Article by matt couch
If your debts have become huge and most of it is in the form of credit cards, then you must call your credit card company to discuss your options if you are unable to pay off your debt. Many people get embarrassed by their debt problems and avoid representatives of the card company which is a big mistake. There is no point in delaying any discussions, you should immediately pick up the phone and call the credit card company. You can always attempt to negotiate a debt settlement.
A debt settlement occurs when your loan amount has reached a sizable amount, then the customer agrees to pay the credit card company (or other creditor) a lower amount in full. For example, let's say a debtor has a total loan of ten thousand dollars on his card and has recently lost his job. He is not sure when he will be able to find another job and he has a saving of five thousand dollars. He can call up the company and offer them a lump sum amount of five thousand dollars to settle his account. The card company is at a liberty to retake up this offer or reject it.
Mostly debt settlement is offered to those who are on the verge of bankruptcy. Since credit card loans are unsecured loans, a bankruptcy would mean losing all money that the debtor owes to the card company. In settling the account for a lower amount, the credit card company will be able to recover at least a part of what they are owed.
Debt settlement has its own set of drawbacks. The creditor might put a note on your credit report that the account was settled for less than that was owed. This might make other creditor reluctant to give you credit.
If you are struggling with paying back your credit card debt or any other unsecured debts there is legitimate help out there. Debt settlement usually makes financial sense for consumers with over k in unsecured debt. There are also other options available. To talk with a debt relief counselor for free help check out the following link:Free Debt Advicecontact us for free debt advice =88836136! 19
About the Authorfreedebtsettlementadvice.com is a matchmaker in the debt settlement industry. They have paired up thousands of consumers up with debt settlement companies who are most likely to get consumers the best deal.http://www.freedebtsettlementadvice.com
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