Are you scraping every dollar you can find to
make your credit card repayments on time? Are you willing to ignore
your insurance payments and other essential expenses just to make sure
you not default on your card debt? Do you seriously feel that the you
can no longer avoid defaulting on your debt?
You’re not the only
person who is facing this problem. There are hundreds and thousands of
persons of who find that their credit card debt has risen beyond
control due to the economic recession. We are programmed in such a
manner that full and final repayment of credit card debt seems
unavoidable. However, the truth is that one can easily stop paying
credit card dues without any difficulty.
What is important is
that you should know the right words to speak and the right approach to
take. Most of us go begging and grovel before credit card issuers and
debt collection agencies. We seek their benevolence and generosity. We
do this despite the fact that we have paid a lot of money as interest
payments. We are defensive despite the fact that card issuers racked up
huge debts and unapologetically approached the government for a
You should follow the same approach that
issuers followed. You should boldly approach lenders and ask them to
waive a significant portion of your debt so that you can stabilize your
financial life despite the recession. If the card issuers refuse, you
can coolly inform them that this has left you with one option-
Lenders may not have taken this threat seriously a
few years ago. They may not have taken this threat seriously even
twelve months ago. However, so many people have gone ahead and executed
the threat that credit card issuers are scared of bankruptcies. The
formalities, procedures and very little scope of recovery of the amount
has made bankruptcies unpopular.
You should leverage this fear to
force your credit card issuer to cooperate. If you do not have the
confidence to negotiate personally, you should appoint companies and
professional organizations that shall do this work on your behalf.
you are over $10,000 in unsecured debt it would be wise to utilize a
debt relief network instead of going directly to a debt settlement
company. Using a debt relief network guarantees that the debt
settlement company you choose has been certified and has established
success in negotiating settlements. They are free to use and a good
starting point to begin your debt relief process.
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