Too Much Credit Card Debt - What Are The Best Credit Card Debt Solutions For 2010

Are you burdened with too much credit card debt? Are you looking for the best solutions that can help you to get rid of the debt as soon as possible and lead a debt free life? There are several methods that can help you to achieve this.
 
May 11, 2010 - PRLog -- Are you burdened with too much credit card debt? Are you looking for the best solutions that can help you to get rid of the debt as soon as possible and lead a debt free life? There are several methods that can help you to achieve this. The most important advice is that you must avoid the traditional method of bankruptcy filing and look for the alternatives. There are several credit card debt solutions for 2010 however, each one of them depends on the condition of the debtor and the amount of debt that the person has. So, if you are troubled with too much credit card debt, here are certain solutions that you can use:

• Debt management: If your debt amount is not very high, you can create a budget and then organize your credit cards in an order of highest interest rate to lowest interest rate and then start paying off the debt starting with the card having the highest interest rate. This avoids accumulation of debt due to interest accumulation.

• Debt Consolidation: This method can also be used if your plastic money debt is not too high and is still manageable. You can pick up a consolidation loan and use the money to pay off the senior debts. Once done, you can pay the consolidation loan as per schedule using a proper budget.

• Debt Settlement: This is the best method if you have too much credit card debt and the debt amount is greater than $10,000. You can then contact a professional debt settlement company which will advise you to go delinquent. Once you stop paying the creditor, the later will wait for a period of 90-120 days and then sell off your debt to a collection agency for as little as 20-30 cents on the dollar. It is then that the professional negotiator from the settlement company will contact the creditor and offer a better deal of 40-50 cents on the dollar which will be 100% ROI for the collection agency and 50-60% savings for you. The creditors generally agree to the deal and eliminate at least 50% of your card debt.

Thus, if you are burdened with too much credit card debt, you can use any one of the above mentioned methods depending upon the situation that you are in.

If you have over $10,000 in unsecured debt it may be a wise financial decision to consider a debt settlement. Due to the recession and overwhelming amount of people in debt, creditors are having no choice but to agree to debt settlement deals. To find legitimate debt reduction help in your state and get free debt advice then check out the following link.

http://www.freedebtsettlementsolutions.com

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FreeDebtSettlementSolutions is a matchmaker in the debt settlement industry. They have paired up thousands of consumers up with debt settlement companies who are most likely to get consumers the best deal.

http://www.freedebtsettlementsolutions.com
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