Common Debt Settlement Bloopers | Debt Settlement How To
Credit card debt can really put a damper on your financial status that you often resort to any technique needed to get out of the bind
. On top of that, legal complications could get in the way and thats the least you want to happen with an increasing credit card balance.
If you want a good credit card debt settlement, try to avoid any of the following methods or mistakes.
Closing Your Account
Some people become extremely fed up with their credit card debt. They get really frustrated and call up the company yelling and screaming on the phone, "what are you trying to do? Then they say "then I am just going to close the account, see how you like that one!" And really this doesn't hurt hem at all, it really just hits you. Sure, now you can not use the card anymore which, ok... you will not charge on it therefore not increase the balance, buts its not typically the best path to stroll down. Doing so will cause your credit rating to take a massive dip.
If you do not want to use the card just set it aside. Take it out of your wallet or purse and out it away somewhere. Then work on the settlement process with other credit card debts while you cool off.
Debt Consolidation
This has helped people settle their debts but it is not always the best option to relieve yourself of debt. If you're not familiar with this method, debt consolidation is when you find a new creditor that will pay off any of your existing debts. You all remember when you dipped into your equity to buy the Jet Ski and pay off your credit cards? Ya, well that was consolidation. The convenience is that its all wrapped up into 1 little or big loan. The difficulty with this is in today's economic forecast equity loans are a bit rare.
You are given up-front fees for some consolidating companies while a statement of having "third party assistance" could be reflected on your credit report. But if your goal is to be debt free this is not that. You are just transferring one balance to another.
If you liked this tips and want to learn more about how you can become debt free follow the link below.
Its not how much money you make, its how much you keep.
by: David T.
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