What would your debt look like if it was cut in half? For many individuals, that sounds like an absolute dream.
Having your debt chopped down is something that you might think could only happen in a Hollywood movie, but the fact of the matter is that with some of the available debt elimination options, it can happen for you.
Hector Milla Editor of the “Credit Card Debt Counseling” website — http://www.CreditCardDebtCounseling.biz – pointed out;
“…Many folks today are taking their old, outstanding credit card debt and they are chopping it in half. In some cases, these people are getting their entire bill settled for much less than half of what they owe. How can this happen, you ask? It comes down to leverage and direct negotiation…”
Handling old, large debts
If you have a debt that is large and old, then you have some options. What you need to know is that the credit card companies are in something of a desperate position right now. You would have to have been hiding under a rock to not know about the credit crunch and they need money more than just about any industry right now. What that means is that if you can come to them with an offer that gives them some cash flow right now, they are in a position where they almost have to accept. This is helped by the fact that the government requires lenders to offer individuals settlement after a certain period of time.
Ultimately, old debts are just going to be written off by the creditors after a while anyway. They are better off when they get something from these accounts, so if you can come by and offer them 50% of what you owe, they might take you up on that offer. The success of this tactic has to do with how well you can negotiate and which companies you have backing you. Some of the best debt elimination companies out there have the ability to work directly with the lenders, making sure that you get the type of deal that you deserve in this situation.
“…This might seem like magic, but it’s a very real solution. The problem for most people is that they don’t have the money to make the large, up front payment that is required when you settle with your creditors. If you have the means to do it, you will save huge amounts by doing this. When you consider what you might have paid in interest by paying down the loan over the course of a decade, the savings become even more pronounced…” added H. Milla.
Further information about trusted and reputable companies for credit card debt settlement by visiting; http://www.CreditCardDebtCounseling.biz
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.