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Ways To Cut Credit Card Debt
Pay Off Credit Card Through Credit Card Debt Settlement
Credit card debt is causing you pain.
Your stomach is turning over and over as you realize
you cannot pay the minimum payments,
much less pay the cards off.
Settlement debt negotiations can eliminate credit card debt.
If you are struggling to make the payments on credit card debt, and wondering how you are ever going to eliminate the debt, rest assured you are not alone. We are taught from the time we are little children that we have to pay back loans. We naturally feel guilty, embarrassed, and terribly disappointed in ourselves when faced with a situation that we cannot solve by ourselves and with our own paycheck.
Does this sound familiar? When the economy tanked, so did your business. At first, you did what everyone does, what you learned when you started up. You probably used your credit cards to either fund the business or to cover your living expenses to get through the tough times. Of course, you never, ever thought the tough times would not go away soon enough. Otherwise, you would never have taken on the debt.
Perhaps you are a highly paid executive and are used to high commissions or periodic bonuses. You have been getting them for years so why would it be different now? But the commission have been cut and the bonuses postponed or eliminated. You have had to support your lifestyle with credit cards or other borrowing in order to stay current. After all, it would not be long until things would be back to normal. But things aren’t back to normal.
There are realistic solutions to your problem, including debt settlement. This scenario is being played out every day and every week. You can even negotiate debt by yourself. Think of discounting your debt. You may be able to settle a hundred thousand dollars in debt for thirty thousand dollars. Each case is unique though and no promises can be made. It really would not be very believable if someone guaranteed that would happen.
Most people are not aware that banks and other regulated lenders must charge off a retail loan, like credit cards, when it becomes 180 days past due. Now that does not mean that the credit card loan is not still owed by the debtor but it means that the loan has become almost worthless to the bank.
Banks normally sell the credit card loans to a collection agency. Collection agencies drive a hard bargain and buy the credit cards balances for pennies on the dollar.
For fear of the calls, letters, etc. from collectors, debtors usually do not think of just not paying their credit cards. They also have been told that their credit will be ruined with credit scores permanently impacted.
What the credit card companies don’t tell you is that they would rather settle with you for a few more pennies on the dollar than sell the credit card loan to a debt collector. You see selling to a debt collector allows the investor who bought the debt to make money, not the credit card company or bank.
Settlement debt negotiation to pay off credit cards makes the bank or credit card company more money than their other alternatives.
Most debtors will default on the debt and go bankrupt so none of them, bank or debt collector, make any money. So the window opens for settlement debt negotiation.
To obtain more money from the debtor, it may even be possible to get the debt acknowledged to a credit reporting agency as paid as agreed or settled and not the notation of charged off.
Knowledge of these rights can be both powerful and profitable for you as the debtor. There are other alternatives that you should learn more about if you are faced with not being able to pay your debts.
Don’t hire any settlement company or even a bankruptcy lawyer until you have met with us so we can tell you the three things you must absolutely know about debt settlement and bankruptcy.
Click here to get our free Credit Card Settlement Package where I disclose the 5 things no one else will tell you about debt settlement and also, bankruptcy.
Click here to learn how to do debt settlement by yourself
Just let us know if we can help you with credit card settlement, either by email at jemlaw@mac.com or
give us a call at 210-690-3700 to meet with an attorney for a complimentary evaluation.
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Great article James – I’m bookmarking your website to come back and check for new articles. Thanks again!
August 5, 2011 @ 9:55 am