subject: Best Ways to Eliminate Credit Card Debt - How to Save Money and Get Out of Debt [print this page] Unbelievable as it may seem, borrowers can save money and repay debt at the same time. With debt settlement this apparent contradiction is entirely possible. The best way to get this done is to use the services of a reputable debt relief management professional. Soon debt can be eliminated and borrowers will have extra money to take care of other expenses. There is a process involved which begins with learning how these programs can help and to find the best ways to eliminate credit card debt.
Debt relief programs, also known as debt settlement, have become the choice of many borrowers who are behind credit card and other unsecured credit payments. With the help of professionally trained negotiators, borrowers work out arrangements with their creditors to repay a percentage of the balance which is owed.
Creditors consent to this arrangement since so that they can recoup some of the money owed, sometimes just 50% of the total balance. At the same time, this settlement stops over the limit fees and late fees which add up each day, along with the high interest and is one of the best ways to eliminate credit card debt. This is how paying money actually saves money while the borrower is continuing to reduce and eliminate debt.
Some debtors wonder why bankruptcy is not the better option for debt relief. Bankruptcy damages credit for up to 10 years. In the meantime, any credit that the borrower may get will be assessed high interest because of the damaged credit. It is also possible that potential employers or landlords view the debtors' credit report. This could result in possible loss at the chance of a good job and paying higher deposits for rental property.
To start down the road to financial recovery, debtors need to find a debt settlement agency with a solid reputation by researching local firms and their consumer report online. Friends, family and coworkers may also have worked with a settlement firm and can provide a referral.
The professional negotiator assigned will determine whether it the borrower has $10,000 or more in unsecured debt; which is the usual amount of unsecured debt which qualifies the borrower for the program. The counselor will then go through the steps in to making an offer to the creditor. The creditor will be informed that the borrower is willing to offer more money on the dollar than if the debt were sold to a collection agency. The creditor is also reminded that the debtor has an option to file bankruptcy if an agreement can't be made.
Debt relief and debt counseling should be used together to help the debtor to stay on track. In no time at all the borrower is enjoying a positive cash flow and restoring his or her credit rating back to where it should be. This is how a debt professional will help you to find the best ways to eliminate credit card debt and get out of debt for good. Click here to get debt help now.
Best Ways to Eliminate Credit Card Debt - How to Save Money and Get Out of Debt
