subject: Credit Card Debt Resolutions - Why Credit Card Debt Is Now Easier To Settle [print this page] Credit Card Debt Resolutions - Why Credit Card Debt Is Now Easier To Settle
There are several credit card debt resolutions available in the market. However, the most popular way to eliminate the unsecured loan is the method of settlement which ensures that the consumer's credit score is not affect and at the same time, at least 50% of the total dues are eliminated. This method has replaced the method of bankruptcy filings after the new laws on bankruptcy made filing of bankruptcy difficult. With settlement, credit card debt can be easily eliminated. There are several reasons for this. These reasons are mentioned below:
With settlement, the consumers need not appear for the means test. This means that there is no qualification criteria. Only thing that the consumers need to ensure is that the combined bills of all plastic money taken together is at least $10,000.
There are no legal hassles in the method of settlement. The consumers need to hire any professional settlement firm and leave it on to the negotiator. The negotiator will take the ownership of the debt and will negotiate with the creditor to eliminate the same.
Selecting a legit debt settlement firm is no longer an issue because of the new FTC law. As per this law, the settlement firms are now required to help the consumers first by eliminating the dues by certain amount and then they can ask for their fees. With this law, the non-legit firms have ceased to exist and the consumers have access to the most legit firms in the industry.
The creditors are also readily agreeing to the settlement offers made by the consumers because of the fact that there are government aids available in form of stimulus cash and tax breaks. These government policies motivate the creditors to agree for settlement deals with ease.
These are the reasons why credit card debts are now easier to settle.
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement.
