It may sound a bit odd, but people like you who owe money actually have it pretty good right now as the window of opportunity is now wide open allowing you to bring down the amounts of money you owe.
Ironically, it took a recession to allow this opportunity to come up, with the federal government particularly keen on easing the financial burden of consumers.
This has meant credit card debt settlements are now very much in vogue and those who went overboard in flashing the plastic are now making a beeline for relief.
Financial institutions like banks and credit card companies received a healthy financial injection from Washington which kept most of them from going under.
Armed with this new financial security, these institutions became willing to negotiate down interest rates and were ready to talk turkey with those negotiating on behalf of their clients to scale down interest rates and the money owed.
As a result, this has made debt settlements attractive, especially for you as you can now considerably ease your financial burden and legally as well.
With people owing huge amounts of money on their plastic, mostly because they could not keep up with the multiplying interest rates, it accounts for large percentage of cash owed by people in debt, outstripping home and auto loans by a distance.
If you are one the many going for credit card debt settlements, you would also be pleased to know that when relief companies embark on negotiations, the success rate is relatively high and you could shave off significant amounts in terms of money owed.
Because of the recession and the government economic stimulus, credit card debt settlements are now more or less welcomed by the card firms as well even though they know they will not get the full amounts owed them.
However, they also feel receiving something is better than nothing even if it is just the principal and some change to spare.
The time to jump through the window of opportunity is now while it is still open.