Eliminate Credit Debt -- How to Legally Eliminate Debt Up to 60%

July 16, 2010 - PRLog -- Credit card debts are unsecured credits, which mean that, when taking the loan, you did not guarantee it with any physical asset, like a car or a property. If you do not pay back your loan, the bank cannot claim anything from you.
Because credit card debts are unsecured, the interest rates for them can reach very high levels. On top of that, many people have lost their jobs within the past year and the ones who didn’t have suffered serious salary cuts. It is close to impossible for an average person to repay the bank an unsecured credit of an average value of, let’s say, $10,000, without having a job. These types of credits are usually the last to be paid by clients.
If you want to get rid of your debt for good, then you need to try and settle your debt with the credit card issuer. You can talk directly to them or you can hire a professional debt settlement company to negotiate with the bank on your behalf. If you're not a good negotiator and you don't have knowledge in the finances field, it is best for you to hire a specialized company to do the job for you. The company will usually claim a fee equal to a percentage of what they help you save in the settlement and this is a guarantee of their performance. If they do not negotiate in your best interest, then their payment will be low as well. If you want to settle your debts, you should hire only a company that requires such a type of credit.
The debt settlement process is simple: you will be asked to start saving money into a separate account, up to 40-50 percent of what you owe the bank. The settlement company will start the negotiations with the bank attempting to settle your debt for a fraction of what you initially owed them. If they succeed, then you will have to transfer the money you previously saved into the bank's account and your debt will be considered fully paid off.
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If you are over $10,000 in unsecured debt it would be wise to utilize a debt relief network instead of going directly to a debt settlement company. Using a debt relief network guarantees that the debt settlement company you choose has been certified and has established success in negotiating settlements. They are free to use and a good starting point to begin your debt relief process.
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