Debt settlement – How it helps pay off credit card bills quickly

Are you finding it difficult to pay back your credit card bills in full? Do you want to get rid of your debts quickly? If yes, then you can consider debt settlement to be your suitable debt relief option. If required, you can get help from forums for appropriate debt advice that is, whether or not to go for debt settlement along with the consequences of settling debts. Read on to know how debt settlement can help you get rid of your credit card bills quickly.
Debt settlement – What it actually means
Debt settlement is a process of negotiating with creditors such that they accept less than what is owed by the debtor. A successful negotiation can reduce the outstanding balances on your credit cards by about 40-60% of what you owe.
Settlement program – How it helps in getting rid of debts
You can get enrolled in a debt settlement program to pay back your credit card bills/debts relatively quickly. When you get help from a settlement company, it analyzes your financial situation and decides upon a monthly amount which you need to make towards paying off your debts every month. The company also negotiates with your creditors to reduce the payoff amount so that it becomes easier for you to repay the bills fast. The company makes your creditors understand that your financial condition doesn’t permit you to pay back the bills in full. The company also asks you to not pay your creditors for the time being and deposit the agreed upon payment into a settlement account. Once your creditors agree to a reduced payoff amount, the accumulated settlement fund is used to settle the debts by paying the creditors the required amounts.
While getting help from a settlement company, make sure you seek debt advice precisely, debt settlement advice from a reputed organization. It is better to choose a company that has at least 5 years of experience in the relevant field. By doing so, you can be assured that the company has been successful in delivering services to its clients as promised.
You can also decide to settle your debts on your own without any professional help. Doing so, you can save the amount that you otherwise need to pay to a settlement company. However, while settling your debts on your own, make sure you’re aware of the negotiation skills so that you get the best settlement deal.
While getting help of debt settlement to repay your credit card bills quickly, you should know that your credit score may get reduced by several points. This is because you don’t pay back your debts in full and the account statuses on your credit reports get updated as “Paid as settled”. However, debt settlement helps you get rid of your debts relatively quickly and when you’re out of debt, you can manage your finances in a way to add positive information to your credit reports. Doing so, you can raise your credit score by several points, which in turn, will help you take out loans at suitable terms and conditions in future.

For more information call us on 510 742 5887 or visit us on www.YourDebtSettlementAttorney.com

Shah Peerally is an attorney licensed in California practicing immigration law and debt settlement. He has featured as an expert legal analyst for many TV networks such as NDTV, Times Now and Sitarree TV. Articles about Shah Peerally and his work have appeared on newspapers such as San Jose Mercury News, Oakland Tribune, US Fiji Times, Mauritius Le Quotidien, Movers & Shakers and other prominent international newspapers. His work has been commended by Congress women Nancy Pelosi and Barbara Lee.  He has a weekly radio show on KLOK 1170AM and frequently participates in legal clinics in churches, temples and mosques.

 

For updates follow us onYoutube, Radio, Facebook, Twitter and LinkedIn.  Shah Peerally Law Group PC deals in immigration law  - www.peerallylaw.com and www.immigrationlegalblog.com

Attorney Shah Peerally also deals in debt settlement. For more information call us on 510.742.5887 and visit us on www.YourDebtSettlementAttorney.com.

Information provided above is for educational purposes only.  One should not act or refrain to act solely based on the information provided.  You should consult an attorney to assess your case before proceeding.

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Disclaimer: The views expressed on this website are not necessarily those of Shah Peerally or his law firms. No attorney client relationship is created by reading any message or articles posted on this blog.