Posted on
November 3, 2009
at
2:05 am
Hi, can you maybe tell me how or what is the best way to settle credit card debt? i kind of dont know what the first thing to do, or what it's about really.
Posted on
November 3, 2009
at
2:09 am
Hello Lil Soft Soft,
what is the best way to settle credit card debt? First, when you say "settle" it involves negotiation with the creditors. The creditors would not negotiate if your credit card debt amount is not $10,000 or more. Plus you must not be current with your payments or they'd think that you just need to manage your accounts. They won't agree to settle.
Posted on
November 3, 2009
at
2:13 am
what is the best way to settle credit card debt?Just to add to the previous comment, when you say settle in the debt settlement industry, it means that the balance is to be reduced to more or less half of its original amount (via negotiation by either the consumer or a debt settlement company), and the consumer needs to pay that slashed down amount via installment or lump sum (depending on what's agreed upon).
Posted on
November 3, 2009
at
2:16 am
what is the best way to settle credit card debt?I agree, debt settlement is different from debt management or a debt management plan (DMP) run by credit counseling agencies.With DMP's the consumer has to be current with their accounts so that the high interest rates may be negotiated. As opposed to, debt settlement negotiating the principle, and not the interest rates.
Posted on
November 3, 2009
at
2:28 am
what is the best way to settle credit card debt?How much is it that you owe?Are your accounts past due?
From which state are you?Are you planning on doing it yourself or hire professionals to do it for you?Are you already in trouble with collection agencies? (collection calls/attorney calls)
?
Posted on
November 3, 2009
at
2:31 am
what is the best way to settle credit card debt?Hey, it depends on your situation really. What's best for others might not be what's best for you, why not fill out a form here at destroydebt.com and avail of the free initial consultation? They can match you up to the right program as well as the right company. Point you in the right direction.
Posted on
November 3, 2009
at
2:35 am
what is the best way to settle credit card debt?If you want to settle on your own - consider the ff:-where is your account now? Is it still with the creditors? their collection arm? third party collection agency? attorney's office? -if you are not up to it, the best thing to do is enroll in a settlement program. If you're wondering how much it's going to cost you: it's 15% of your total debt amount -spread over 18 months or they will take between 20-25% of the settlement amount.
