subject: Is There Such A Thing As Legal Credit Card Debt Elimination? [print this page] Is There Such A Thing As Legal Credit Card Debt Elimination?
If you feel like you are drowning in the large pool of credit card debt that belongs to you, you may wonder; "Is there such a thing as legal credit card debt elimination?" The simple answer to this question is yes. However, it is not a simple task to do what is necessary for legal credit card debt elimination.
If you need to get rid of some of the debt that is threatening to overwhelm you, you may have spoken with counselors at debt settlement companies. You should know that not all debt relief companies are alike. While there are many such legitimate companies, there are also many out there that pose as debt settlement companies but actually take your money without helping you in any way.
It is a good idea to look for an accredited company or even to with one that is affiliated with a law firm so that you know that it is not a scam. The company will evaluate your total financial situation and advise you based on the information you provide to them. If you are serious about getting rid of some of your debt because you are unable to make the payments, they will help you know what to do.
You will actually need to stop making payments on the credit cards that you wish to negotiate. If you are currently paid up, the companies are not very willing to work with you because you are making your payments on time. Once you are late on payments, they are more willing to negotiate terms. They may initially want to work out a deal where the interest rate is lowered and finance charges are eliminated.
If you are delinquent for a longer period of time, they may be more willing to actually forgive a portion of the debt in exchange for payment in full of the balance. This is one way to actually get rid of the debt legally. Once it is forgiven, if you follow through on the terms that have been laid out, you are no longer liable for that debt. Your debt settlement company will help you work out all the details.
