subject: Legal Way to Avoid Paying Back Credit Card Debt in Full - Debt Relief Tips [print this page] With the increase in bad debts, there have been many instances where both creditors and debtors have crossed the legal boundaries when trying to solve their respective problems. Creditors have tried to force debtors to pay back by using pressure tactics that have drawn flak from all alike. Increasing interest rates, deploying collection agencies, making disturbing calls, frequent mails and levying exorbitant late payment charges are some of the known methods to bog down a borrower. Debtors on the other hand have tried to run away from the situation or in some cases have declared bankruptcy which has damaged goodwill and dented their credit score.
One must understand that it is the moral obligation of a debtor to pay back credit dues and on the other hand a creditor must not be too pushy by entering personal zones thus disturbing a person's peace. It is a very uncomfortable situation for both parties. The creditor is keen to get back his dues and the debtor wants to avoid the face off as he has insufficient funds to pay out the bad debts. Over time, debt settlement has become a popular solution and is the only legal approach to solving this eternal problem. Debt settlement is an attempt to achieve parity and what's best is that it retains goodwill.
When you opt for a debt settlement with a financial institution (creditor), you seek to reach an agreement to pay off debts at a discounted rate. From a debtors perspective this is a magnificent solution as you will be debt free after paying only a portion of the total unsecured debt due. A successful negotiation can win you big discounts that can range from 30-80%. This again depends on the amount of debt you owe and your current financial situation. What you should do is to tie up with trustworthy debt settlement firms that bring in another dimension to your attempt. Some debt settlement companies have commendable contacts and negotiation skills and this is one of the compelling reasons to hire them. Apart from leveraging these skills, you could also avail credit counseling and debt management plans that can be put to best effect. Make a resolution today. A debt free portfolio is an absolute must in these times!
Legal Way to Avoid Paying Back Credit Card Debt in Full - Debt Relief Tips
