What is credit card debt settlement? Imagine yourself facing a pile of credit card debt, unable to make the minimum payments on some of them.
Well, you are not alone.
More and more Americans are finding themselves in the difficult position of being unable to pay off their debts.
This is not to say they are unwilling to do so, but with the minimum payment amounts rising to 3% lately, and the ever increasing fees and penalties, people are just unable to make monthly minimums anymore.
Enter credit card debt settlement.
Debt settlement is the process of letting your credit cards go delinquent, then negotiating with your creditors to pay off a percentage of your total balance and calling it even.
The process is not this cut and dried, but many people are taking this option to get out of debt and get on with their lives.
Overnight it seems, an industry has grown on the internet, on TV, and on the radio.
Debt settlement companies are vying for their piece of the pie.
Trouble is, they charge a hefty fee to do what you can do by yourself.
Yes, you can negotiate debt settlements on your own.
Keep in mind though, you will be getting phone calls, and letters from your creditors.
Starting out nicely in tone, they will become more and more threatening.
But if done right, you can come out of a settlement with a repairable mark on your credit score, and end up paying much less than you would if you were to pay off the total balance.
A typical settlement amount is around 50%.
Credit card debt settlement is a great way to get out of debt without having to go bankrupt or paying way too much in fees and penalties.
If you find yourself under a mountain of debt, you may want to check into it today.