Right now, if you are faced with an overdue credit card bill that you cannot afford, you may be looking for ways to delay repayment.
There are a number of steps that you can take to do this; however, there is one other thing you should attempt to do too.
Not only can you delay repayment right now, but also there is a legal way for you to reduce the total amount owed.
You can do this with a technique known as debt settlement.
Debt settlement is when your creditors agree to accept less than the total amount you owe.
Why would a credit card company do this? They see it as sort of a compromise.
If you keep not paying your bills or if you file for bankruptcy, they get nothing.
With debt settlement, they at least get a percentage of the money owed.
Tax write-offs can account for some of their other losses too.
As for the delay in repayment, most professional debt management companies actually encourage their clients to stop paying their bills for a few months.
Why is this? A credit card company is more willing to reduce your debt when they have some concern.
If you have been paying your bills on time for years, they are not going to settle; you are actually a good customer.
However, if you have a history on non-payment, you are looked as a risk.
Remember, they get nothing if you later file for bankruptcy.
In short, using the services of a legitimate debt settlement company can allow you to delay repayment and get a debt settlement.
This works to your advantage, making it easier for you to get out of debt.
To find a legitimate company to seek assistance from, use the services of a debt relief network; they work with different companies.