It
is very easy for a common citizen to end up overusing credit cards. It
is human tendency to give in to temptation especially when the means
are available. This is the reason that many common citizens find
themselves burdened with massive credit card loans. These loans are the
most expensive and difficult to pay off. This is because they are
unsecured loans and have no collateral attached to them. This is the
reason that credit card companies charge a very high rate of interest.
This is the reason that once you accumulate a large amount in credit
card debts it keeps spiraling upwards and after a certain point it
becomes impossible to get out of the debt situation without
considerable financial strain.
But
now help is available in the form of debt settlement programs. Most
credit card companies are initially averse to agree to a debt
settlement option for their debtors. They try their best to extract a
full repayment of the loan from the debtors. But once you have
convinced them that you actually are unable to repay the loans in full
they usually agree to a settlement. In fact it is best to hire the
professional help of a legitimate and established debt settlement
company. The loan amount can then be negotiated with the credit card
companies. They assess the actual paying capacity of the debtor and
reduce the loan amount to almost 70% to 50% of the original amount
payable. They also waive off the penalty charges.
This
reduced amount can then be paid off as a lump sum or in equated monthly
installments. IF you are paying the negotiated amount in installments
,
you can also negotiate the rate of interest being charged on it. This
reduces the total amount payable even further. The time required to pay
off the negotiated amount is usually never more than 48 months. This
entire procedure is completely legal because the creditors annul the
original agreement and enter a new one. They also give the debtor a
letter of full and final settlement saying that the debtor does not owe
the creditors anything.
Finding
legitimate debt settlement companies is not that difficult but
consumers must know where to look. It would be wise to utilize a debt
relief network that will qualify the companies for you and ensure that
they are legitimate and have proven themselves. To locate the top
performing debt settlement companies in your state check out the
following link:
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