Have ever wished for a magic wand that would make all your credit card dues disappear after a particularly troublesome phone call from a debt collection agency? Have you prayed for one more chance to establish your life without the specter of credit card debt hanging over your head? Debt settlement can make all this possible.
Settlement of your credit card dues can help you bring your debts under control and your financial life back on track.
How is this possible? If you owe more than seven thousand five hundred dollars to your unsecured creditors and if you have fallen behind on regular repayments and have not repaid anything in the past few months, then you can approach your card issuer and seek a settlement of the debt instead of opting for bankruptcy.
Close to seventy percent of the amount owed will be waived and balance of thirty percent will have to be repaid by depositing the money in an escrow account over a period of one to two years.
You can now conduct the negotiation process with the help of a professional negotiator or on your own.
Once you start depositing money into the escrow account, your creditors will consider the debt settled and your card will be closed.
Of course, your credit score will take a hit and you will find it difficult to get loans at affordable interest rates.
However, regular repayment of your debts will lead to a gradual increase in your credit score.
In any case, a settlement is always better than bankruptcy.
Yu can start all over again by approaching any other credit card issuer for a card.
You can also make use of prepaid credit cards to establish credit score all over again.
If you have had it with plastic money, you can make use of your debit card which will prevent you from spending more than what you actually have in your bank.
If you use settlement wisely, you can get your financial life back on track and overcome all financial hurdles.
Further, your credit card dues will disappear and you will no longer be troubled by debt collection agencies.