Help with Settling Multiple Credit Card Debts

June 4, 2010 - PRLog -- Life is tough and continues to get much harder with every passing second due to the continual rise in interest rates by credit card companies, resulting in an increase in monthly minimum payments.

Despite the seemingly good news from the US government of the clamp down on extra fees charged by credit card companies on consumers, which has resulted on stocks of major credit card companies such as MasterCard, and VISA falling by as much as 10%, the damage had already been done as most consumers continue to wallow deep in debt, with most of their monthly repayments having been eaten up by higher interest rates.

By now, you may have probably heard of debt settlement programs but was reluctant to sign up thinking it was all fraud. Despite your nervousness about debt settlement, it certainly is the best solution to eliminate your mounting unsecured credit card debts, provided you find a reputable and legitimate company to handle your settlement.

You may be asking how a settlement process works and how such companies may be helpful in resolving your debt situation.

To put it in simple terms, a debt settlement process is whereby you or your hired company gets to negotiate with your creditors for a possible reduction in your owing debt amount.

Thousands of consumers nationwide have already had huge percentage reductions in their unsecured credit card debt amounts by hiring the services of reputable top ranked settlement companies.

Before you opt for a debt settlement program, it is important to seek free credit counseling to know whether it is the best debt relief solution to your unique debt situation or not.

Once approved for a settlement solution, a professional debt negotiator will take over the process of calling your creditors and negotiating a debt settlement on your behalf.

Though it is possible to negotiate a reduction in your credit card debts personally, most creditors are least likely to listen to a single customer calling them and asking to negotiate for a settlement.

It is best you hire a professional settlement company to do this on your behalf and pay a small fee as gratitude for their services.

If you still have doubts, pick up the phone right now and call your credit card company and ask for a reduction in your interest rates or to settle an overdue credit account.

Did it work, congratulations! If not, most likely you may want to reconsider and hire the services of a professional, right?

Debt settlement is meant to reduce your credit amount leaving you with an amount you can easily afford to pay off.

It is a legal process for eliminating credit card debts hence living a stress free life free of those threatening creditor calls and those irritating debt collectors, who seem to derive pleasure
from seeing you deep in financial ruins.

If you choose debt settlement, you will be working closely with a debt counselor who will go over your accounts and determine the much you can afford to pay your credit card company to go towards your credit card debt cancellation.

Your credit card company will most likely agree to a settlement deal with your settlement negotiator since they stand to lose alot of money if your debt account falls behind in payments.

Now suppose you owe your creditor $10000, $15K, $20K, or more in unsecured debt, for any reason you fall behind on your monthly payments, your creditor will then be forced to sell your debt to a debt collector for around 3 to 5% of the credit balance.

Quite a huge loss for your lender don't you think so? Now before you consider this to be funny and somewhat a relief, guess who you will have to deal with then?

Those nasty debt collection agencies, fancy that ordeal? Guess not. The more reason why if your counselor contacts your creditor and offers to settle for an amount much less, they will readily listen as it is also in their best interest.

Quit procastinating and take appropriate action right this moment if you want to clear your credit card debts, else your interest will continue to pile up and soon you will find yourself deep in total financial mess with no access to credit lines.

Simply get in touch with a debt settlement company, work closely with one of their debt counselors as they negotiate to settle your multiple over $10K credit card debt with your creditor, and soon you will get to save up to 70% on your unsecured debts at  http://www.owingdebt.com

The small fee you will pay the settlement company will be overshadowed by the savings they will have negotiated for you.

It is only proper that your counselors get paid for their services and expertise, don't you think this is fair?

Sign up for a free debt relief evaluation today to connect with a counselor who will give you a free estimate on how they can help you out of your debt situation.

It will then be up to you to decide if and when you want to start settling your due credit card accounts and rid yourself of such bad debts.

If you plan to reduce, pay off your debts and live debt free, you now have the information you so desperately needed to take advantage of the listed and highly recommended resources on this site. For free credit counseling, visit: http://www.owingdebt.com

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