www.DebtReliefVideos.com This free video series focuses on credit card debt relief using Credit Counseling, Credit Consolidation, or Debt Settlement to achieve debt reduction, consolidate debt, and avoid bankruptcy. http helps people who are struggling to pay off credit card debt, medical…
Did you know that you’re being deceived? Right now, everywhere. On TV. In the newspaper. On the radio. In magazines. You’re getting the same message over and over again: “buy now, pay later”; “consolidate your debt into one easy monthly payment”; “get a secure line of credit“. Or the perennial favorite, “don’t worry, it’s good debt”.
The truth is, there is no such thing as good debt. Debt is debt. It’s money you owe someone, money that needs to be paid back at some point in the future. “Good debt” is a misnomer. There’s better debt, sure, because there’s also really bad debt. But debt is never good. Not really.
We live in a debt-ridden society. We’re encouraged to buy things on credit all the time. Why? Because it’s a profitable business for lenders. They’re not doing it out of the goodness of their hearts. They’re in it to make money, and their target is you.
Of course, it’s hard to live entirely without debt. To buy a home these days you almost always need some kind of mortgage, this is true — few people can afford a house outright, especially at the beginning of their careers and families. But you don’t have to be in debt for the rest of your life. A mortgage is meant to be a temporary debt, one backed by the (normally) stable value of the property you purchased with it. It should be for a reasonable, affordable amount that can be paid back within 10 to 20 years of the purchase. And you should have some of your own equity in the house right from the start. But that’s not what people do anymore. They get mortgages for 100% of the appraised value of the house. Worse yet, they get interest-only mortgages that leave the principal — the amount you borrowed — untouched. Is it no wonder that these people eventually find themselves drowning in debt?
But it goes beyond mortgages. A debt mentality pervades our society. Once you have equity in your home, for example, the banks urge you to “free up” the money with home equity loans and secured credit lines. Use the money to better your life, they say, by renovating the house, taking that big vacation you’ve always wanted, or — here it comes — consolidating your other debt.
Your other debt? Sure. You think the only debt people have is mortgage debt? No, they have plenty of other debt. It’s a banker’s wet dream out there today… Credit lines. Cash advances. Overdraft coverage. Automatic credit card limit increases. Pay nothing now. If you’re not careful, you can build up a lot of debt very quickly.
And that’s the problem: those debts have to be repaid sometime. Rack up too much debt and soon you’ll be worrying about the monthly payments. Your peace of mind will suffer, and possibly other things like your marriage and your job. Is that the kind of price you’re willing to pay in order to have things you couldn’t otherwise afford?
The solution isn’t debt relief or debt consolidation. It’s debt avoidance. You should do everything in your power to avoid debt. Because too much debt will tear you down, physically and mentally.
What if you already have a lot of debt? There are things you can do. Yes, you can consider consolidating the debt, but that will only work if you’re able to stop accumulating more debt once your current payments are lowered. Otherwise, you need to attack your debt using a step-by-step plan that involves paying off the highest-interest debt as quickly as possible, then using the money you free from that debt payment to pay the next-highest debt, and so on. It’s the snowball debt reduction method, and it works.
The key to all of this is willpower. Make the commitment today to be debt free as soon as possible. The peace of mind it gives you will make it all worthwhile in the end.
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How To Settle Credit Card Debt On Your Own (“Do It Yourself” Debt Settlement)
I’m often asked, “How can I settle credit card debt myself?”
This is a great question.
There’s lots of info floating around about debt settlement in general; some good info mixed with some dangerously incomplete info… And watch out for all the bad and inaccurate info!
Here’s a quick step-by-step guide for you to accomplish your goal of settling credit card debt yourself:
First, let’s clear up a few things. Then I have three “keys” for you to follow to successfully settle your own credit card and unsecured debts…
Considerable time is required to document, communicate, negotiate and follow up to achieve these results.
There are many strategies and factors to consider that may impact results.
There are plenty of pitfalls to avoid.
