subject: Credit Card Debt Discharge - How to Only Pay Back Half of Your Credit Card Debt [print this page] Credit Card Debt Discharge - How to Only Pay Back Half of Your Credit Card Debt
Credit card debts are easy to get out of control, especially if you have been carrying many cards in your wallet. It gets difficulty to keep track of all the cards and before you know you will have a huge amount of debt on all your cards. People keep trying to find solutions to this type of financial mess. One of the best solutions is debt settlement.
Debt settlement is useful for customers who are finding it difficult to make even the minimum payment towards their account. Under such circumstances if the total debt amount is reduced it gets easier to not only make payments towards their accounts but also get out of their debts.
The eligibility for this program requires a debtor to have at least ten thousand dollars in unsecured debt. Surveys have revealed that and average American has nine thousand dollars in debt. Hence many can now avail this program to bring their debts to an end.
A debtor facing difficulty in paying off his account should call his creditors and ask for a debt settlement. If the debtor can convince his creditors and they agree to settle the account, the debtor will have to pay a certain amount as down payment to the creditors. The credit card company can ask for this money in one single payment or through monthly installments for a fixed duration of time. Depending upon the agreed conditions the debtor will need to make the payment.
It is advisable to take assistance of a reputed debt settlement company as they can negotiate a better deal for the debtor. These settlement companies charge a reasonable amount as fees. A good settlement negotiation can get the debtor a debt reduction of about 40 % to 60 % of the total debt.
Debt settlement is a legitimate alternative to filing bankruptcy. If consumers are experiencing a financial hardship and have at least $10k in unsecured debt then debt settlement can be a legitimate way to eliminate up to 70% of that balance.
Check out the following link to get a free consultation from a debt relief specialist in your area:
