subject: Legal Debt Relief Options - How Credit Card Debts Can Be Settled For 50% Of The Balance [print this page] Credit card debt has definitely become an issue nowadays; the recession made it really hard for people to pay back their debt because many of them lost their jobs or a big part of their wages. People stopped paying debt as they should have and many of them got sued by the creditors. The worst thing is that in most cases it wasn't people's fault for this, because they couldn't foresee the recession. The good thing is that the government came up with solutions fast enough to help these people pay back their credit card. One of these wonderful solutions adopted by the government was debt settlement. This solution helped people clear a big part of their debt and they managed to pay the rest of their installments easier and faster. To be eligible for debt settlement you have to have more than ten thousand dollars of debt and a proof that you cannot pay the whole debt. You will then have to hire a debt settlement company to represent you during the negotiations. If you choose a debt settlement company instead of representing yourself, you will have increased chances of getting a bigger reduction. These companies can negotiate professionally with the creditor and you can even obtain reductions of more than 50% of your debt.
After the negotiations you will be asked to choose a method of paying the rest of your debt; if you have the money, you can choose to pay the whole debt. If you don't, you shouldn't worry, you can still pay it in small installments although experts recommend not choosing the smallest installments.
Finding a good reliable company is not hard at all, you can ask on financial forums, you can ask your friends, you can visit debt relief networks, or you can search for ads in the paper. This solution will definitely bring you peace regarding your financial future because it will make things easier for you; this is also a great alternative for bankruptcy as you don't have to go through the disadvantages that bankruptcy implies. The best thing about debt settlement is that the method is supported by the government and the creditors will be more inclined to use it as a debt relief method.
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.
Legal Debt Relief Options - How Credit Card Debts Can Be Settled For 50% Of The Balance
