Debt settlements attract more and more customers
every day. Debt settlement means that, following a negotiation process
with your creditor, a large part of your credit card debt is
eliminated. While it does not cancel all the debt, you can still settle
your credit card debt for a way smaller fraction than it would
otherwise be. This process can eliminate up to 50-60% of your debt.
Why
would the credit companies accept such a deal? First of all because
they are for-profit companies. They do not benefit from your filling
bankruptcy if you are unable to pay your bills anymore, they do not
wish “revenge”, but only to recover as large amount of money as
possible. They’d rather have you pay a portion of that amount, than not
pay them anything at all. When it comes to unsecured debt, there is no
guarantee you offered for the money you took, no car or property they
can claim, so they’ll have to be content with what they can get.
If
you like to keep up with news, you probably already know that the
Government already saved a lot of these credit card companies from
total collapse, providing them stimulus money. Within the past year,
most of the American customers started to have serious financial
problems and they could not pay their bills on time like they used to.
Many lost their jobs or suffered pay cuts in their salaries and that
caused problems to most financial companies, like in a chain reaction.
The latter realized that they must eventually keep the pace with the
new times and either accept to negotiate and reasonably settle offers
with their customers, or simply perish.
If you finally made up
your mind to solve your financial troubles as soon as possible
, a first
step would be to contact the debt relief network from your area. These
specialists will select an experienced debt settlement company that can
settle a deal with the credit card company on your behalf.
It
would be wise to not go directly to a debt settlement company but
rather first visit a debt relief network. The top debt relief networks
only allow debt settlement companies into their accredited
organizations that prove a track record of successfully negotiating
debts and have also been certified. They are free to use and offer
helpful debt relief advice.
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