subject: Legally Never Pay Back Credit Card Debt - The Fastest Debt Relief Option [print this page] Legally Never Pay Back Credit Card Debt - The Fastest Debt Relief Option
Are you planning to legally never pay back credit card debt? Do you want to know the fastest debt relief option? It is quite natural because if you plan to pay the entire amount of your unsecured loan, you will end up paying way more than what you have actually borrowed. The creditors make enormous profit out of the interest that they charge against the amount of money that you borrow! This is not really acceptable. It is therefore better that you legally never pay back credit card debt!
But, what is the fastest debt relief option? The fastest option is debt settlement. A typical settlement procedure takes 1-3 years to complete! There are various requirements of the process that you will have to fulfill as a consumer. The requirements are mentioned below followed by the explanation of the process!
The first requirement is that the overall bill of your cards taken together must be at least $10,000 or more.
The second requirement is that the bills must be consolidated in one place. You must transfer the balances of all your cards to one single card which has the lowest rate of interest.
The third requirement is that you must hire a professional debt settlement company for negotiation with the creditor. If you don't and if you plan to negotiate by yourself, the chances are greater that you will end up eliminating only 30% of the debt.
Once you hire a professional company, the expert negotiator from the company will advise you to go delinquent and stop paying the creditor in order to prove that you are in financial trouble. After you stop paying, the lender will wait for 3-4 months and then sell off the debt to a collection agency. The agency will pay only 20-30 cents to the creditor for every dollar retrieved from you.
The negotiator will then contact the creditor and offer a better deal of 40-50 cents on the dollar. The creditor will agree because of the fact that the deal will mean 100% return on investment for the collection agency. The creditor will then eliminate at least 50% of the debt that you have! This is a considerable amount of savings for you!
There are many debt settlement companies out there and not all of them are legitimate. That's why it's so important for consumers to use debt relief networks. These networks offer free help to determine what the most appropriate debt relief option is for you.
