subject: Debt Settlement Options – Tips To Realistically Get Out Of Paying Back Unsecured Debts [print this page] Debt Settlement Options Tips To Realistically Get Out Of Paying Back Unsecured Debts
If you are already knee-deep in debt, and your financial capability is in no shape to fix your credit standing, the first step you should and must do is accept that you need credit card debt assistance. Seeking professional expertise may create a bad image for your credit rating, but at least, you are heading in the right direction.
But before you plan on contacting a debt counseling expert to handle matters for you, it is best that you contact your creditors and try to work a deal with them yourself. After all, debt counseling and management services do cost money, and you want reduce credit card debt. Also, making contact with your creditors is a show of good faith that you are willing to settle your accounts with them.
If in any case, you cannot reach an amicable agreement with your creditors, then that would be the perfect time for you to hire a debt management services provider to create debt settlement options that will be agreeable to you and to your creditors. Most of these debt management experts usually go for debt consolidation if you have more than one overdue account to settle.
Another option these credit card debt professionals would usually suggest to their clients is settling it by lump sum. That means the creditor will be willing to forgive as much as 40% of the total past due amount if you can pay 60% in full. While generating 60% of a loan may be a tough task for most people, it is doable and possible. You can do a garage sale, work some extra jobs, and do small things that could earn you money.
Seeking credit card debt assistance may put a huge dent on your financial standings. But sometimes, asking for help is the right thing to do if you want a better financial future for yourself and your loved ones.
