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Debt is like a thief that just keeps following you around
Practically speaking, there is just no way to get rid of debt. It's like a thief that just keeps robbing you of part of your earnings and never goes away. While there are ways to consolidate debt such as a debt consolidation loan or through consumer credit counseling, neither of these eliminates debt. They are just a way to move your debt from one set of creditors to another and to better manage it.
Get rid of those annoying creditors
For example, in the case of a debt consolidation loan you would be able to get rid of all those annoying creditors and those multiple payments. You would make just one payment a month and it should be far less than the sum of the payments you've been making. But again, you won't have eliminated your debts you will just have made them more manageable.
True debt relief
The only real way to get out from under that pile of debt and achieve true debt relief is through a strategy called debt settlement. It's based on the fact that if you stop making payments on your debts for six months or more, you may be able to "sell" your creditors on the idea of settling for less than what you owe. Why would they do this? You will have to convince them that if they refuse to settle, you will file for bankruptcy and they will get nothing. You might start out by offering to settle for forty cents on the dollar. This would give you flexibility to settle for 50% of what you owe in the event the credit card company does not accept your first offer. In other words, you need to have some flexibility built into your negotiations.
You must have the cash available
The second reason why credit card companies are often willing to accept these offers is if you can pay them immediately. What you would be saying is, “if you accept my offer at fifty cents on the dollar, I will wire the money to you today”. This can be a powerful incentive but, of course, you do need to have the money available.
How good a negotiator are you?
You need to be a pretty good negotiator to settle your debts for less than what you owe. The credit card companies have employees who are very skilled negotiators and it is not in their best interests to let you off the hook. In fact, some may just refuse any settlement offer.
Let the professionals do it for you
If you don't feel that you are a good negotiator or salesperson or if you don't have enough cash to settle your debts, you should let our professional debt counselors handle the settlements for you. They have years of experience dealing with the credit card and personal loan companies and have good relationships with their people. They are such skilled negotiators they usually save our clients thousands of dollars. We charge no upfront fees and if you are not satisfied with the payment plan you are offered, you can cancel out and not pay us anything. Call our debt free number or fill in the form on this page for more information – it's a no lose proposition.