Credit Card Debt Settlement
Is Credit Card Debt Settlement really beneficial? You may not know until you speak with a counselor.
BE CAUTIOUS WITH THIS SOLUTION!
Although there are reputable debt settlement companies, many of these agencies have been accused of fraudulant practices. In my study of this solution I found that some of my own family members were taken quite severely, having to go bankrupt as a result.
I've also listened to the news media warn the public against trusting these agencies many times since the economy has experienced a downturn. Please be cautious before turning over your money to any credit card debt solution agency!
My adivce is to visit your local lawyer's office dealing in bankruptcy. I did this in my area in order to complete this series of articles for my reader's benefit. The lawyer I found didn't charge for the initial consultation and he spent about a half hour with me.
What I learned is that a lawyer can best serve your needs in representing or addressing your problems to specific agencies to insure your protection when it comes to debt settlement or bankruptcy if that is the ultimate solution. He will however, explain the bankruptcy options available, including those which will allow you to keep your home and pay off your debts through the court system. This may not be for you, but it is an alternative to other methods.
I mention bankruptcy because many believe that credit card debt settlement is the last step before
bankruptcy
and a
better alternative. Bankruptcy will affect your credit for the
next ten years, so you want to think carefully before you take
that step.
The
concept of
a successful debt settlement for credit
cards is like getting a new lease of life. It should stop
the nagging phone calls and nasty collection letters once you
have completed the process. This is why credit card debt
settlement is a popular idea. However, many people who have
used this type of service have found it to be a scam with their debt
worse off than before they began the process as I have already mentioned.
To insure this
doesn't happen to you, learn more about the service before you speak
with a counselor if you choose to do this on your own. Check each company you seek with the better
business bureau and ask each for referrals who would be happy to speak
with you about their service.
You Can
Also Do The following:
- Approach your situation without a service to help you. On your own, analyze the various balance transfer offers available in the market, checking the short term loan options with the banks, etc. This may be best if your have little debt and want to quickly pay it off.
However, if you're determined that Debt Settlement is the way you want to go:
- Seek
the help
of a debt settlement counseling service if your debt is out of
control only after you've checked out the other forms of assistance
available to you and you're sure you have found a reputable
company.
- Make sure that you're able to trust the adviser assigned to you fully. So you need to check the credentials of the credit card debt settlement adviser/company. There are hordes of people and companies that advertise "credit card debt settlement in one day" or something of that nature which will look very appealing. Such credit card debt settlement offers/advice are generally not genuine. Moreover, you need to understand that credit card debt settlement cannot happen overnight (unless you win a lottery or something similar). So, beware of such agencies.
That said, it is important to mention that there are honest debt settlement advisers/companies available too who will not only give you genuine advice, but will help you throughout until you are finally out of debt. Their advice may more than compensate for the fee that they charge you for credit card debt settlement. These companies/advisers will be able to help you in the best way if you tell them your current financial situation correctly.
What Credit Card Debt Settlement Is Exactly:
It is a legal communication between the debtor and the creditors/collection agencies in which outstanding debts are negotiated on the debtor's behalf to develop a settlement. This is not a credit counseling service or a consolidation loan, it is a process of eliminating your outstanding debts. Any person owing credit card debt, medical bill(s) or any unsecured debt has the legal right to negotiate their debts. Debt Settlement is highly effective and can save you between 50-75% in outstanding debt.
A reputable company can get you out of debt within a 15-36 month time period while eliminating 50-75% of your Debt.
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Use the links below to research other helpful information. Remember, not to rush into choosing a credit card debt settlement agency. Find out what other options are available as well.
Debt Elimination Part One I Debt Elimination Part Two I Credit Card Debt Basics I Credit Card Debt Management I Consolidating Credit Card Debt I Credit Card Debt Counseling I Credit Card Debt Settlement I Debt Elimination Basics I Spending Tips I Money Control I Credit Score Factors I Why You Should Budget I Financial Budget I Money Resources
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