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Wednesday, 16-Nov-2011 15:58 Email | Share | | Bookmark
Credit Card Debt Negotiation

Credit Card Debt Negotiation Is A Risky Maneuver For Consumers Seeking Debt Relief
Because so many Americans are struggling to pay off their credit card debt, many people that are looking for credit card debt relief turn to debt negotiators to help them with their credit card debt negotiation so they can bring their debt under control.

Credit card debt negotiation is an approach to debt reduction where you and your creditor agree on a reduced balance that will be treated as payment in full. Many times, debt negotiations are confused with debt consolidation, where the consumer would make their payments to the debt consolidator. With credit card debt negotiation, the consumer makes monthly payments to the debt negotiators where it is put into a special account. Your creditors will not receive any payment until they agree on a settlement with your debt negotiators. The purpose of these types of debt negotiations is to scare the creditor into settling your debt for less than the full amount. The downside to this is that most of the time, a creditor will simply begin collection procedures, which can result in them filing a lawsuit against you. This is how credit card debt negotiation can severely hurt your credit score, because your accounts will be reported as delinquent since the process relies on your not making any monthly payments to your creditors. If you do make payments, the creditors will refuse to enter into debt negotiations with you for a reduced balance. Once payments stop, your balances will continue to rise due to the addition of late fees and ongoing interest.

Some people have chosen to attempt to try debt negotiations themselves instead of seeking help from debt negotiators that specialize in credit card debt negotiation. This works in very much the same way, only it is you contacting your creditors directly instead of a third party representing you. It may be harder to get credit card companies to reach an agreement, however, and the terms offered directly to you might not be as generous as they would through a professional debt negotiator. There is also a lot of extra stress that comes with trying to hammer out a deal that is fair with a credit card company who would much rather have you pay outrageous amounts of interest and never become debt free.

Wouldn't it be nice instead of spending all the time and energy it takes to negotiate debt down to an amount that is reasonable and affordable, and then spending years paying that, if you could just make all of your debt vanish without a trace?

There is a way to do just that. It is called debt elimination. A debt elimination program is not the same as debt negotiation, debt settlement, or debt management. It does exactly what it says: it eliminates your debt completely. Practically overnight, all of your debt can be erased like it was never there, and you will never have to make another payment again.

If you need to eliminate your debt and not simply manage it, consider debt elimination as the viable and legal choice. Visit credit card debt elimination for more info, or call 561-282-9476 for more information.


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