How do you settle credit card debt?
Posted on | March 3, 2010 |
Best Way to Settle Your Credit Card Debt FAST:
Do It Yourself Debt Elimination Debt Settlement
You send settlement letters to your creditors, and after a few rounds of negotiating, hopefully you and your creditors will settle on an acceptable amount. You may do the settling yourself, or you may hire a company to negotiate on your behalf. If you settle on your own, you may save a few thousand dollars (depending on how much debt you owe). However, if you don’t have substantial experience negotiating with the debt collectors, then a debt settlement company may save you more. Knowing with whom, when and how much to settle is critical. Also, keep in mind that there are many unethical debt collectors that will lie and cheat in order for you to pay them as much as possible. The bottom line is that settling your own debts is like someone trying to replace a transmission in their car with little or no mechanical experience-it’s possible to due so, but it’s probably much better for an expert to handle the job. If you would like more info regarding the quickest method of debt elimination, visit: debt-freesolutions.blogspot.com
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6 Responses to “How do you settle credit card debt?”
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March 3rd, 2010 @ 5:38 pm
Pay the amount due in full.
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March 3rd, 2010 @ 6:14 pm
Not sure. You prevent credit card debt by not buying things you can’t afford.
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March 3rd, 2010 @ 6:40 pm
You call the credit card company and inform them you lost your job. Offer to pay immediately 25% of the balance. they will close your account
Just keep negotiating till they accept. But make sure you have the cash to pay the agreed upon amount.
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March 3rd, 2010 @ 7:16 pm
It depends: Is your account still current….are you behind in payments or has your account completely defaulted/charged-off??
- If you are current they wont settle for less
- If you are behind in payments, they often settle for 25 - 50%, but ONLY if you can pay the settlement really fast…in a one-time payment or at least within 3 months…They won’t settle if you can only make small payments over several years;
- If your account has completely defaulted - charged-off: Paying back a defaulted/charged-off credit card will not restore your credit rating..Your credit report will be updated to a "Paid Charge-Off," which, while slightly better, is still a seriously derogatory item. Per the Fair Credit Reporting Act, a charge-off, whether paid, settled for less or not paid at all, will remain on a consumer’s credit reports for up to 7 years….so you’ll be stuck with damaged credit regardless of what you do.
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March 3rd, 2010 @ 7:24 pm
There is only one way, that is to pay ALL the outstanding amount before the required date,when new interest will be added Then CANCEL THE CARD. Tell the company or you will be charged your next months card costs.
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March 3rd, 2010 @ 7:32 pm
You send settlement letters to your creditors, and after a few rounds of negotiating, hopefully you and your creditors will settle on an acceptable amount. You may do the settling yourself, or you may hire a company to negotiate on your behalf. If you settle on your own, you may save a few thousand dollars (depending on how much debt you owe). However, if you don’t have substantial experience negotiating with the debt collectors, then a debt settlement company may save you more. Knowing with whom, when and how much to settle is critical. Also, keep in mind that there are many unethical debt collectors that will lie and cheat in order for you to pay them as much as possible. The bottom line is that settling your own debts is like someone trying to replace a transmission in their car with little or no mechanical experience-it’s possible to due so, but it’s probably much better for an expert to handle the job. If you would like more info regarding the quickest method of debt elimination, visit: debt-freesolutions.blogspot.com
References :