subject: Stop Collection Calls and Eliminate Debt - How to Get a Good Debt Settlement Deal [print this page] Stop Collection Calls and Eliminate Debt - How to Get a Good Debt Settlement Deal
The global economic crisis is getting worse as time goes by, and many people are still struggling to manage their credit card debts which boosts their decision to eliminate those as soon as possible. Some of us would just like to file a bankruptcy case in order to pay-off their credit card debts.
It can be a debt solution but I guess it is not the best option because you might loose your assets with this as well as giving you are very hard time in going through another loan with the other creditors in the future.
It will leave a negative mark on your credit score for about 5 - 7 years. Just to give you an idea, I would like to suggest that you go through a much more convenient method which is acquiring a good debt settlement deal with your credit card company. If you are wondering how will you be able to do this kind of method, I will give you a brief description about that.
First thing to do is that you must be very wise in paying your bills. Credit companies are usually very strict in terms of monthly payments. They usually call the debtors or the customers who have credit card payments with them in order to collect the money from them. If this happens to you very often, try not to answer their calls.
Let them call you back every time and let them know that you are not paying those payments on time. If you are 90 days late with your payments, they will gonna issue a memo with a late payment mark on your credit report. It will decrease your credit score value but it wont hurt that much compared to bankruptcy wherein you are no longer allowed to have another loan from a new creditor in a long period of time.
Now back to what I had mentioned earlier about the late payment issues, this thing could actually be a big advantage for you because you will now have the option to negotiate with them. By this method the credit card company will have no option but to accept your proposal. This is now what you call as a debt settlement. It is a method wherein you are going to have an agreement with your creditor in order for you to reduce your payment in an average of 50%.
This would be a very effective method if you do get some back-up from a reliable debt settlement company in which they will gonna help you make a systematic plan to negotiate and deal with your unsecured debts. Debt settlement could be a great option for eliminating all of your debts. Just make sure you have a vast knowledge about it and you should also work with your debt settlement company in order to solve your financial incapacity.
Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.
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