Settling yourself for 2/3rds can be a reasonable goal.
The general consensus of industry professionals and insiders I know tell me overall, “doing-it-yourself,” consumers settle credit card debt on their own for about 75% on average.
My close friends, however, who are pros and found themselves in financial hardship during recent years, have achieved 10% settlements on many of their own personal credit card debt accounts — but this is only because they were willing to go the extreme distance and knew exactly what they were doing. These folks are the exception to the rule.
Many people are unsuccessful getting any reduction of their debt at all on their own, without even any relief from double-digit interest rates. These folks remain stuck on the exhausting treadmill of slavery to debt and money.
Professional negotiators (including attorneys and arbitrators) average about 50% settlements (some much better than others), and usually charge about 15% in fees (may vary by program type), putting the total cost to use a professional debt settlement service at an average of about 65% or less of your total unsecured debt.
Creditors DO give professionals representing a large volume of debt “special treatment” because large professional negotiators are the “bread and butter” for most collectors. They deal with each other every day. When a professional debt settlement negotiator comes to the table representing millions of dollars of client debt held in “bulk” with a single major creditor, it creates serious leverage for the consumers represented by the professional. Creditors are often willing to do these “bulk settlements” for substantially less than individuals would normally ever be able to achieve on their own.
Still, I’ve helped many folks who have a knack for communicating, negotiating, documenting and following up (the four critical skills you’ll need to do this) to get settlements as low as 45-60% regularly.
Make sure you’re ready to do all the communicating, negotiating, documenting and following up required all on your own before you start.
If you are…
Here are the three keys to settle credit card debt on your own:
KEY # 1) The accounts must be delinquent.
Creditors will not settle for anything less than the full balance until your accounts are seriously past due. While good settlements are possible after only 60-90 days, typically settlement take place after 180 days + when accounts are “chargied off.” This is because when creditors “charge off” an account (an accounting entry), they are taking a tax benefit on the account by writing it off as a loss. This de-values the account, and it is no longer worth the full balance owed. In fact, the normal course of business is to sell the account as “bad debt” to a third party debt collector.
STARTLING FACT: In 2006, “bad debt” was sold to collectors for an average of $0.034 cents on the dollar. That’s 3.4%! Can you imagine? This means a $10,000.00 account is typically sold for only $340. Keep this in mind. This is exactly WHY debt settlement works so well, because it’s a better deal to the creditor or collector than any other option, such as a lawsuit, collections or bankruptcy.
With the economy getting worse and bad debt more than doubling in 2009, expect the value of bad debt to drop even further, which means better settlements and more savings for you!
KEY # 2) Documentation BEATS Conversation, every time.
DO NOT make any payments by phone.
Collectors will almost always ask for a check by phone. Say this:
“Unfortunately I’m unable to make a payment at this time; and am hoping to bring resolution to this matter as soon as possible. I understand you want me to make a payment right now, but that just isn’t possible. I will have $_________ (state an amount that’s roughly 35-50% of your balance, not a percentage but a round number) soon and want to settle at least one of my accounts with whoever will give me the best deal. Can you please send me an offer in writing?”
HINT: You can do this initially or in response to a settlement offer that’s too high… Write a “Hardship Letter.” Hand write or type up a letter describing your situation, your inability to pay and include information such as, divorce, medical issues, loss of job, disability or reduced income. Any information regarding your personal hardship will help your negotiation, so don’t hold back. Send this letter along with a request to settle the account for $_______ (again, a random amount roughly equal to 35-50% of your current balance).
Talking sincerely about your financial hardship, lack of income and inability to pay when requesting a settlement offer over the phone can help a lot. Think sob story, but be sincere. Still, in this game… documentation beats conversation, every time.
Track everything (documentation)… who you speak to, their name, phone number and extension, date and time. Keep everything organized in a folder, easily accessible.
NOTE: Certain creditors such as CitiBank, Discover, Kohls, Target and Chase if you live in FL, NY or OH will not settle for such small amounts. You should accept 60% to 75% in these situation and consider it good. All are more likely to pursue legal action as well.
