Credit debt bankruptcy – how to avoid bankruptcy and settle unsecured credit debt

If you can reduce your credit card debt by 50% it can make a lot of difference to your financial life.
By: debtsquashers.com
 
Sept. 27, 2010 - PRLog -- If you can reduce your credit card debt by 50% it can make a lot of difference to your financial life. You can improve your credit score by reducing the debt in your name. The best way of going about this is through debt reduction plan.
If you have a debt of about ten thousand dollars and you are being charged 18% as interest rate then during a year's time you would have accrued $1800 due to interest. You can call up your credit card company and ask them for a lower interest rate. Generally, if you have been paying your dues on time, then you can get about 2% reduction in interest rate. If you have called the customer service center then it is better to speak with the supervisor as they have the authority to reduce your interest rate.
Making only the minimum payment each month does not help you in reducing the outstanding balance. The minimum payment that a company asks for is about 2% to 3% of the total balance while you might be paying an interest rate of about 18% to 20%. Hence, try to pay more than the minimum amount every month.
If you are not being able to manage your payments every month then you can try the debt settlement option. Here a debtor can offer some lump sum amount to the creditor which can be considered as full payment by the creditor. Creditors offer to make settlements with only those customers where they feel that the risk of bankruptcy is very high. Hence, if you want to settle your debts with your creditors then you can stop making payments on your account for some time before you approach them with this option. This method can help you remove 50 % of your credit card debts.
Free Debt Advice
(http://www.debtsquashers.com)

# # #

Bankruptcy is not the only option if you are struggling financially. Debt settlement is the best alternative to filing bankruptcy. Most consumers are able to eliminate 50% of their unsecured debt while avoiding some of the negative consequences of bankruptcy. If you are on the verge of filing bankruptcy it would be wise to at least look into a debt settlement program.

Check out the following link to speak with a debt relief specialist for a free debt relief consultation. It’s completely free and could save you from filing bankruptcy.
Free Debt Advice
(http://www.debtsquashers.com)
Or Call - 8008940286
End
Source:debtsquashers.com
Email:***@michigandebtadvice.com Email Verified
Tags:Bankruptcy, Chapter13, Bankruptcy Attorney, Bankruptcy Court, Bankruptcy Attorneys, Bankruptcy Lawyer, Chapter 7 Bankruptcy
Industry:Debt relief
Location:United States
Account Email Address Verified     Disclaimer     Report Abuse
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share