What Is The Best Credit Card Debt Solution For The Unemployed?

Feb. 24, 2011 - PRLog -- Recession caused a hell lot of trouble for the consumers. Millions lost their jobs resulting in enormous amounts of default and the consumers failed to repay their dues to the creditors. They had to eventually file for bankruptcy to get out of their liabilities. However, the unemployed people now have an alternate solution as well. The best credit card debt solution for the unemployed is the method of settlement negotiation. An unemployed consumer can earn huge saving by using this method as the method will help the person to pay considerably less than what he or she actually owes to the creditor. This is possible by negotiating with the creditor and forcing the creditor to forgive a huge percentage of the overall outstanding.

The unemployed consumer hires a professional settlement firm which negotiates with the creditor and offers a bulk repayment of around half of the dues provided the creditor waives off the remaining amount. The creditor will have to agree to this proposal because the negotiator threatens bankruptcy to the creditor. The creditor then wipes out at least 50% of the dues and sometimes up to 70% of the dues and the consumer then pays the remaining as per the new agreement.

This method is considered to be the best for the unemployed because, the consumers are not required to pay monthly installments to the creditors. The payment to be made is a one time bulk repayment and also the consumers need not pay the settlement firms in advance and they can actually pull out the fees for the settlement firms from the money that they save out of settlement.

Debt settlement can make financial sense for consumers and small businesses that are experiencing a financial hardship and have at least $10k in unsecured debt. It is not the only option however. Check out the following link to speak with a debt relief specialist that can go over all your options for free.
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