subject: Debt Relief For Credit Card Holders - A Must Read If You Have Over $10,000 In Credit Card Debt [print this page] If you owe more than ten thousand dollars to your credit card issuers, you must be losing sleep worrying how to repay the debt. Well, your credit card issuer too would be losing sleep over the same issue. In such a scenario, would it not be great if you found a solution that would make both the parties involved happy?
Of course, the only thing that will make your card issuer completely happy is a full repayment of the principal amount along with the interest and other charges. That, needless to say, would make you very unhappy. Read ahead for information on the best possible solution that will protect both parties from excessive losses.
Debt settlement- it is also known as debt waivers. You will approach your credit card issuer and request them to waive as much as fifty to seventy percent of the amount owed. This means that your card debt in excess of ten thousand dollars will come down to just three to four thousand dollars. You will get an additional one to two years to repay the remaining amount.
Your credit card issuers too get a great deal because they are assured of repayment of at least three to four thousand dollars. In today's recessionary times, it has become impossible to get guaranteed income. In such a scenario, your offer of guaranteed repayment will be enough consideration for the waiver.
The card issuers do not lose much as they would have earned lots of money on your account till date. You must have paid a lot in the form of interest charges and other fees. This coupled with the stimulus package offered by the government ensures that the card issues end with their heads above the water even after offering the waiver. Hence, you need not worry whether your card issuers will agree to such a 'loss making deal' or not.
You can make use of professional debt settlement companies offering their services on the web to negotiate on your behalf. This will improve your chances of getting the best deal possible. If you have the confidence of negotiating on your own, you can choose to approach your creditors personally as well.
If you are over $10,000 in unsecured debt it would be wise to utilize a debt relief network instead of going directly to a debt settlement company. Using a debt relief network guarantees that the debt settlement company you choose has been certified and has established success in negotiating settlements. They are free to use and a good starting point to begin your debt relief process.
