subject: Debt Alleviation Program Options - Join One Now to Obtain These Benefits [print this page] With the current economic scenario everyone is desperately finding ways to eliminate their debts. Credit card debt negotiation has become one of the most popular systems for attaining debt freedom. Many people have lost jobs or have had their salaries reduced during the recent economic slowdown. For them it is difficult to meet their daily expenses and keep up with their debt payments. Credit card debts can seriously weigh down anyone's financial conditions. Settlement provides a quick solution to debt problems.
Who can get debt settlement?
A debtor having at least ten thousand dollars in unsecured debt can benefit from this relief program. Creditors are willing to settle accounts which is about to be sold to the collection company or if the debtor is about to file for bankruptcy. They usually see if the account id past due by at least 90 days before they settle the account.
Can the debtor negotiate debt himself?
The negotiation process is simple hence a debtor can go ahead with the negotiation himself. There are settlement companies which specialise in these settlements. Most debtor opt for a settlement company as they know all the loop holes in banking law and can get the best deal for their customers.
How to negotiate?
In order to get the best bargain, it is better to open your bid at 25 % of the total debt amount. If you open your bid low you will have space to give counter offers before you reach an amount which will suit your pocket. Good negotiations can get you a debt elimination of about 40 % to 60 % of the total debt amount.
Drawbacks
This method has a negative impact on the debtor's credit score. Also the amount that is forgiven is taxable.
Debt Alleviation Program Options - Join One Now to Obtain These Benefits
By: Conrad Corwin
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