How to settle debt

Learn how to settle credit card debts for less than what you owe

Best Way To Settle Credit Card Debt

Mar.20, 2009 in Credit Card Debt Settlement, Debt Settlement, Debt Settlement Company, How to settle debt, Settle Credit Card Debt Leave a Comment

Top 3 Ways to Settle Credit Card Debt FAST:

1. Debt Shield
2. CareOneCredit
3. DIY Debt Elimination

According to a recent survey most Americans would be able to pay the bills for less than 2 months if they lost their jobs. With the economy not looking to improve in the immediate future, now is the best time to prepare for a job loss and get your debts paid off. One way to cut your credit card debt payments by up to half is to settle your debt.

There are several ways to go about settling your credit card debt for less than the full balance you owe. Two of the more popular are hiring a debt settlement company to negotiate on your behalf or doing the negotiations yourself and working out a settlement with your creditors. Both options have their merits. Doing it yourself is cheaper but takes more time and effort on your part. If you have the time and energy and keep good records this option is for you.

If you are short on time because you are working two jobs just to pay the bills and too busy driving the kids back and forth to practice and games all over town, hiring a debt settlement company would probably be best for you.

But debt settlement is not for everyone. If you do not have the discipline to set aside money each month to save up in a settlement fund, you cannot expect to get good results. When you start the process of debt settlement, you cease making your regular credit card payments and you save that money into a fund which you can then offer as a settlement 3 to 6 to 12 months down the road. The only catch is that you have to save that money and not touch it for other purposes.

You must not worry about your credit score if you want to settle your credit card debt. You can be debt free when you negotiate with your creditors and get your balances paid off but do not expect to have perfect credit just because all your balances are now zero. You haven’t made your payments for months, maybe even a couple years, and this will lower your credit score. However, once your debt is all paid off, then it will be easier to start rebuilding your credit. And it takes less time than filing bankruptcy.

With that said and if you still believe debt settlement is for you check out the recommended company to help you settle your credit card debt:

1. Debt Shield

If you want to settle your own credit card debt, check out this recommended course:

1. DIY Debt Settlement

If you are hesitating about if this is right for you, think about where you will be in 2 years’ time. Do you think you will be better off in the future if you keep doing what you are doing? What you have been doing is what got you here in the first place. If you hope to have a better future, you have to take a few steps now towards that goal. Start the process of negotiating with your credit card companies and get your debt settled for less than what you owe.

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what is better to go to a debt settlement company or a debt consolidated credit service company ?

Jul.01, 2009 in Debt Settlement Company 2 Comments

i am in debt for about $21,000 in credit cards

In debt settlement we have to pay some less as we are settling it. And for consolidation we will pay same as the amount of debt.

http://www.loansstore.com/debt-settlement

Has any one tried one of those debt settlement companies and do they work?

Jul.01, 2009 in Debt Settlement 11 Comments

do the debt settlement companies really help you out or are they just a scam?

Stay away from any "debt consolidation" company that promises to cut your debt in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator….this entire fee goes towards building a settlement account and to the consolidator’s fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances…You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment.

None of these “debt consolidation” firms have the power to force your creditors to accept settlements. Your creditors have the right to refuse these terms and take you to court.

http://online.wsj.com/article/SB122394458494631223.html
http://podcast.mktw.net/wsj/audio/20081013/pod-wsjlaise/pod-wsjlaise.mp3

Bankruptcy or Debt Reduction-Making a Choice

Jun.30, 2009 in Debt Settlement, How to settle debt Leave a Comment

We are living in very unstable times, financially and many people have been forced to deal with some unpleasant circumstances in their lives. Debt reduction vs bankruptcy is a decision that individuals are being faced with and the choice is not an easy one.

The choice will be easy in some cases. You may have only one option that will suit you finances at the current time. However, if you start evaluating you options at the first sign of financial duress, you are going to have more choices.

A better debt relief method than bankruptcy is credit counseling, if your finances can manage it. The reason I say this is because your credit will be negatively impacted. For ten years, a bankruptcy will remian on your credit report. There are a number of financial experts that have filled bankruptcy and are now millionaires. They will tell you the fact that they filled bankruptcy still rears its ugly head from time to time.

Debt settlement is another debt relief option. This alternative is not ideal either. If you can settle quickly and the debt is old, debt negotiation can work for you. Individuals are easily enticed by how quickly debt settlement companies say their clients can be debt free. I am not saying they are not being truthful. But if go from making on time payments or close to it, to not making payments at all so that you can build escrow with a debt settlement company, you are probably asking for trouble.

If you are wondering can you be sued for credit card debts, the answer is yes. Both bankruptcy and debt settlement is going to ruin your credit. The big difference is filing bankruptcy will protect you from legal action that may be taken by your lenders. If you read the forums, you are finding more people that have been sued by their lenders while they were going through the debt settlement process. Debt reduction vs bankruptcy is a tough question. Keep in mind, every financial situation is different. Just like an illness, early detection affords you the most options for treatment and recovery.

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Learn how to settle your credit card debt balances for less than what you owe. Don't give the credit card companies any more than you have to. Learn how to settle your debts fast and reduce your debts.