Credit card debt settlement, an option to slash multiple credit card debts
There are many consumers who are extremely worried about their soaring credit card debt that they’re carrying and are also wondering about the ways in which they can put an end to their rising debt worries. The consumers who have misused their credit cards are the ones who are drowning in a sea of debt. It is only when you receive your credit card billing statements that you realize your mistakes with your credit cards. Settlement of credit card debt is something that you can if you wish to reduce your total outstanding debt. If you’re wondering about the details of settling your credit card debts, read the following article.
When should you opt for debt settlement?
If you’re confused about when you should seek the help of credit card debt settlement companies, then the following examples will give you better understanding.
- When the total amount that you owe is more than $10,000
- When you can’t bear the interest rates and the monthly payments towards your debts
- When you’re are tired of splitting your payments among multiple creditors and you wish to combine your payments into a single loan
- When you want to reduce the total outstanding amount and repay an amount that is much less than what you actually owe
- When you want to start fresh but you’re looking for an alternative to bankruptcy
- When you want to stay out of the debt for good
- When you want to get rid of all debt collection calls
What to check before choosing a debt settlement company?
There are multiple debt settlement companies in the market and you have to choose the one that has your best interests in mind. Here are the points that you should consider before choosing a debt settlement company.
The first thing that you need to check is whether or not the debt settlement company is registered with the Better Business Bureau. If it is not registered you should be wary of the legitimacy of the company and do further research before giving them consideration.
Does the company charge upfront fees from you before checking your finances? Well, if the debt consultant asks for upfront fees even before reducing a portion of your outstanding balance, you should proceed with caution and check into other companies. The FTC doesn’t allow the for-profit companies to charge such fees and you can even report this to the FTC.
Does the company tell you that your credit score will be hurt when you settle your credit card debts? If they don’t, they’re misrepresenting their services and you should avoid getting help from such companies.
As debtor, it is important for you to carry on the duty of choosing a worthy debt settlement company. Make timely payments on the credit cards for bad credit that you keep, in order to boost your credit score so that you can become creditworthy yet again.
J.C. McClain has authored two books on credit cards available at the Amazon Kindle library, Credit Cards For Bad Credit 2013 and Best Credit Card Rewards 2013. McClain’s YouTube videos can be found by searching Credit Cards For Bad Credit. McClain has also appeared on the nationally syndicated radio financial fitness show sharing his expertise in credit repair. McClain is also the credit expert for Cloud Technology Systems, Inc