Debt Reliefz

By: Debt Reliefz

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Thursday, 3-Jun-2010 08:40 Email | Share | | Bookmark
How to Negotiate and Eliminate Credit Card Debt

There are several credit card debt solutions for 2010 but if you are looking for negotiating with the creditor and eliminating your credit card debt then, there are a couple of requirements that you need to fulfill. The requirements are mentioned below:

• The first requirement that you need to fulfill is to have an overall debt of $10,000 or more. Anything below that mark will not work.
• The next requirement is that you need to have your debt consolidated in one single place. If the debt is spread over various cards, you need to transfer the balances from all your cards to one single card. You must wisely choose that card to which you want the balance to be transferred. The card that you select must have the lowest rate of interest among all.

Once these two requirements are fulfilled, there are two things that you can do. The option that you choose will determine the amount of debt eliminated. The first option that you can choose is to go for a negotiation deal by yourself. This will not yield the result that you generally hear about. The maximum that you can eliminate is 30%. However, the next option that is open for you is to hire a professional debt settlement company. It is true that the company will charge you some money for the service but the company will ensure that the creditor eliminates at least 50% of the debt that you have. If the negotiator has a better negotiation skill than the creditor, you can have up to 60% of your debt eliminated.

The professional negotiator from the company will ask you to go delinquent and when you stop paying the creditor, the later will wait for a period of 12-16 weeks and then sell off the debt to a collection agency for as little as 20-30 cents on the dollar. The negotiator will then contact the lender with a better deal of 40-50 cents per dollar. The creditor generally agrees because it means 100% ROI for the collection agency. The creditor will then eliminate at least 50% of your debt. This is one of the best credit card debt solutions for 2010 and this is how you negotiate and eliminate credit card debt.


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