In the current struggling economy, the number of people with debt problems is ever increasing. If you are experiencing hardship and can’t pay credit card bills, one of the best options available to you is debt negotiation, also known as debt settlement, which entails negotiating with creditors to settle for 50% or less of your debt. This article will explore the do it yourself debt negotiation approach.
Although there are several methods to eliminate credit card bills, do it yourself debt negotiation is the best option for people who are no longer able to pay credit card debt due to a legitimate hardship such as loss of employment, divorce or separation, a long illness or any other serious event that caused them a significant loss of income. With the correct information and guidance anyone can learn how to negotiate credit card debt on their own and save thousands in fees.
Some people are intimidated by the thought of negotiating with creditors, but the fact is that creditors would rather deal directly with the consumer and some creditors even refuse to work with professional negotiators. Nevertheless, since most people lack negotiation skills and don’t know the tactics used in debt settlement, you do need the right coaching to succeed at negotiating your settlement.
You can certainly hire a debt settlement company to negotiate for you, in fact, if you do a thorough research, you can find a few good companies, but you must be prepared to pay them 15% of your total debt in fees, which can significantly increase your liabilities.
There are also numerous forums that offer information on this subject but what is the source and quality of this information? Most of the people who post in the forums are hardly experts in the topic and are posting their opinions as absolute facts. If you follow these peoples’ advice, it could make matters worse.
If you are overwhelmed by debt and can’t pay credit card bills any longer, you are probably considering bankruptcy, however you should know that debt settlement is the best alternative to bankruptcy. If you have considered debt settlement and have talked to a few debt settlement companies, you are probably shocked at the fees they charge. With expert information and training you can do your own settlement and save thousands in fees.
As you can probably tell by now, it will be in your best interest to find out about having the correct coaching and guidance to successfully handle your own debt settlement. With the correct information, the do it yourself approach to debt settlement is a far better choice than hiring a debt negotiation firm and paying high fees, or following the dubious advice of a forum member.