to waste to much time before reducing your debt. And with a reduced amount and interest rates it shouldn't take you more than 2-3 years to clear your debt.
Don't worry if you can't afford to pay back your credit card debt because you can use debt settlement to legally reduce it by over 50%.
Debt settlement is a legitimate alternative to filing bankruptcy and often makes sense for consumers on the verge of bankruptcy. There are also other debt relief options available so it would be wise to speak with a debt relief specialist to go over your different options.
