If you feel that settling your debt is already bordering on the impossible, credit card debt negotiation is your next best option. Creditors are always after the assurance of payment. The tendency of people with debts is to shy away and neglect all the notices. This non-action forces credit card companies to send more letters and give you calls that unfortunately strain you psychologically and border on harassment. Apart from that, non-payment means additional penalties or late charges. The longer you ignore these notices, the deeper you'll be sucked into financial hell. Debt negotiation is a way out of the stress of your situation.
What is Debt Negotiation.
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Debt negotiation (also referred to as "debt settlement") is the time-tested, foolproof method of clearing up those acquired collection accounts. With a debt settlement attorney as facilitator, you can forget about declaring bankruptcy and look forward on getting back on the right financial track. (Plus, you will also be safe from the threats of credit card lawsuits!)
Although declaring bankruptcy seems to be the best way out when your accounts get unmanageable, bankruptcy also carries a lot of disadvantages. It may be relatively easy to justify, but bankruptcy can burden for the rest of your life, and your financial life for at least the next seven years. It also entails a lot of legal documentation which becomes a matter of public record forever.
Three Reasons Why Debt Settlement is Your Best Option:
1. It requires little work on your part. Find a reputable debt settlement lawyer and your debt problems are as good as solved. The debt settlement attorneys will do all the talking and negotiation for you. They may even tell your creditors that you are seriously considering bankruptcy and may not have the necessary amount of money to pay off all your debts given the limited finances at your disposal.
Your chosen debt negotiator will be your representation, which means you will be saving yourself from the burden of receiving those endless letters and scary phone calls. Someone else will negotiate on your part, and you can have your peace of mind that the job is done correctly and within the law.
2. It will force your lenders to rethink about their options.Most credit card companies are owned by banks. When you are suddenly unable to pay your balance, they will be concerned with your ability to pay off the debt. Credit cards, classified under unsecured loans, are not backed by collateral. They generally do not have the power to use your other assets as mortgage and they are simply holding on to your promise of paying. Banks are aware that if you declare bankruptcy, there will be a large possibility that the entire balance of your credit account will be wiped out. Not receiving any sum of payment is the worst-case scenario for any credit card company. A company doing negotiation on your part will give your creditors the assurance they need. Creditors will more likely settle or adjust the terms of payments, than not receive any amount of payment at all. This means that you can reduce your debt to as much as 60-70%, eliminating all those overwhelming penalties and other unnecessary charges.
3. It will save you precious time and valuable money. With the debt settlement attorney doing the negotiation, you can save your self from spending gruelling hours worrying about how you can pay off your creditors. With the credit card company's eventual change of priorities, you are likely to remove almost all the unnecessary interest and overdue fees from what they are trying to charge you to settle the account.
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