Personal Credit Card Debt - How to Settle Personal Credit Card Debt
Unfortunately, with the state of the economy today many of us are experiencing personal credit card debt.
More and more people are finding themselves in this position.
People fear bankruptcy, sky-high late charges and higher interest rates.
People take out loans to consolidate their balances on their own.
They try Consumer Credit Counseling and this usually does not decrease their debt it just spreads it out for up to five years while the payments remain equal or even higher than what they are paying on the cards separately.
There is a solution many people never think of and it is really the one they should think of first, credit card debt settlement.
What are the benefits of settling your credit card debt? You will avoid bankruptcy, you end up having a single payment each month, and you do not have to deal with collection agencies.
You will have no late fees and avoid lawsuits and judgments against you.
The company will handle all those harassing phone calls for you and then start negotiations quickly to get your debt reduced, on average of 40-60% for most companies.
While they are doing this, you are not making any monthly payments so you can save that money in a trust account for the purpose of paying off the lower rate of debt negotiated for you.
It usually takes 2-4 years to complete a program; it also depends on the amount of the original debt.
Credit card debt settlement companies charge 25-35% of the amount of debt that is forgiven.
A small price to pay for peace of mind, and you are still seeing a substantial savings on the original debt amount.
More and more people are finding themselves in this position.
People fear bankruptcy, sky-high late charges and higher interest rates.
People take out loans to consolidate their balances on their own.
They try Consumer Credit Counseling and this usually does not decrease their debt it just spreads it out for up to five years while the payments remain equal or even higher than what they are paying on the cards separately.
There is a solution many people never think of and it is really the one they should think of first, credit card debt settlement.
What are the benefits of settling your credit card debt? You will avoid bankruptcy, you end up having a single payment each month, and you do not have to deal with collection agencies.
You will have no late fees and avoid lawsuits and judgments against you.
The company will handle all those harassing phone calls for you and then start negotiations quickly to get your debt reduced, on average of 40-60% for most companies.
While they are doing this, you are not making any monthly payments so you can save that money in a trust account for the purpose of paying off the lower rate of debt negotiated for you.
It usually takes 2-4 years to complete a program; it also depends on the amount of the original debt.
Credit card debt settlement companies charge 25-35% of the amount of debt that is forgiven.
A small price to pay for peace of mind, and you are still seeing a substantial savings on the original debt amount.
