Debt Elimination: "Let the Negotiations Begin"

What is debt elimination? It's the art of negotiating with your credit card lenders in order to substantially reduce the balance of your debt-load. Reducing your debt-not reducing your interest rate is the best way to eliminate credit card debt!

Debt negotiation is the best way to eliminate credit card debt for the vast majority of people that have an excessive amount of unsecured debt. Debt elimination is the best option for debtors that dug themselves in a hole by accumulating too much unsecured debt.

Debt Elimination Is a Bankruptcy Alternative, Without The Extreme Consequences.

Pros:

• Quickest method of erasing your debt-get rid of your bills in 12-48 months.
• Lowest monthly payment program. slashes your payment by $100-$600 per month. The more debt you owe, the more your payments are lowered.
• Stops or greatly reduces collection agency harassment.
• Combines your bills into just one payment.
• May reduce your debt-load as much as 80%.
• Relieves stress.

Cons:

• Has a negative impact your credit.
• Your may get sued.
• Due to the recent surge in demand, there are many unethical and /or inexperienced debt settlement companies. A state license to offer debt negotiation services is not required in many states.

Credit Scores Are Not Etched In Stone, They Are Continually Changing

Although debt settlement affects your credit, it’s only temporary. Credit scores are constantly changing. It's possible to raise your credit score 50 points or more in one month!

Besides, a credible debt negotiating firm should offer you a free, comprehensive, credit repair program that should increase your FICO score.

Debt Collectors May File Lawsuits as a Scare Tactic.

They know that most people don't know the law. Therefore, many debtors will get scared and pay the debt collectors in full. That’s exactly what the debt collectors want.

Debt collectors don't want to plead their case in court. It's too expensive and risky. Think about it. They would have to hire an attorney to represent them. Also, there are court costs, administrative fees, and a substantial amount of labor involved. As you can see, this adds up to thousand of dollars. Consequently, it makes no sense to spend $5,000 to sue someone for an unpaid debt of $4,000!

Even if the debt collector wins the case there's no guarantee that the debtor has the ability, or the desire to pay. In addition, there's no guarantee that they will win the lawsuit if the debtor can prove that the debt collector violated federal or state law, the judge may throw the case out of court.

So, as a result, many debt collectors would much rather negotiate a settlement or a payment plan before going to court- especially if they know that you have an attorney on your side to consult with.

The last potential negative aspect of debt negotiation is the chance of hiring an unethical or inexperienced company.

In order to dramatically reduce the possibility of choosing the wrong firm, do some homework and check the following:

• The debt settlement company is licensed by a state government agency to extend debt or credit related services.
• There are few or no complaints filed against the firm with state government agencies, the Better Business Bureau, the Department of Consumers Affairs, the Federal Trade Commission, and your state's General Attorneys Office. It's also smart to do a Google search and view the "rip-off report".

If eliminating debt fast, and lowering your monthly payment is most important to you, then debt negotiation may be the best way to eliminate credit card debt. 

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