Credit Card Debt Relief

Are you having trouble making your minimum payments on your credit cards? Do you see no light at the end of the tunnel? The scenarios are all too common, first it starts with the creditors raising your interest rates to as high at 29%! Then your credit limit is drastically cut to where you can't even use the card. Your payments increase so much that you start missing payments and before you know it your account is even turned over to a collection company. That is when the endless non stop phone calls start with some collector asking "so when are you going to pay?" This can lead to despair and hopelessness with no end in sight. What alternatives are there to help get credit card debt relief?

Bankruptcy is one alternative, but most of us want to avoid the derogatory marks that stay on our credit report for 10 years. Besides, tougher bankruptcy laws that favor the creditors have made it much harder to get credit card debt relief by filing bankruptcy. One newer and increasingly popular option for credit card debt relief is Debt Settlement. With Debt Settlement, your debts are negotiated down by as much as 60%. You're set up on a payment plan that is about half of what you are currently paying in just minimum payments on your credit cards. But best of all you'll be credit card debt free typically in just 2-3 years! This is much better than the 30 plus years it would take you pay to off your credit card debt with just minimum payments.

The creditors come out ahead as well because collecting 40-50 cents on the dollar is better than the 7-15 cents they would collect if your account was turned over to a collection agency. Of course they would collect nothing if you were to file bankruptcy. The debt settlement agency also leverages negotiating power by not just approaching your creditors with your account, but settling in bulk with lots of other consumer accounts just like yours. This improves your chances of negotiating a much lower pay-off amount.