Getting rid of credit card debt is tough. First, it’s very easy to accumulate credit card debt and to continue to charge. Second, interest piles up fast, and if you miss payments, fees will start to pile on as well. If you want credit card debt relief, you have to find a solution that will work. One way to speed up your repayment process is to decrease the amount of money you owe with credit card settlement.
Credit card settlement is a form of negotiation. Before you can settle any kind of debt, you have to be in arrears with your payments. In other words, you have to have missed the last couple payments at least. A credit card company won’t negotiate with you unless they feel they might not otherwise get any money.
Call up your credit card company with settlement amounts in mind. Do not expect to get anything outrageous, such as more than 60%. Anything’s possible, but your creditors are going to fight for as much money as possible. Offer them something such as paying $1,500 if you owe $2,200. If you can get them to agree to this settlement, you will save approximately $700.
If you’re a bad negotiator or you can’t handle calling the same people that have been leaving harassing messages on your answering machine, you can choose to work with a debt settlement company. Debt settlement companies will do the negotiating for you. They may also be able to negotiate to a smaller amount than you could.
After you’ve settled some of your debt, make sure you pay it back. It is very unlikely that you will be able to settle your debts again. Things will only get worse if you don’t pay it back. Set up a strict budget to help you put as much money toward the debt as possible. Get a second job if you have to in order to pay it off faster.
- Settle Your Debts Immediately, Apply For An Instant Decision Loans (debt-consolidation-2u.com)
- Is transforming debt into wealth easy? (2011tax.org)