subject: Credit Card Debt Secrets - Legal Tactic To Never Pay Back 50% Of The Credit Card Debt [print this page] Credit Card Debt Secrets - Legal Tactic To Never Pay Back 50% Of The Credit Card Debt
The financial catastrophe has affected the lives of so many millions of people. Loss of jobs and unpaid credit card bills along with other loans has worsened the scenario. This is the stage where people get desperate and stressed out. The general advice that comes from the closer circle of influence is to file for bankruptcy. But one must understand that there are severe consequences to it and has to be the last option.
There are legal solutions available and one can get away by paying just half the amount of total dues. When the unpaid bills are on the rise and is more than the income earned, one must stop using the credit card and stop paying the bills. This will let the creditors know that you have no money. Also, consult a credit counselor. He can negotiate with the creditors to reduce the rate of interest and waive off the penalty fees. Once you stop making payments, the creditors will get alert because you might file for bankruptcy anytime. This is the time one needs to be very patient in executing the task.
Self negotiation with the credit card companies is not a very good choice because we must know the tricks of the trade to deal with them. The next option is to find a relief network who can guide us to a good debt settlement agency. They are the ones who can negotiate and eliminate more than 60% of the total debt. If we consult a debt settlement agency at an earlier stage, the rate of interest and penalty fees can be eliminated. Also the credit card companies are happy to recover at least a portion of the amount because of the stimulus money created for this purpose.
Debt settlement is a better alternative when compared to filing bankruptcy because the debtors can save their credibility and the credit card companies are happy to settle for a portion of the debt amount if not the entire sum.
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.
