subject: Debt Relief Solutions - The Best Strategies For Successful Debt Negotiation [print this page] On an average an adult American citizen is carrying more debt in his name than ever before. A survey showed an approximate figure of nine thousand dollars in unsecured debt. When this debt starts getting out of hand, there are many debt relief options which can help a consumer. Since most of the consumers have multiple debts consisting of both secured loans as well as unsecured loans there is no one solution that can be used for all. In most cases the debtor has to use a combination of different methods to suit their financial condition.
There are various types of debt elimination and debt reduction programs. They are self -help, debt negotiation and debt settlement, Debt management plans and finally filing for insolvency. A consumer is always advised to try the self help type of debt relief strategies. This involves making a budget and following a payment plan to reduce and finally eliminate all your debts. Debt negotiation or settlement on the other hand aims at reducing the total debt amount by waiving off a certain amount of the debt. Anyone having ten thousand dollars or more in unsecured debt can find relief from his debt through this method.
Once you have decided to settle your debts then you should equip yourself will all information related to the contract you had signed at the time of taking the loan. You also need to know about your rights as a consumer. Then you can place a call to your creditor and ask them for a settlement. You will have to convince them that you are not in the financial condition to pay off their full loan. When the creditors agree to settle your account you can negotiate and settle your account for as less as 50% of the entire balance.
Debt Relief Solutions - The Best Strategies For Successful Debt Negotiation
