Consumer Debt Help - How to Fight Massive Credit Card Debt Balances

Feb. 19, 2010 - PRLog -- Most common consumers are in the habit of living life on credit. They use credit cards to pay for even the most common daily expenses. But credit card loans are unsecured loans and have no collateral attached to them. This is the reason that the rate of interest on them is very high. Hence if a person is not careful he may end up with huge credit card bills. Such loans when accumulated beyond a certain point are almost impossible to repay in full. Even if a debtor tries in earnest to repay these loans, he or she will only be able to do so over a period of about 25 years. But now debt help for consumers is available in the form of debt settlement programs.

Since credit card loans are unsecured loans the creditors try to recover most of their money within the first few installments. They do so by charging very high rates of interest. The card companies realize that a lot of debtors tend to overuse credit cards and hence become unable to repay the loans after a certain point. They also realize that in the current market scenario, many people are actually in a very bad state financially. People who have been laid off or are facing huge salary cuts will find it impossible to repay their loans. If the card companies compel such debtors to repay their loans in full they will only be forced to file for bankruptcy. In this situation the card companies will lose all their money.

Hence the card companies are usually very agreeable to debt settlement options for the debtors who are delinquent and behind in their payments. Debtors can take advantage of this fact and fight their massive card debt balances. They can opt for liberal debt settlement programs and reduce their loan amount to almost 50% of the original amount payable. This can be achieved by following different procedures like debt settlement, debt consolidation and conversion of unsecured debts to secured ones. They can then pay the reduced loan amount as a lump sum or in monthly installments.

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.

# # #

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://freedebtsettlementsolutions.com