subject: Credit Card Debt Settlement - How You Can Eliminate Credit Card Debt By 50% [print this page] Credit card debt settlement offers a path for people to follow to settle their debts with their creditors without facing the social stigma of bankruptcy. Credit card debt settlement industry is quite vast and offers their services to their clients for settling their debt with the various creditors. However the credit card debt settlement is not possible for everyone, only those people can avail this debt settlement whose debt exceeds $10,000. Settling your debt is not a lengthy process it only takes few days to settle your debts with your creditors and get rid of all your financial problems.
Credit card debt settlement is always a better solution for people having hard time repaying their loan as compared to filing bankruptcy. Bankruptcy has a huge social impact on your image, in addition to this you won't be able to apply for debts again with the same financial institute ever again. Even other financial institute and banks will hesitate in providing you any debts in future. Credit card debt settlement companies offer you to settle your financial debts at a lesser amount than the total debt, without causing any social or financial problem for you in the future.
The new law was passed by the Barrak Obama administration to minimize the number of people filing bankruptcy. You can get 50 percent or more deducted from your loan amount. In the period of global recession most of the financial institutions and bank were on the verge of bankruptcy. The US government bailed them out by injecting millions of dollars in the US economy. In exchange of this deal the US government made the various banks and financial institutes to settle their consumers credit card debts at 50 percent or less depending upon the various factors. The primary factor is that the debtor should be in the debt of $10,000 or more. He must be a US citizen. Only those banks that are liable to the US government or have operations on the US soil comes under this category. The percentage of amount to be deducted from the total amount of debt depends on various factors like the financial condition of the debtor, is he earning or not, etc.
You need to contact a professional debt settlement firm to get the maximum amount off from your debt. If the negotiation skills of the person handling your case are good, you can get huge debt relief ending your financial problems.
Debt settlement is a legitimate alternative to filing bankruptcy and often makes sense for consumers on the verge of bankruptcy. There are also other debt relief options available so it would be wise to speak with a debt relief specialist to go over your different options. For a free consultation from a debt relief specialist in your area check out the following link:
Credit Card Debt Settlement - How You Can Eliminate Credit Card Debt By 50%
