Federal Credit Card Debt Reduction - The Way to Be Entitled to a Card Debt Bailout

Aug. 31, 2010 - PRLog -- Government stimulus money was given out to large creditors which provided them more flexibility while negotiating personal debt bailouts with debt-ridden consumers. Creditors are also eager to exercise this option because they too are very worried that delinquent accounts are going to continue to rise and the possibility of complete defaults on many of their accounts is a very real likelihood. Major creditors such as credit card companies, banks, medical institutions, and government programs are now much more willing to negotiate a debt settlement to recover at least a percentage of the money that they have lent out.

To become eligible for a credit card debt bailout you must have an accumulated debt of more than $10,000. This should be in the form of multiple debts. In this case, you now have the option of combining all the debts and make them into a single debt balance and appeal for a bailout. With the aid of the debt bailout you would be in a position to reduce about 40-70% of the total amount of debt and repayment could be in many small monthly installments or lump sum in one according to your choice. The period of the monthly installments will be around 12-36 months.

You could negotiate with creditors on your own but it makes more sense to take the help of the services offered by debt management companies as they will be in a better position to negotiate a good deal for you. Another advantage of hiring these services is that when you hire a debt settlement company, your creditors are no longer allowed to call you for collections. Instead, they must talk to your debt settlement company of choice which helps to reduce creditor harassment to a great extent.

To ensure that you choose the right debt settlement company to represent you, first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, a debt settlement company must prove a track record of successfully negotiating and eliminating debt and pass an ethical standards test.

Debt settlement is a legitimate alternative to filing bankruptcy. If consumers are experiencing a financial hardship and have at least $10k in unsecured debt then debt settlement can be a legitimate way to eliminate up to 70% of that balance.

Check out the following link to get a free consultation from a debt relief specialist in your area:

Free Debt Advice
(http://www.freedebtsettlementadvice.com)

Contact us for free debt advice = 8883613619