subject: Eliminate Debt - How To Legally Eliminate Debt Up To 60% With Professional Help [print this page] Credit card debts are unsecured credits, which mean that, when taking the loan, you did not guarantee it with any physical asset, like a car or a property. If you do not pay back your loan, the bank cannot claim anything from you.
Because credit card debts are unsecured, the interest rates for them can reach very high levels. On top of that, many people have lost their jobs within the past year and the ones who didnt have suffered serious salary cuts. It is close to impossible for an average person to repay the bank an unsecured credit of an average value of, lets say, $10,000, without having a job. These types of credits are usually the last to be paid by clients.
If you want to get rid of your debt for good, then you need to try and settle your debt with the credit card issuer. You can talk directly to them or you can hire a professional debt settlement company to negotiate with the bank on your behalf. If youre not a good negotiator and you dont have knowledge in the finances field, it is best for you to hire a specialized company to do the job for you. The company will usually claim a fee equal to a percentage of what they help you save in the settlement and this is a guarantee of their performance. If they do not negotiate in your best interest, then their payment will be low as well. If you want to settle your debts, you should hire only a company that requires such a type of credit.
The debt settlement process is simple: you will be asked to start saving money into a separate account, up to 40-50% of what you owe the bank. The settlement company will start the negotiations with the bank attempting to settle your debt for a fraction of what you initially owed them. If they succeed, then you will have to transfer the money you previously saved into the banks account and your debt will be considered fully paid off.
It would be wise to not go directly to a debt settlement company but rather first visit a debt relief network. The top debt relief networks only allow debt settlement companies into their accredited organizations that prove a track record of successfully negotiating debts and have also been certified. They are free to use and offer helpful debt relief advice.
