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Credit Card Debt Settlement

In a New York Times article, Cyndi Geerdes - an associate professor at the University of Illinois law school, stated "Done correctly, (debt settlement) can absolutely help people". Credit card debt settlement has since become increasingly popular these days as a means to lower and get out of credit card debt on a fast track basis. Credit card debt settlement is highly effective and ethical, as it benefits both creditor and debtor alike. Credit card debt settlement is typically used by debtors who have large amounts of credit card debt ($10,000 and above) as a way to reduce this debt without the need to file bankruptcy. Credit card debt settlement in fact is often a last ditch effort to avoid bankruptcy.

Yet what exactly is credit card debt settlement, and how does it work? A debt settlement is when you negotiate with creditors in order to settle the account(s) for an amount that is typically significantly less than the original amount owed, and typically has to be paid back in one lump-sum. The question has been asked - Why would a creditor consider an amount that is less than what is owed them? The answer is simple - When you are having extreme financial difficulties, a creditor realizes that your next step could likely be bankruptcy. When a creditor's client files for bankruptcy, they typically end up receiving no money owed them at all. Therefore, it is better for the creditor to receive an amount that is less than the original amount owed than to receive nothing at all for the account, and very often, creditors will agree to a credit card debt settlement as it is in their best interest to obtain some money even if it is not the full amount owed.

Eligibility For Credit Card Debt Settlement

Like all businesses, the banks and credit card companies want to maximize their profits. They can collect all the money owed, none of it, or a portion of it. Their risk assessment will dictate what course of action they decide to choose. However, these creditors realize that getting half of the money owed is better than getting none of it. And bankruptcy is really in no one's best interest. So the issue of credit card debt settlement comes down to one simple fact: If your debt relief provider can present the credit card company with enough information to convince them you cannot pay the entire amount, then you're a good candidate for credit card debt settlement.

 

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What is Unsecured Debt?
Unsecured debt consists of debt obtained from a creditor where the creditor does not hold any collateral that they can take back if you fail to pay.
Unsecured debts:
  • Credit Cards
  • Store Charge Cards
  • Medical Bills
  • Unsecured Personal Loans
  • Lines of Credit
  • Health Club Memberships
  • Magazine/Record Club Fees
  • Cell Phone Bills
  • Signature Loans
  • Collection Agencies
  • Credit Lines
Secured debts:
  • Home Loans / Mortgages / HELOC's
  • Secured Loans
  • Auto Loans
  • IRS Tax debts
  • Student Loans
  • Payday Loans
  • Jewelry Accounts
  • Government Loans
  • Apartment Leases / Rent
  • Utility Bills
  • Credit Union Loans
  • Debts pending lawsuits
* "As Seen On" information refers to paid advertisements that have run on the websites of the properties listed above. The trademarks included on this page are property of their respective owners, who have offered no endorsement of this product.

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