August 29th, 2011 | Credit Programs
The post recession U.S. economy shows that the credit card debt constitutes a considerable portion of consumer debts. The debt-laden consumers have insurmountable amount of debts that have spiraled out of their control with exhaustive use of credit cards. If you have overwhelming debts and looking for a way out, then settle credit card debt with the help of following tips given below:
1. Calculate your total debt amount as that will help you to get a preview of the total amount you exactly owe to each credit card company. Try to collect the credit card statement and add the outstanding dues to get the total amount you owe.
2. You can approach your credit card issuer stating your financial crisis and show your willingness to settle the credit card accounts. If your past record shows that you have not default on your payments earlier, then the creditors might be convinced to settle your debts. They might agree with the settlement offer proposed by you.
3. If the settlement offer is rejected by your creditors then you can inform them that you are contemplating filing for bankruptcy. They might be aware that bankruptcy discharges the unsecured debts so it will be difficult for them to retrieve the owed amount. In this situation, your credit card company might agree to settle your debts.
4. Remember to save a considerable amount of money before making a settlement offer to the credit card company. Try to propose a reasonable amount to the creditors so that you can pay off the debts effortlessly. Once you start making payment on your debts then you can regain your financial independence.
5. Along with the settlement on your accounts make sure that the credit card company reports the bureau as “paid” and “settled” amount. Your credit rating will boost if the credit report displays settled account.
You can take the services of an authentic and reputable debt settlement firm if you are not successful in settling credit card debts yourself. This firm will assist you to settle your debts quickly and you can re-establish your financial situation.