Credit Card Debt Settlements - Why Credit Card Companies Are Agreeing To Generous Debt Settlements

You may have heard about more and more people getting debt settlements these days

, and assumed that this became necessary for them because of the shaky economy. The truth is that for most people, they needed the debt settlements long before the economy went sour - but they weren't able to get those settlements. They are able to get those settlements now because the credit card companies are in a position where they can't really do anything other than to accept a debt settlement agreement.

The card companies are agreeing to generous debt settlements more often these days because they are in bad financial shape, and because the United States Federal Government has given them stimulus money to help them out. Fortunately for the American Consumer, the credit card companies know that this stimulus money is only a temporary fix at best. This is where the generous debt settlements come into play.

When the credit card companies give consumers debt settlements, they are really fulfilling two purposes, from their point of view. First, they are collecting at least a portion of a debt which will very likely become uncollectible at some point in the near future - because of the amount of the debt and the poor economy. Second, they are filling their own bank accounts with additional funds in a short period of time, instead of waiting years for the money to slowly trickle through in the form of monthly payments.

Consumers, on the other hand, simply need to shed as much debt as possible so that they can not only survive the state of the economy, but also so that they can achieve some level of financial freedom. We are learning more and more about how the credit card companies operate, and new laws are slowly coming into the picture to protect consumers from the less than ethical practices of the credit card companies. If you owe credit card debt, you need to find out more about how a debt settlement and credit card counseling can benefit you.

There has really never been a more advantageous time for consumers to try and eliminate unsecured debt. Creditors are very concerned about collecting and most have government money to make eliminating some of your debt financially feasible.

Check out the link below to locate legitimate debt relief companies in your area:

Free Debt Advice.

by: Erik Stump

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