Cards Sealed
Tips on Settling Credit Card Debt by Scott Scothern
If you have large credit card debt you may be wondering if there is a way to settle that debt. Yes there is! There are actually quite a few things you can do to reduce or even relieve yourself of the burden. One is obviously to just pretend the debt is not there. Be warned, however, that this is very risky. Yes, there is a chance that the creditor will get tired of trying to collect on the debt and give up after a while. Even if this were to happen, you are not totally off the hook. When tax day comes around that forgiven debt will be counted as income and you will owe taxes on it! The more likely scenario when you ignore debt is that the creditor will eventually file a law suit against you. In this event, a judgment can be made against you and your wages even garnished without your permission, among other things. If this were to happen, your problems just got worse!
Settling your debt by communicating and negotiating with the creditors is the better way and carries much less risk. By communicating your financial situation and your ability or inability to make or not make the payments can often lead to constructive discussion about ways to reduce your debt burden. One of the first concessions they may make is to reduce your interest rate on the balance. Although this may help, if you are seriously deep into debt, it is usually not enough. Look at the possibility of debt consolidation where you lump several high interest balances into a single one, hopefully at a lower interest rate. Again, this may or may not be enough to help you situation.
Another option is to offer to settle the debt for an amount lower than what you owe. Depending on where you are in your payments, this may or may not work, as well. For example, if you are weeks behind or even months behind on your payments, you account will most likely go to a collection agency. Usually when this happens, the collection agency has been given the authority to settle for some amount less than the balance owed. This is an ideal time to offer a settlement. If you can make an offer to settle right there and then on the phone you also have a better chance of sealing the deal. Getting to this point, however, can be painful as you will have to endure endless phone calls and attempts to collect on the debt before reaching that stage.
Another effective way to settle your debt is to hire a debt lawyer or debt advocate to negotiate for you. These individuals know how to make the right contacts in the credit card companies and know how to settle quickly and effectively. Doing this will also make the whole process less stressful.
About the Author
Scott writes about http://www.consumerdebtdefense.com/“>settling credit card debt and for settling credit card debt.
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