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The Ins and Outs of Credit Card Debt
Settlement
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by: Kevin Erickson
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Are you a self-confessed shopaholic who
buys anything and everything that you
get your shopping addicted hands on?
Such thoughtless and impulsive buying
will most likely result in the
accumulation of a bunch of junk that
will simply collect dust. Can you even
remember that silk scarf you just had to
have and since it was a virtual steal at
50% off you just had to buy it? Where is
it now and how many times have you
actually worn it? Is it still
fashionable?
If you're like most people, chances are
you'll have to rummage through bins and
bins of collected shopping "litter"
which you've accumulated through the
years, just to be able to see that once
precious scarf. You may still be in a
state of denial by saying "Fashion goes
round and round and that scarf will have
its shining moment once again."
Unfortunately, many people fall into
this mode of impulsive buying that they
really can't afford and before they
realize it they become saddled with
debt. If you fall into this category,
you'll soon need to learn a thing or two
about debt settlement which can assist
you in extracting yourself out of that
self-imposed state of financial trauma
and begin to start rebuilding your life
bit by bit. And the time to start is
now! Of course, you have to be honest
with yourself, admit that you've got a
serious debt problem and then humble
yourself enough to seek the help you
need to pull yourself out of this
devastating ordeal.
First things first, a lot of people may
actually think that they only have a few
choices when it comes to solving their
debt problems. The two most common
options for those who are burdened with
enormous amounts of debt are either to
consider declaring bankruptcy or debt
consolidation. Unfortunately, if you
take the easy way out by declaring
bankruptcy, it will leave an
embarrassing and indelible mark on your
credit report for up to 7 years, which
will result in higher interest rates,
less credit and if you try do qualify
for a mortgage (some lenders do give
loans immediately after bankruptcy) you
will most likely not be able to get a
loan to cover 100% of the financing you
need. Normally, an 80% first mortgage
and if you can get a second mortgage, it
will be at much higher interest rate and
probably only 10% of the loan value for
a total of 90% of the loan to value and
you'll have to come up with 10% down.
Clearly, everything will come with a
higher price for a period of time but
you'll have to weigh that with a
straight debt consolidation solution in
which you pay off your debt. However, in
many cases you can negotiate with the
collection agency and it's realistic to
get 25% - 50% of the debt forgiven, if
you can show that you'll continue to
make monthly payments until the
remainder is paid off.
Many of the debt settlement / debt
consolidation companies were actually
established by the credit card companies
themselves. Why, you ask... because it
only makes sense for the credit card
companies to help you pay off your debt
because they can either forgive some of
the debt or reduce the interest rates,
lower the monthly minimum payment
requirements or some combination and get
paid a portion of the money owed or
receive nothing if you declare
bankruptcy. What would you do if you
were in their shoes? The answer is
obvious. This is why a lot of people who
have been saddled with debt are now
being offered debt settlement. Of
course, not all debt consolidation
service companies are owned by credit
card companies but many are.
Some groups offer debt settlement
programs through arbitration. The
"selling point" when it comes to these
kinds of solutions is that debt
settlement will actually help end your
debt problems, without having to go
through declaring bankruptcy, without
having to pay overcharged debt
consolidation program fees as well as
helping you avoid getting caught in the
debt consolidation trap that a lot of
people have fallen victim to.
In many cases, what the organizations do
that offer debt settlement services is
negotiate your debt down with the
collection agencies that have been given
your case. I would encourage you to
contact a number of companies to ensure
you feel comfortable and that you are
working with a quality company that
doesn't over-charge you for their
services.
On the other hand,if you would really
like to save money, which only makes
sense since you are already heavily in
debt... then negotiate with the
collection agency yourself. It's not
difficult, rather than getting upset
when you get called night after night
simply tell the collection agency rep
that you would like to pay off your debt
but you can only do it if you can get it
reduced and then ask them that you would
like to get the debt you owe reduced by
50% - 60%, even 75% and ask them to see
what they can do. Ask for a lot up front
because as in any negotiation there's
always a give and take. Believe me, they
will go to work for you and your offer
will be seriously considered because
they only get paid when they collect and
it's better to get their percentage on a
smaller amount than "diddly squat" on
the full amount.
Of course, you'll have to decide what
route you want to take... bankruptcy
versus debt settlement but shop around
and realize that you do have options.
The internet is full of companies
offering their bankruptcy or debt
settlement services, but be careful and
don't let them push you around and never
work with anyone you don't feel 100
percent comfortable with.
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Free E-book 'Credit Helper'
Bad Credit Loan Zone has made the popular Credit Repair E-Book 'Credit Helper' available to download absolutely FREE! If you're ready to work towards repairing your credit, this road map will take you step by step through the process. No registration required to Download this FREE E-book today! |
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