What you should know first about debt management counseling.
It is easier to negotiate credit card debt than most people think. The key is not getting overwhelmed or intimidated by threats from inexperience debt collectors. There are several key factors to keep in mind before considering negotiating credit card debt with either credit card companies or collection agencies.
Key 1: Keep a cool head. Worse case scenario is that they would put a lien against your home and if you do not have a home, then all they can do is continue to impact your credit for 7 years.
Key 2: Know your rights. Get the Fair credit consumer act which is a federal law placed to protect consumers from abusive practices from creditors. For mortgages, read the Truth in Lending disclosure whenever you are looking to refinance.
Key 3: Know that paying them off without having an agreement in writing and without getting them to agree to remove the derogatory item from your credit report then you will remain in the same status with your credit report.
Key 4: Make sure to not offer anything you can not afford to pay right away.
Again, arm yourself with all the information you will need beforehand and after reviewing your rights you feel you can not follow through because the creditor is being intimidating, you might want to pursue finding a debt negotiating counseling company for handle the negotiating process for you. There are many negotiators of credit card debt throughout major cities like New York, Chicago and even Toronto. You can visit http://www.debtmanagementcounseling.org to learn more about the different ways of dealing with debt.
Peace of mind and providing for your family should be your only concern in life and though at times life happens, there are laws in place for when it does, so do not fall victim to aggressive collection agencies who feel you are incapable and ill-equipped to satisfy your debt obligations with dignity. Remember, delinquent debt can stay on your credit report for at least 7 years. Bankruptcies and tax liens can remain there for 10 years. It is the right thing to pay your debt, but the same way that you satisfy your debt and make good with a creditor, they can exonerate you from paying for this debt with bad credit reporting for a minimum of seven years. If you satisfy the debt and they are able to move on, then they should remove the derogatory item and allow you to move on as well. Don't be ashamed to demand this courtesy.
This article does not attempt to give legal advice. Please check with an attorney or other legal professional before settling on any course of action
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