KEY # 3) Use certified mail with return receipt.
Once you get an acceptable settlement offer in writing, send a check. But first… Write your account number for the account you are settling on the check and in the memo write “FOR PAYMENT IN FULL.” Send the check along with a COPY of the settlement offer by certified mail with return receipt.
Once the account is paid to a zero balance, you can do the normal process of credit repair and quite possibly have the account removed through disputing it and requesting verification.
But wait, isn’t “Do-It-Yourself” Debt Settlement like doing your own taxes or dental work?
Sure, it’s possible settle credit card debt on your own. Some people are naturally good at it and even enjoy it, but most of us would rather leave it to a professional to get it done right the first time.
It’s like changing your own motor oil… while most people don’t want to get their hands dirty, you certainly can do it yourself.
Debt settlement is by no means an exact science and it’s difficult for an individual lacking experience to determine if a settlement is fair or not. In addition, you have to directly handle all creditors’ calls and the harassment that come with the job. Many people are simply unable or uninterested in handling that kind of pressure, especially with the daily complexities of managing a job, household or family at the same time.
It does help (big time) to have expert guidance instead of learning on your own through trial and error (expensive and stressful). The cost of professional debt settlement programs may easily be dwarfed by the additional savings you’ll realize by “doing right” the first time.
Hiring a professional debt settlement firm with a good reputation can no doubt save you more money, give you better advice and get you out of debt in a much less stressful manner, enabling you to move on with your life.
This sums up the process of settling credit card debt on your own. A professional debt settlement program makes a lot of sense if the cost to you is the same or less than doing-it-yourself and you get to let the pros do most of the work for you.
FYI: “Credit Counselors” do not settle debt. I’m often asked a similar question, How can you settle a credit card debt without using a “credit counselor?”Credit counselors don’t actually settle debt,, but it’s a common misconception the general public shares. How many of us really know how this credit and debt stuff works? They often are able to reduce interest rates, and collect the full balance through a debt management plan where you pay them one single payment each month while they turn around and pay your creditors for you (hopefully) in full plus interest.
Of course, hiring the right professional for debt settlement services is a different discussion, but *watch out* because there are only a few “good ones” out there… mixed in with many unscrupulous salespeople who would lead you astray for their own gain in the debt settlement industry.
BUT BEFORE you can be certain debt settlement is the best for you, be sure to educate yourself on how credit works, your options for getting out of debt and how to choose what’s best for you.
No matter what…
Make it a Priority to Be Debt Free ASAP, and Stick To It.
Because nothing feels as good as freedom, after you’ve been a slave!
: )
Need More Help or Resource with Debt Settlement to Settle Credit Card Debt On Your Own (“Do-It-Yourself”) or to Find a Trusted Debt Settlement Program?
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How often do you regret swapping your credit card to make the stuff that you take a strong liking to in a shop, your own? Surely, in this time of major recession you must be regretting your credit card purchases all the time. Especially due to the high rates of interest that you have to pay which leads to your unmanageable credit card debt. So, if the government bailout policies are not doing much to help you out you need not worry because there are a number of credit card debt bailout programs offered to the many like your own by the various debt relief services. There are now a number of solutions to the problem of credit card debt that has been the cause of sleepless nights of thousands of people.
If you are unable to pay the high monthly installments that your credit card company demands and as a result you are stuck in the vicious circle of never ending credit card debt, then you need not worry because there are ways to consolidate your debt. An easy way to credit card debt bailout is to loan the amount that is payable as debt and pay off your credit card company in a go!
The result will be that you will not have to count the high rates of interest any more. The money that you loan will be at lower interest rates and will bring down the monthly payments that you have to make. You will also know the exact time period till when you must pay the installments bailing you out from a never ending cycle. It is always essential to remember that the one thing that makes debt unbearable is the complex interest rates. No wonder this method is very handy when it comes to debt relief!
