subject: Debt Settlement Negotiation - Secrets Credit Card Companies Don't Want You To Know [print this page] Debt Settlement Negotiation - Secrets Credit Card Companies Don't Want You To Know
There are methods and secrets that credit card companies do not want you to know. That is because reducing debt is one of the most important things in life and to have a financial freedom, one must be debt free. Here will be presented some methods to reduce debt:
About paying double the minimum payment
If you pay double the minimum payment, you can reduce the interest rate but there is one big downside: By paying more in the beginning it means you will have less money and you will have to cut your spending.
Another useful thing to do is setting up automatic payments with the bank. This means that after you are paid or you gain money, the bank can allocate a part of the money to pay the debts. Another method to reduce the debt is to pay more frequently than once per month. That is, if you need to pay 100$ in a month, it is better to pay the first 50$ dollars in the middle of the month and the other 50$ at the end of the month. This will reduce the debt significantly in the long run. If you have problems with debts, then you must make yourself a program, a plan and follow it very strictly. It is good to read books, articles and other things about finances and about managing them as they are a very important part of your life. If you get yourself controlled by credit cards then you will never be able to pay them and your life will take a wrong turn. If you are debt free then you can focus on creating wealth. In the long term it is better to not get in debt, only if it is good debt. And good debt means debt that can bring you money, not debt that covers you expanses and your desires. That is bad debt and I advise you to stay away from it as it only causes problems.
Debt settlement is a legitimate alternative to filing bankruptcy. Consumers can expect to eliminate around 50% of their unsecured debt with the help of a legitimate settlement program. With the new FTC laws recently passed in July 2010, debt settlement is a much less risky option. If they don't settle your balance you don't have to pay a dime.
Check out the following link for free help from a certified debt relief specialist:
