subject: Credit Card Debt Help - Reduce Your Credit Card Dues With a Debt Settlement [print this page] Are you looking for credit card debt help? Do you want to eliminate your credit card balances with a debt settlement? If yes, you are actually making a smart choice as settlement will ensure that you regain your credit score and stay a prime consumer. In short, your search for credit card debt help ends with debt settlement deal. But, how will you accomplish the same? The method is explained below.
There are a couple of basic requirements that you need to fulfill in order to get a good settlement deal. They are basic but really important. First, you need to make sure that the overall credit card debt that you have must be at least $10,000. Anything less than that will not be allowed. The next thing that you need to keep in mind is that the debt should be consolidated in one single place. The loan should not be left scattered over various credit cards. In case the loan is scattered, you need to make sure that you bring it to one place. Once these two conditions are satisfied, it is advised that you hire a professional debt settlement company.
A professional settlement company will have a complete knowledge of the country's banking system and therefore can make use of the loopholes present in the system to get a good deal for you. The professional negotiator from the company will advise you to stop paying the creditor. This might be a difficult decision to make but you need to do it in order to prove that you are in financial trouble.
Once you stop paying the creditor, the creditor will wait for 90-120 days and then sell off the debt to a collection agency at a price of 20-30 cents on the dollar. Explaining in the other way round, the creditor will get only 20-30 cents for each dollar collected by the agency. The negotiator will then contact the lender and offer 40-50 cents on the dollar. The creditor will readily agree to the deal because of the fact that the deal will mean 100% ROI for the collection agency and will eliminate your credit card balances with a debt settlement.
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement.
Credit Card Debt Help - Reduce Your Credit Card Dues With a Debt Settlement