Moreover, if you feel that your debt has really exceeded your paying capabilities and you are in such bad condition that you cannot even manage your finances through loaning some money then you might consider you can try to settle your debt in a different way.
As because you are not that good at negotiating with credit card companies you can easily leave that up to your relief scheme to do! The program will allow experts in this field to firstly work out the perfect program that will actually suit your monetary situation. It is after this that they will start negotiating with the credit card company so that your principal amount itself can be reduced.
This will automatically reduce your debt amount to a large extent and will prove to be an efficient way of credit card debt bailout! This is a scheme that is especially useful for people who are neck deep in debt and the amounts are truly humungous as compared to their paying capacity. This program is actually a relief as it can reduce your debt up to 50% and may be even more!
If your debt is still in a manageable situation and it is your lack of financial planning that is making your debt worse, then too there are easy solutions! You can receive some training and advices from experts that will help you plan your debt better! It will show you how you can pay off your credit card debt faster without hampering your daily expenses much! In this way, you don’t need to wait till your situation gets any worse. It is after all best to solve a problem right at the beginning!
Credit card debt is a problem that is wracking the lives of many households causing panic and financial uncertainty. However, now there are various programs available for which you can even register online. They are capable of solving your debt problems and bailing you out, at whatever stage your credit card debt problem may be! No more do you need to brood over your purchases, you can go right up and find yourself the right kind of credit card debt bailout!
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There actually has never been a much better time to do away with personal debt with the help of a debt settlement company. It is no secret that our country is massively in personal debt as are most our citizens. The united states has resided in a society of consumerism where being in debt is not only common but actually encouraged. This frame of mind has dwindled off appreciably with the recent financial and credit crises that led many to believe America was headed toward financial disaster. While we have avoided financial disaster, many creditors are really worried that they will never recoup their lent money. This fright, along with stimulus money has led to an environment where there has never been a better time to eradicate credit card debt.
If you have got over $10,000 in unsecured debt and would like to take advantage of current marketplace situations to settle your unsecured debt, it would be prudent to hire a debt settlement business to negotiate on your behalf. While many people think they can negotiate with their creditors by themselves, the inescapable fact it that a unsecured debt settlement firm has a significant advantage over you when it comes to credit debt negotiation. They already have established relationships with all the significant creditors and may use their influence to settle a better deal. In return they will collect a fee from you for their support but if you are over $10,000 in debt this charge will pretty much usually be 50% less than your financial savings.
When you wipe out credit card debt through a credit card debt settlement firm there is only a minimum impact on your credit standing and can actually end up helping your credit rating down the line. The thing is, when you eliminate debt, you can be much more likely to qualify for other loans and lines of credit. Nearly all creditors’ key worry is how much money you owe other people. While your credit is a large factor as well, it is more important that you will not be deep in unsecured debt with other creditors.
If you want to get out of credit card debt and hire a debt negotiation company for personal debt negotiation on your behalf then I have a important piece of advice. Do not go directly to a particular debt settlement firm but rather first go to a credit debt relief network who is affiliated with several legitimate debt companies. In order to become in the personal debt relief network, the debt negotiation companies must prove a track record of successfully negotiating and getting rid of unsecured debt. They must also pass an ethical standards test. Going through a consumer debt relief network will ensure that the unsecured debt company you are provided with is a legitimate and respected organization. This is the most efficient way in finding the best credit card debt firms and increasing your chances of wiping out your personal debt.
To find a unsecured debt settlement firm through a credit card debt relief network check out the following link:
<a href=’http://www.freedebtsettlementsolutions.com/’>Free Debt Advice</a>
contact us for free debt advice = 8886916918
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Credit card debt relief can come in many different forms. Knowing exactly what each form of debt relief has to offer you as well as if you would be able to qualify for the different programs is important. It does not matter if you’re have debt caused by credit cards, late utility bills or medical bills. All that is important is that you need to work your way out of the pile of debt that you have yourself buried under and eliminate credit card debt legally.
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