Credit Card Debt Removal - How to Legally Settle 50% of Your Credit Card Debt
Have you and your sibling fought for a bar of chocolate? I am sure your parents would have asked you to share and you would have tried your level best to secure the bigger piece.
The fight would have occurred because your sibling too might have been trying to do the same thing.
How do you arrive at a compromise? Sooner or later, you realize that your fight is going to attract attention and your parent might completely reject the idea of a bar of a chocolate.
Rather than losing the entire bar, you are prepared to lose a small portion of it and accept the smaller half if necessary.
Well, that is exactly the kind of logic that you will have to use with your credit card issuer.
The only difference here is that the card issuer is not your sibling and $50,000 is not exactly a bar of chocolate.
If the credit card issuer pushes you too hard, you will explain, bankruptcy is the only option.
If that happens, the card issuer will be left with even less than what he or she might have obtained.
This is the basic argument that you will use to justify a settlement.
Once a settlement has been finalized, you just have to stick to the terms and conditions and you will find yourself completely free of debt and the credit card issuer will be assured of at least a $25,000 income.
This is not a perfect solution and both the parties are aware of it.
The borrower will have to pay a very heavy price by form of a reduction in the creditor score and a mention of the discharge of the debt on the credit history.
The credit card issuer will have to bear a $25,000 loss and further uncertainty whether the individual would repay the balance in full or not.
However, both parties are prepared for such a move because the only other consequence will be bankruptcy, which can be disastrous in this recessionary economy.
The only positive source of good news is that debt settlement is completely legal.
The contract between you and your credit card issuer is mutually determined and both parties have complete freedom to make as many changes as they want provided the other party agrees.
This is the logic underlying the card act which prohibits the card issuer from increasing the interest rate arbitrarily.
You just have to utilize this debt relief option and legally eliminate half your debt.
The fight would have occurred because your sibling too might have been trying to do the same thing.
How do you arrive at a compromise? Sooner or later, you realize that your fight is going to attract attention and your parent might completely reject the idea of a bar of a chocolate.
Rather than losing the entire bar, you are prepared to lose a small portion of it and accept the smaller half if necessary.
Well, that is exactly the kind of logic that you will have to use with your credit card issuer.
The only difference here is that the card issuer is not your sibling and $50,000 is not exactly a bar of chocolate.
If the credit card issuer pushes you too hard, you will explain, bankruptcy is the only option.
If that happens, the card issuer will be left with even less than what he or she might have obtained.
This is the basic argument that you will use to justify a settlement.
Once a settlement has been finalized, you just have to stick to the terms and conditions and you will find yourself completely free of debt and the credit card issuer will be assured of at least a $25,000 income.
This is not a perfect solution and both the parties are aware of it.
The borrower will have to pay a very heavy price by form of a reduction in the creditor score and a mention of the discharge of the debt on the credit history.
The credit card issuer will have to bear a $25,000 loss and further uncertainty whether the individual would repay the balance in full or not.
However, both parties are prepared for such a move because the only other consequence will be bankruptcy, which can be disastrous in this recessionary economy.
The only positive source of good news is that debt settlement is completely legal.
The contract between you and your credit card issuer is mutually determined and both parties have complete freedom to make as many changes as they want provided the other party agrees.
This is the logic underlying the card act which prohibits the card issuer from increasing the interest rate arbitrarily.
You just have to utilize this debt relief option and legally eliminate half your debt.
