If you are overwhelmed with credit card debt, you should consider debt settlement. You can do it yourself and save thousands of dollars negotiating directly with the financial institutions. You can totally avoid the reponsibility of repaying your credit card debt in full. Due to current economic conditions, these institutions would rather recieve some payment otherwise lose it all to bankruptcy. The remaining debt that you have can then be paid over a certain period of time.
Do you have multiple credit card balances? There are finance charges attached to to every one that is not paid off completely. Credit card companies charge whopping interest rates and those rates can fluctuate in accordance with the credit card agreement. When interest rates rise so do minimum balances, so that reducing credit card debt is nearly impossible
Also, keep mind that late payments come into play. Penalties from late payments can run very high, especially when they are compounded from month to month so you cannot lower credit card debt.
Stop paying your credit cards.
Don’t make any payments on your CC’s for 6 months. During this period you will be able to save some money or pay down other bills. You will also save money from not paying legal fees or fees to debt consolidation companies.
The banks will then negotiate to accept a payment of 50% to 70% of what you owe. Banks prefer dealing with the credit card holder rather than a third party. Third parties charge a percentage of the money that you owe, typically 15% to 25%. If you owed $10,000.00, their cut would be $1,500 to $2,500.
Do not consider bankruptcy.
Most people think that bankruptcy is the only way to eliminate credit card debt. This is not true. There are alternatives but, if you want to keep your assets and stay afloat, filing for bankruptcy is not the solution.
Due to the current laws, it is much more difficult to qualify for bankruptcy. In addition, if a person does qualify, it will remain on their credit reports for TEN YEARS. A whole decade of not having good credit. You will be subjected to higher interest rates on anything you purchase, if you’re able to qualify.
Debt settlement…you can do it.
Anyone can do their own debt settlement without agencies and lawyers, but you have to know how to do it. You need to negotiate with banks using scripts that have proven to work. When debt settlement is employed properly, thousands of dollars can be saved and credit can be re-established in 24 to 30 months.
For example, Maria and her husband had $75,000.00 on 5 credit cards. They wrote letters to the banks and made appointments for face to face meetings. On one credit card they settled a $20,000 balance for $4,011. Another card settled an $11,800 for $2,300. It can be done.
Now is the time to take action. Get rid of the stress and start living again. Save money and get credit worthy as soon as possible, begining today. No attorneys, consolidation agencies, and bankruptcy. Debt settlement, by yourself, is the best route to go.
Of course, you will need to know the exact plan that works. There are people that have gone through the process and can give you the information you need for your success.
Next…discover the tricks and tips for “DEBT SETTLEMENT”. FREE REPORT. http://reviews-by-wayne.com