Is it possible to get rid of your credit card dues without actually repaying the same in full? The recession and the economic downturn have led to a rapid increase in unemployment and inflation. Those who were earning hefty salaries are now being forced to work for a pittance. Those who used to earn normal amounts have simply been fired. The increase in prices of essential goods and services has not helped either. The end result is that a large number of persons have simply given up hope of repaying their dues in full.
Credit card issuers are aware of the problem. To make sure that borrowers do not simply opt for bankruptcy and escape, they are offering debt settlements. A settlement is nothing but a waiver offered by the lender to encourage the borrower to repay at least a part of the amount owed to settle the debt in full. Currently, you can obtain a waiver from your lenders for up to seventy percent of the original amount owed by you. That is to say, for every hundred dollars owed, you can now opt for a complete settlement by paying thirty dollars only.
This is a fantastic option that shall remain popular as long as the recession continues and as long as the government keeps the Federal stimulus money in the market. You simply have to approach the credit card issuer yourself or through a professional negotiator to discuss this form of debt relief. If you feel that your card issuer is not offering the best deal, you can take your time and stall the repayments. As long as you are in a position to handle the heat from debt collection agencies, you can try to convince the issuer that pushing harder is only going to lead to a bankruptcy.
The remaining amount owed is settled by depositing the same in an escrow account. This is placed under the control of the creditor or the settlement company. Once the necessary charges have been deducted, the remaining amount is paid to the lender and the loan owed by the borrower is settled.
Getting out of debt through a debt settlement process is currently very popular but you need to know where to locate the best performing programs in order to get the best deals. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.
FreeDebtSettlementAdvice.com is one of the largest and most respected debt relief networks on the marketplace today. To find a debt settlement company through FreeDebtSettlementAdvice.com check out the following link: Free Debt Settlement Advice.
