Credit Card Settlement – When Does Getting A Debt Settlement Make Financial Sense? Part 1

Credit Card Settlement - When Does Getting A Debt Settlement Make Financial Sense

In today’s world where every person is worried about his massive liabilities, credit card settlement is considered as the best way to be adopted. It can be checked and experienced in all possible ways. It can be done by asking people who have benefited them by adopting this method of getting rid of the depressed lives. By visiting the websites of Better Business Bureau and chamber of commerce one can get an idea that how many people are adopting this option for making their lives happier once again.

It is human nature that things in which people are not involved seem really difficult and complicated. But if one gives a bird’s eye view then he comes to know that it was not a big deal at all. Same is the case with credit card settlement. When one thinks to settle ones debt then it seems really difficult but as soon as the person gets involved in the procedures, he comes to know that the settlement deals are far easier to be carried out as compared to bankruptcy. In the underlined article let us see the complete procedure in three simple steps:

  • The First step of credit card settlement process is to hire a legitimate debt settlement company. Make sure that the company which you are selecting is registered on the websites of the better business bureau and chamber of commerce.
  • Present your case in detail to the financial experts of the company. They will collect the required information for their further working.
  • Afterward, they go will for negotiations with the credit card company and will get reduction for the debtor according to the decided terms and conditions.

Now some of the people may be thinking that is it true? Yes, the process of credit card settlement is really a simple procedure to be carried out. Once again it then it should be kept in mind that you should hire a legitimate settlement company. The ratio of reduction depends on the negotiations between the financial gurus of the settlement firm and the credit card company. In case you fail to hire an authentic company then you will not get the required results.

Free Credit Card Debt Relief That’s So Easy a Kid Can Learn How to Do it in Minutes

Free Credit Card Debt Relief That So Easy a Kid Can Learn How to Do it in Minutes

Finding free credit card debt relief that’s accomplished easily is an extreme and perplexing problem for millions of people caught up in this depression through no fault of their own. Kids really can solve the problem but unfortunately for adults none of them have a card debt problem so you won’t hear about it out of the mouths of babes.

How can this be you ask? Kids love cartoons and you can find the exact one they need to see by searching the term “FTC debt video” and let them explain it to you. Their belief system is a little more trusting than yours so they believe it but you on the other hand think it’s just too simple and must be some kind of government scam.

Okay old dog, it’s time to learn some new tricks and be a kid again but you must be over 18 because there is some adult material included here about the banking industry and even though it’s been broadcast on PBS, it remains a hush-hush, whisper only information item that people never discuss openly.

Just use the search term “Frontline — the credit card game” to see how this unorthodox activity began and how it ties in with the “Humpty Dumpty” housing bubble that took a big fall. It explains the exact reason you’re looking for free credit debt relief right now.

Big banking put you on the debt merry-go-round, gave you the plastic genie to swipe for dream fulfillment and at the same time implanted a 30% interest rate that’s now taking an arm and leg out of your paycheck if you are one of the really lucky people that still employed. Don’t feel bad, the entire nation was seduced by the debt genie.

From watching the Federal Trade Commission video you should have concluded that debt collectors, who represent the darkest side of the banking industry, can be easily beaten because they’re not as smart as their banking daddies. Not only can you stop their calls for the price of a postage stamp, you can also get a digital recorder and take their money!

How much money can you take from a debt collector? Use the search term “man wins $1.5 million lawsuit against debt collector” to see the current record and this guy wasn’t even trying. Just remember when collectors’ harassment has you “crying” while you’re recording their conversation, the $100 bills you’re earning will each absorb more teardrops than two roles of bounty quicker picker upper. Didn’t know that did you?

The last item on the free credit card debt relief that’s so easy a kid can do it is about your child’s ability to write a simple letter demanding proof of the alleged debt and getting the address right on the envelope. You must send this letter or all your kids’ effort will be for nothing. It’s a legal essential because without proof you owe collectors nothing! Live life and have fun!

Credit Card Debt Solutions – What Debt Relief Option Makes The Most Financial Sense For You?

Credit Card Reduction - Utilizing Settlement to Reduce Credit Card Debt

Many credit card debt solutions are available to help the people who are trapped in the vicious circle of debts. Debts can be secured or unsecured. Secured debts are issued against some security i.e. assets like house or car whereas an unsecured debt is not issued against any security.

The debts must be evaluated if some relief option is to be opted for getting rid of them. As we all know that various credit card debt solutions are present to solve the liability issue of people therefore, it is very rare case that a creditor sues any of his consumer for the recovery of the loaned amount.

The most preferred credit card debt solutions include debt settlement and bankruptcy. According to the expert’s opinion, debt settlement is the best option to solve the problem of liabilities. Settlement deals can either be formal or informal ones. Informal deals involve a written or verbal agreement between the lender and the borrower including details of how much money is to be paid to the creditor and at what time this payment must be made. For formal deals, a person has to be aware of the legal formalities.

