Debt Negotiation Tips - How to Negotiate and Aggressively Get Rid of Credit Card Debt Balances

May 6, 2010 - PRLog -- With every missed payment the debt amount increases and the customer goes from bad to worse. Many in a rush to get out of these debts file for bankruptcy. Which is not the very best option as it will ruin your credit score and it will be almost impossible for you to get another loan for the next 7 to 10 years or as long as the credit score does not improve.

Most of us make use of plastic money whenever we have to pay our bills. Be it food, gas or any other bill it is now a habit to take out our credit cards to make the payments. Generally it is advisable to make the payment to the credit card company every month. However, with the recent slowdown in the market, many of us are struggling to pay even the minimum amount that is due.

Very few know that you can actually approach your creditor and ask them to work out a lump sum pay off. The credit card companies work out a lump sum amount which will be as lesser than the total outstanding debt. Some would be surprised that the settlement debt amount can be as less as 50 percent of the total outstanding amount. This is a good method for settling ones debt if they have some cash in hand to settle their accounts.

If the custom does not have ready cash in hand then you can negotiate with your credit card company to work out a reduce debt amount for you with a reduced rate of interest. The only condition being that you will not default on these new terms.

It is not always necessary to hire a debt settlement company to get a debt relief from the credit card company. But, you will have to use aggressive tactics and all your bargaining skills to get out of debt.

Finding legitimate debt settlement companies is not that difficult but consumers must know where to look. It would be wise to utilize a debt relief network that will qualify the companies for you and ensure that they are legitimate and have proven themselves. To locate the top performing debt settlement companies in your state check out the following link:Free Debt Advice
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