How Much Credit Card Debt Do You Have? If It's Over $10K You Should Consider Debt Settlement

If your credit card debt just jumped over $10,000, it is time to think over it. A lot of theories and controversies have come up on resorting to debt settlement. Some are in favor while others are against debt settlement. Let us discuss the pros and cons of debt settlement and that should help you decide whether to vote for it or not. Debt does not relate to financial problems alone but adds to stress and pressure as well. It might frustrate you up to a point of considering bankruptcy as the only solution of debt. Bankruptcy is not a solution to debt problem; rather it opens the door for further troubles.

Debt settlement is purely based on negotiation. A drowning man looks for the slightest ray of hope to survive. Lend a simple support and he will find a rescue. If your unsecured debt is beyond means, stop paying the credit card companies. The creditors are not willing to negotiate until you keep paying something. You need to convince them about your fiscal status and give an option to settle for something less. If the debt is $10,000 and you offer them $5000 as the final amount you can afford, let them know. Make it clear that you have run out of money in cash and kind and bankruptcy would be the second option if they do agree on settlement. Bankruptcy leaves borrowers and lenders with nothing. The credit card companies would be willing to negotiate for something less.

The art of negotiation is based on knowledge and experience. You can either do it on your own, but if you are not confident enough it is worth referring a pioneer in this field. Go to a debt settlement firm for credit counseling. They will advise on transferring the higher APR credit to a lower APR card, consolidate your debt from multiple credit cards and streamline it to a single payment at an affordable amount per month. They disburse this amount to the creditors upon negotiating the amount you owe as debt. The debt settlement firms not only handle debt but advise on wise usage of credit card as well, they might help develop your insight on money management. You will be able to clear a debt of $10000 in just 2-3 years eliminating 60 - 70 percent.

Finding legitimate debt settlement companies is not that difficult but consumers must know where to look. It would be wise to utilize a debt relief network that will qualify the companies for you and ensure that they are legitimate and have proven themselves. To locate the top performing debt settlement companies in your state check out the following link: