subject: Credit Card Debt - How To Legitimately Eliminate Your Debt [print this page] Credit card debt or unsecured debt is the most common and difficult debt for most of the citizens. Due to the economic crisis the credit card users face tough times in paying the credit card bills. Most of the American citizens use 7-8 credit cards on an average. Settlement of Credit card debt is one of the urgent and high priority task for all the citizens.
The bailout package by the government has created a new opportunity for the card users to settle down the debt at the earliest. The credit card companies are also flexible in negotiation and settlement of debt due to the package received from the government. The settlement allows consumers to only pay back a percentage of their balance and eliminate the rest. It helps the customers to negotiate with the company a better rate of interest and payment schedule.
Any citizen over $10,000 is eligible for the debt settlement, one can take help of the settlement company for negotiating with your creditors. The top performing settlement companies will be able to eliminate 60% of your unsecured debt on average.
If you eliminate your card debt through a settlement it will have an impact on your credit score and anyone who tells you otherwise is not being truthful. The impact on your credit rating will not be nearly as bad as declaring bankruptcy.
Do not approach directly to a particular settlement company but rather approach the companies associated with debt relief network.
In order to be in the debt relief network, the settlement companies must proven track record of successfully negotiating and eliminating debt.
If you want to get out of debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. This way you can be assured that you will find a legitimate debt settlement company.
