Credit Card Debt Bailouts - How To Legally Eliminate 50% Of Your Credit Card Debts

May 12, 2010 - PRLog -- If you are looking for credit card debt bailouts, you need to eliminate 50% of your unsecured credit card debts through a settlement procedure. You cannot opt for bankruptcy because if you do so, you will be pulling down your credit score and you will lose your credibility. If that happens, you will not be able to borrow any further loan for a period of 7 to 10 years because the report of bankruptcy filing will show up in your credit history for that time period.

Debt settlement is no doubt the only option by which you can get credit card debt bailouts. The basic requirement for a settlement deal is that your card debt must be $10,000 or more. If that is achieved, you have to contact a professional debt settlement company. You can opt for negotiation with the creditor by yourself but that will have greater chances that you will not be able to get a better deal. Once you contact a debt settlement company, there are chances that you will be able to eliminate a large percentage of your debt. The minimum that gets eliminated after you choose a professional company is 50% because the professional negotiator will have a complete knowledge of the banking system and will know exactly how much to push the creditor so that the lender agrees to eliminate 50% of the debt.

The professional negotiator will advise you to go delinquent and stop paying the creditor. Once you act accordingly, the creditor will wait for a period of 3-4 months and then sell off the debt to a collection agency for as little as 20 cents to 30 cents on each dollar. This is a very poor deal but the creditors do this and this is known to the negotiators. The negotiators will then offer the creditor a better deal of 40-50 cents on each dollar which is a far better deal and will mean 100% ROI for the collection agency and at the same time, it will also mean at least 50% debt elimination for you. This is a completely legal method and you can eliminate 50% of your unsecured debt easily.

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