On the other hand if we talk about bankruptcy then it is worth mentioning here that it is not an appropriate way to get rid of the loans. This is because the long run consequences of this option are really disastrous for the person who is opting for this option. If a person becomes a defaulter, he gets ineligible to take any loan for the fulfillment of the financial obligations for the next many years. Creditors also don’t get any money if any of their clients become bankrupt.

Debt settlement is that option which grants 50 to 60% elimination in the amount of the debts along with an opportunity to pay the remaining amount in easy monthly installments or in a lump sum amount as per desire.

Therefore, among the credit card debt solutions, debt settlement is the debt relief option that makes the most financial sense for a debtor.

When the Credit Card Balances Spiral Out of Control, Should You File for Bankruptcy?

When the Credit Card Balances Spiral Out of Control, Should You File for Bankruptcy

Every year, people who run up impossible levels of debt on their credit cards have no option but to pay something back through bankruptcy filings and Chapter 7 liquidations. It’s about $25 billion worth of liquidations of personal assets every year that help with debt payoff in these circumstances. While this might seem like a good way to help the credit card companies make back some of what they have lost, irresponsible behavior of this kind has a way of making things very difficult for every kind of business that deals in lending – retailers, mortgagee, banks and credit card companies.

It all comes down to unplanned living. When people casually charge their home loan payments, their car payments, their utility bills and all their living expenses to their multiple cards without really thinking about the interest they are paying on their credit card debt, there can be only one way for all of this to end up – bankruptcy and financial ruin.

Some borrowers, though not many, have a way of gaming the whole system. They know that eventually one day, they will have no option but to declare Chapter 7 bankruptcy. They try to get the most they can out of their cards before declaring bankruptcy. They’ll charge purchases worth thousands of dollars to their credit cards and then finally declare Chapter 7. They know that their credit card companies stand at the end of the line when it comes to debt payoff by a court-appointed trustee. They can practically get away with everything they got off their credit cards for free this way. It’s a terrible way to live of course; but to many people, it seems like a workable way to live life large.

While secured debt like car loans or mortgages have always to be paid no matter how bankrupt one is and even student loans, taxes and child support obligations need to be met, unsecured claims such as credit card debt can easily be signed away with not so much as a penny paid. All it takes is the order of a judge in bankruptcy court. The credit card companies can’t really ask for any enforced debt payoff. They can’t even sue the borrower for fraud. If a borrower files for Chapter 13 bankruptcy, nothing can be done even if fraud is suspected. There are actually a few rumblings of change here. The authorities are beginning to notice that borrowers regularly try to game a system originally designed to help those in real need of consumer debt protection.

Creditors enjoy the best chances of a debt payoff when a debtor files for a Chapter 13 bankruptcy. The court structures the debtor’s earned income each month to help pay off all credit card debt. Almost all outstanding credit can end up getting paid for this way. There is a cutoff repayment period that the court enforces; the way they structure these debt payoff plans, if everything isn’t paid off in five years, whatever is left over gets wiped clean off the slate. This of course is no way to live, to have the courts come in and tell you how to spend your money. It’s just the price to pay when one lives one’s life on the edge.

Use Balance Transfer Credit Cards to Pay Down Debt in Slow Economic Times

Use Balance Transfer Credit Cards to Pay Down Debt in Slow Economic Times

Like it or not we’re stuck in a downward economic cycle.  The good news is that the economy always pops back. Just like people, it has some down days, but then picks itself up, dusts off and goes back to normal. The bad news is that we don’t know when the economy will pick up and get back to where we want it to be.

In the meantime, many people are struggling. The cost of living has been consistently going up, while pay scales are not keeping pace. If you have a job you are not going to say anything about that lack of pay increase because you’re just happy to be working, as you see many companies around you laying employees off or closing their doors altogether.

The current economic situation is a recipe for major debt to be piling up.

Most people came into the economic downward trend with some amount of debt accumulated. With the increase in the cost of living, expenses have gone up and there is less money to pay down that previous debt. Interest is being tacked on month by month and no matter how hard you try your debt may be getting deeper instead of going away.

What can you do?

One solution is to change the way you are paying off your debt. If you have a loan or a Credit Card holding all that debt, you are most likely paying a good chunk every month just in interest. Instead you could pass on paying interest and just work on the principal by using balance transfer credit cards.

Balance transfer credit cards are just what they sound like, cards that you can use to transfer your balance from other cards and loans to one card.

If you’re thinking this is no different than the situation you are already in, except that you have all your debt on one card, think again. Many of the best balance transfer credit cards offer a little something extra for deciding to use them, they are 0% interest balance transfer credit cards. This means when you transfer the balance from your other cards or loans over to this card, you will not have to pay any interest for a predetermined time. Others have very low interest rates that won’t keep choking you.

When you are selecting the best balance transfer credit card you should make sure to look at the duration of the 0% interest or low balance transfer interest offer. Most balance transfer credit cards offer these types of deals for 6 months, 8 months, a year or more. The longer the better as that is more time you have to pay off your debt without seeing it grow due to interest. Get more information at Gebyar4d