Eliminating Credit Card Debt Can Be Done!
If you have ever had high credit card debt you know the stress that it can cause. The monthly concern and worry about how to make the minimum payment can even affect you health if it continues and is not resolved. This is a typical condition for many families across the country today, with the high cost of living, cost of gas, and the high unemployment rate. What does one do when they find themselves under the weight of the debt burden and can no longer support it.
One option: If you have unreasonable credit card debt eliminate it! If this is the course of action you would like to take, you may want to consider consulting with a good debt lawyer. Another is to try to negotiate with the credit card companies to have the debt reduced Unfortunately, the tough reality is that as long as you are current on your payments, they will generally not be willing to even talk about the possibilities. If you have counseled with a debt agency, sharpened the pencil and are unable to find any other way out, then you must do the "unthinkable", if you have been taught as I have. And that is to stop making the payments.
When you stop making payments, you will immediately begin to receive calls from the credit card companies asking for you to make the payment. This is where it requires some stamina. You will want to explain your situation and see if they are willing to help. Most likely they will only offer cursory solutions such as a scheduled payment that you can cancel if you need to, but no real concessions. As the weeks and even months pass, they calls will continue and most likely increase in frequency. You will eventually start receiving calls from a collection agency. Don't panic here, because this means that the agency will begin to make more reasonable offers for the settlement of your debt. They have been authorized by the credit card company to let you settle for some minimum balance. This is when you want to really begin negotiating. Many times a debtor can settle the debt on an amount that is pennies on the dollar.
This whole process is not for the weak in heart. It is tough and you are often tried to be made to feel bad by those on the other end of the phone trying to collect the debt, but take heart, you can survive and come out of the current situation with some persistence and patience.
One option: If you have unreasonable credit card debt eliminate it! If this is the course of action you would like to take, you may want to consider consulting with a good debt lawyer. Another is to try to negotiate with the credit card companies to have the debt reduced Unfortunately, the tough reality is that as long as you are current on your payments, they will generally not be willing to even talk about the possibilities. If you have counseled with a debt agency, sharpened the pencil and are unable to find any other way out, then you must do the "unthinkable", if you have been taught as I have. And that is to stop making the payments.
When you stop making payments, you will immediately begin to receive calls from the credit card companies asking for you to make the payment. This is where it requires some stamina. You will want to explain your situation and see if they are willing to help. Most likely they will only offer cursory solutions such as a scheduled payment that you can cancel if you need to, but no real concessions. As the weeks and even months pass, they calls will continue and most likely increase in frequency. You will eventually start receiving calls from a collection agency. Don't panic here, because this means that the agency will begin to make more reasonable offers for the settlement of your debt. They have been authorized by the credit card company to let you settle for some minimum balance. This is when you want to really begin negotiating. Many times a debtor can settle the debt on an amount that is pennies on the dollar.
This whole process is not for the weak in heart. It is tough and you are often tried to be made to feel bad by those on the other end of the phone trying to collect the debt, but take heart, you can survive and come out of the current situation with some persistence and patience.
Source...