subject: Credit Card Debt Solutions - How to Threaten Bankruptcy and Settle Bad Debts [print this page] Credit Card Debt Solutions - How to Threaten Bankruptcy and Settle Bad Debts
If you are thinking that you are the only person suffering from huge debts then you are wrong. Just take a look around, you will observe that every other person is suffering due to this problem and is trying to eliminate the bad debts. You should take some major measures to overcome your debt issues. There are many relief options available in the markets to get rid of these bad debts. Among these settlement deals, debt settlement and debt negotiation are considered to be the most effective settlement programs. One can also opt for the debt consolidation option in some cases.
If you want to make a settlement deal, you should stop paying the lenders and then after some time, when you will visit your lender, you can tell him that your financial condition is not allowing you to pay your amounts. If the creditors agree on this then well and good and if they don't, then you should use the threat of bankruptcy. The creditors would automatically agree to reduce your debts up to 60 to 70 percent from the total outstanding amount. This is how one should use the bankruptcy threat.
However, if you want to settle your bad debts then you can also hire a professional debt settlement company. By doing this, you can get a reduction up to 60 to 70 percent in your dues and you can pay the remaining amount in installments. This is the most effective relief option and one can settle the debts legally and for less by adopting this relief option.
Another relief option is the debt negotiation option. The one, who adopts this, can get full clearance in the liabilities without paying anything and would come clean in the end of the day. This option is a viable alternative to bankruptcy.
These are the options which can be adopted in order to eliminate the debts and one should be educated enough to adopt any particular option which suits his financial conditions. The settlement deals are the best to get rid of these bad debts.
If you have over $10,000 in unsecured debt it may be a wise financial decision to consider a debt settlement. Due to the recession and overwhelming amount of people in debt, creditors are having no choice but to agree to debt settlement deals.
