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Credit Card Debt Reduction - How to Eliminate Credit Card Debt and Avoid Bankruptcy

Author: Erik Stump
Date: Jan 25, 2010 - 9:19:16 PM

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Credit card debt reduction services are available and are becoming increasingly popular among consumers who are at least $10,000 in debt and are looking to cut deals with their creditors. Creditors of unsecured debt are very concerned about the increasing rate of delinquent accounts and are currently agreeing to very generous debt settlements. Credit card companies and other holders of unsecured debt realize that if a consumer defaults on their account they could end up with nothing therefore they would rather collect a percentage of your debt balance than none at all. Debt settlements have become a very popular alternative to declaring bankruptcy as it allows consumers to eliminate unsecured debt while avoiding all of the negative consequences of bankruptcy. This article will teach consumers about the debt settlement industry and where to locate the top performing debt companies.

When you eliminate credit card debt through a debt settlement it will adversely affect your credit score although nowhere near as bad as bankruptcy. Most consumers are typically able to fully recover from a debt settlement within 1-2 years while bankruptcy generally takes 7 years. If you are willing to accept a lower credit score to be able to reduce your credit card debt by over 60% then a debt settlement could be a wise decision.

When you hire a debt company for credit card debt reduction they will begin negotiation with your creditors and set up an affordable monthly payment plan in which you will pay into. This will be an escrow account and generally the debt settlement company will let you pick the monthly payment so you can properly budget. Once your escrow account grows to the agreed upon settlement price your account will be paid off and closed.

If you need credit card debt reduction and want to hire a debt settlement company for debt negotiation then I have an important piece of advice. Do Not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt.

FreeDebtSettlementAdvice.com is one of the largest and most respected debt relief networks on the marketplace today. To find a debt settlement company through FreeDebtSettlementAdvice.com check out the following link:

Free Debt Advice (http://www. freedebtsettlementsolutions. com/)

View all articles by Erik Stump

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