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Settling Credit Card Debts: How To Do Things The Right Way

Author : Jessie Stone


When it comes to settling credit card debts, you have to consider doing a lot of important things. A lot of factors should also be taken into account to ensure that the entire process of clearing yourself from debt is done effortlessly and correctly. The following are some of the tips and factors that you need to consider in your attempt to gain debt relief:

1. Determine if your debt qualifies for debt settlement. Settling credit card debts through the process of debt settlement or debt negotiation has become increasingly popular to people who have huge piles of debt. If you want to try out this solution, then you have to find out if you meet the qualifications required for it. One requirement is that the debt should be unsecured. Examples of unsecured debts are those that are incurred through credit cards. It is also important for you to bear in mind that auto and mortgage loans are not qualified for debt settlement.

2. As much as possible, don't stop paying your creditors. If you are facing struggles in maintaining your minimum payments, then make sure that you notify your creditors right away. Do not think of hiding your situation to your creditors as this will only make things tougher for you. If you have a good credit with them, that is if you have not defaulted in any of your payments, then you can expect your creditors to offer you help. This also holds true if you have a good reason for your inability to pay like salary cut, divorce, separation and loss of hours.

3. Try out credit counseling service. Settling credit card debts can be made easier through credit counseling. This is actually a debt solution which is financed by lenders and other lender support groups. Through debt counseling, delinquent borrowers like you can seek assistance from independent credit counselors when it comes to making favorable payment arrangements. Although you cannot expect the total amount of your obligation to be reduced through this solution, you will still be provided with benefits like reduced monthly payments, lower rates of interest, elimination of collection calls and waiver of over limit or late fees.

4. Work hard to pay what you can afford. When settling credit card debts, it is not advisable for you to completely depend on those methods and companies that promise to provide you full elimination of your debts. You are still advised to do something to earn extra cash and manage your spending habits so you can at least do something to reduce the amount of your debt. If you own some stuffs that you no longer use, then it is best for you to sell them on auctions sites so you can earn money. Once you generate extra cash, then it will be much easier for you to deal with your credit card obligations.

All of the tips mentioned above are geared towards helping you get out of debt the fastest possible time. If you consider performing all of the tips above, then expect to receive excellent results from settling credit card debts.


Author's Resource Box

Lee is an expert in the area of debt collections. Lee has been through credit card debt settlement and is now debt free, he has written about his entire journey on his blog located at http://credittrap.net

Article Source:
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Tags:   Debt Settlement, Credit card debt settlement, Debt settlement companies, settling credit card debt, debt settlement laws, credit card sue

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Submitted : 2011-07-24    Word Count : 375    Times Viewed: 771