subject: Settle Credit Card Debt - Does It Make Financial Sense To Settle Credit Card Debt Using A Pro? [print this page] Debt settlement is the most popular debt relief program nowadays. Debt settlement is also known as debt negotiation and is a process in which a client negotiates with his creditor (usually a credit card company) to settle his debt for a smaller amount of money. The client can either negotiate with the credit card issuer directly or he can hire a settlement company to do this work on his behalf.
It is true that, sometimes, paying a settlement company can make up for the money this company help you save in the debt settlement. Sometimes, you can even loose more money. But that only applies when you mistake a scam settlement company for a genuine professional.
A legitimate relief company will ask for a fee equal to a certain percentage of what they help you save. In other words, the better job they do in the negotiations, the better they will be paid. It is in their best interest to represent your best interest.
Also, such a company will negotiate in a professional manner. They know the laws perfectly, as well as the loopholes. They can take advantage of their position to obtain you the best deal possible in the given situation. Unless very experienced in the negotiation field, with a good knowledge of financial methods and with good nerves, an average client will not do as good a job like the settlement company will do on his behalf.
If you don't know how to locate a good settlement company, you can contact a debt relief network. Debt relief networks keep track of all registered settlement companies in your area and can suggest you one of these companies, according to your specified criteria and particular financial problems. Most relief networks also offer free financial counseling.
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.
