Settling Credit Card Debt
Learn How To Settle Your Credit Card Debt Legitimately!
Settling credit card debt, 5 options you need to consider when dealing with debt collectors before they file a lawsuit over credit card debt against you.
Today eliminating credit card debt is at the top of the list for many consumers, as they deal with mounting debt that threatens their financial future. The good news for consumers is that there are many options available that you can use before you end up with a lawsuit over credit card debt.
The problem is that all options aren't for everyone. Every situation is different. Figuring out how to shed all that debt can seem like an impossible job, but you do have options.
Settling Credit Card Debt - Consider Your Options.
Here is a look at some of the options available to you when you want to settle and eliminate the credit card debt that is hanging over your head.
Option #1 - Doing it Yourself
First, you have the option of dealing with debt collectors yourself when it comes to settling bank card debt. For those who do not have a huge amount of debts, this can be a great option. Perhaps you only have a couple of cards to deal with.
Then this option may work for you, especially if you talk to the creditor, let them know that you want to pay, but you need some help. Often you can reduce fees, interest rates, and even come up with a settlement on the debts, especially if you are dealing with financial hardship at the time.
Option #2 - Using a Credit Counseling Company
Another option available to you if you want to go about settling credit card debt is using a credit counseling company. These companies can help you to eliminate the debts before you end up with a lawsuit over credit card debt.
This is an excellent option for those who are deeply in debt and are dealing with a variety of different creditors at once. A good counselor can take a look at your situation and help you decide on the best action for your needs. Of course, when choosing a credit counseling company, you need to use care.
Go with someone that is a non profit with plenty of experience and a great reputation and look for reasonable fees.
Option #3 - Going on a Debt Management Plan
Going on a debt management plan can be another option if you need to settle your credit card debt. This type of plan involves the credit counseling company dealing with the debt collectors for you and working out a plan.
They usually will negotiate for a lower payment and interest rate so you can afford to pay off the debt without all the money being taken in fees and interest. There is usually a fee for this plan, and the plans often last from about 3-5 years, but when you are done, the debts are settled completely.
Option #4 - Debt Settlement Companies
Debt settlement companies are another option when you are interested in settling credit card debt. Going with these companies is not always the best option and you are better off to try other options if they are available to you.
If you don't want to file bankruptcy and you cannot afford to pay off the full amount that you owe, these companies may be able to help you avoid a lawsuit over credit card debt. However, the big problem is high fees, which can be difficult when you are already deeply in debt and in some cases creditors may go ahead and sue you anyway.
Option #5 - Bankruptcy (A Last Resort)
Last, bankruptcy may be an option, but it is an option that should only be a last resort for you. If you think this may be the best way for settling credit card debt in your circumstances, talk to a good bankruptcy lawyer.
They can help you figure out if this is the right option for you. If you are afraid you may lose your assets or there is a pending lawsuit against you, then it can prove helpful in certain cases, but it's not for everyone.
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