If you are looking for ways out of debt then debt relief programs would come in handy.
It is a common practice for defaulters to seek debt relief through settlement companies.
The type of debt relief that will suit a customer not only depends on the amount of debt that the debtor has but also the type of debt that is, if it is a secured debt or unsecured debt.
With the recent economic slowdown the number of defaulters on credit card account has increased.
The defaulters filing for bankruptcy are a major source of concern for card companies.
A customer filing for bankruptcy is a source of major concern for the card companies as the loan given by the card company is unsecured and hence there is no collateral attached with this loan.
So if a customer files for bankruptcy there is no means of recovering any money.
Hence the credit card companies are encouraging settlement for debtors who are facing serious financial problems.
There are debt settlement companies who can assist a debtor through the entire process of debt settlement.
These companies can assist you to present your case in front of the card companies in a convincing manner.
It is important that your creditors are convinced about your financial status and that it merits debt settlement.
Once the card companies are convinced you can negotiate an elimination of certain percentage of your debt.
Reputed companies can get a waiver of up to 60 percent of the total debt.
You can pay the rest of the amount upfront or you can arrange for a monthly installment payment to your creditors.
This is a great way of coming out of debt without filing for bankruptcy.