Credit Card Debt Settlement

Credit Card Debt Settlement

Ninety percent of American’s have credit cards. We have credit cards to help us finance purchases that we do not have the spendable cash for. They are very convenient and easy to use. In fact, sometimes they are too easy to obtain and use.

How Did I Get Myself in So Much Debt

Credit Cards

Credit Cards (Photo credit: 401(K) 2013)

It is very easy to find yourself drowning in credit card debt. When you obtain a credit card there is usually an introductory interest rate anywhere from 0%-2%. Unfortunately, most people do not take the time to read the fine print on the customer agreement form. This introductory interest rate will only last for a short period of time and then it will sky rocket to around 18%. If you only make the minimum payment on a one thousand dollar balance, with an 18% interest rate, it will take you ten years to pay off the balance. Credit cards can also be addicting. Most consumers have three, four and sometimes as many as five credit cards.

How Can I Reduce My Credit Card Debt

Unfortunately, no matter how responsible you are, you will need help in eliminating your credit card debt. Thankfully as consumers we have options such as credit card debt settlement. Credit card debt settlement will help you achieve your goal of being debt free. If you are struggling to pay your credit card bills then you might want to consider trying to settle your credit card debt. With the help of credit card debt settlement you could possible only be required to pay forty percent of the total debt. You can do this by contacting your credit card company directly and tell them that you want to settle your credit card debt and they will make you an offer in writing. If you agree with their offer then all you have to do is accept it and pay the amount that is agreed upon.

Debt Relief Programs

Debt Relief Programs

It would seem that since the recession has taken over and dug its heels into the American economy, so have people getting help with their debt.

Paul David Hewson (Bono) talking to IMF Managi...

Paul David Hewson (Bono) talking to IMF Managing Director Horst Köhler (later president of Germany) and discussing debt relief at the Prague Congress Centre in 2000 in Prague (Photo credit: Wikipedia)

This comes in the form of the much familiar phrase, “debt relief programs.”

We hear it everywhere we turn these days and we wonder if there is such a program that will legitimately and reliably aid us in relieving our debt.

There are options out there to help you get out from under a real mountain of debt. This is because our own government is behind helping us eliminate debt if we owe a substantial amount.

This means if you owe unsecured debt over $10,000 then there are credit card debt settlement programs. There is also debt consolidation, which is another means of debt relief for the American consumer.

A debt settlement plan is a great option to help you absolutely get rid of a real chunk of your debt. Find the right debt relief company and they can sometimes manage to get up to 60% of your debt erased for good.

Debt consolidation plans may be your choice. You know you owe debt and you’re willing to pay it back but it needs to be on a little easier terms. It seems like your job and income got cut, but the bills just keep coming in the same. Consolidation will lump several payments into one and usually has a fixed interest rate. This is a huge amount off of the debt you owe.

The best way to find reputable debt relief programs is to search online. You’ll begin by finding a debt settlement network. They will only recommend programs that are tried and true and have been thoroughly tested.

You can find help to get out of debt easily and quickly, but you have to start right now.