Wednesday, December 13

High Credit Card Debt – Debt Settlement – Do It Yourself

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Are you are you fed up with high credit card debt? Then 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 responsibility of repaying your credit card debt in full.  Due to current economic conditions, these institutions would rather receive 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 several credit card balances? There are financial costs associated with credit cards when they are not paid in full. Credit card interest rates are huge, and they vary according to the credit card agreement. When interest rates go up, so does the minimum balance, so that reducing credit card debt is almost impossible.

Additionally, late payments are major a problem when not paid when due. Penalties for late payments can be very large, especially when they are compounded each month, so it is very hard to reduce credit card debt.

Quit paying credit cards.

Do not pay your credit cards for 6 months. During this time, you can save money or pay other bills. You can also save money by not having to pay legal fees or costs associated with consolidation groups.

You can then negotiate with the banks agreeing to pay 50% – 70% less of what you owe. The banks want to deal with the credit card holder more than a third party. These companies charge a percentage of money that you owe, typically anywhere from 15% – 25%. If you have  $ 10,000.00 in credit card bills, they would get $ 1,500 – $ 2,500.

Do not file for bankruptcy.

Many people think, to eliminate credit card debt, bankruptcy is the only way to go. This is not true. There are alternatives, but if you want to keep your personal assets, filing for bankruptcy is not the answer.

Today’s laws make it much harder to qualify for bankruptcy. But, if a person files a claim and is accepted, the bankruptcy will remain on their credit reports for ten years. That is ten years of poor credit. You would be committed to paying higher interest rates on purchases, if you are able to do so.

Debt settlement…a viable option.

People can benefit by employing debt settlement, plus they won’t have to deal with agencies and lawyers, but you need to know how. You can negotiate with the banks using scripts that have a proven track record. When done properly, debt settlement will save you thousands of dollars and your credit can be restored in 24 to 30 months.

As an example, Mary and her husband had $ 75,000.00 debt with five credit cards. They corresponded in writing to the banks to set up a time to meet to discuss their situation. After negotiations, a settlement was made on a $ 20,000 balance for $ 4,011. On another card, they settled an $ 11,800  balance for $ 2,300. This shows that it can be done.

Right now is the time to act. Finally, end the stress and anxiety and feel good again. Save money and get your credit rating in good standing, starting today. Do it without the lawyers, agencies, and bankruptcy. You can do debt settlement, by yourself, which is the best way to go.

Of course, you need to know the exact plan to take action. People have gone through this process and can give you the information you need to succeed.

Stop suffering and get info… click on “Credit Card Debt Settlement”. Get a Free Report.

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