Debt Settlement Deals - Stop Paying Back Unsecured Debt and Learn How to Eliminate Up to 50%
If you are struggling with your debt, you are not alone, but there are thousand others.
All you need to do is to find the right way and the right partner to help you out of the troubled water.
Let us try to understand some simple and effective ways of eliminating debt up to 50%.
Unsecured debt is associated with the unsecured asset, which holds no guarantee, like medical expenses, personal loan or for a small business.
It is advisable to take loan against an asset that pays in the long run like, house, education etc, they have low risk associated and hence a low APR.
Debt on credit card has high risk and hence a higher APR associated as per general market and credit risk theorem.
However if you have a debt over $10000 and it is unmanageable; stop making the payment.
Instead save this money in a saving account.
Transfer the credit from high APR credit account to a lower APR.
Consolidate the credit from multiple credit cards into one.
If possible take an equity or loan against a secured asset which has a lower APR to pay off the credit card debt.
After few unpaid billing cycles have passed, the banks would be curious to know your financial strength, and what is stopping you from making payments, you can use this opportunity to explain them your willingness but incapability to pay the debt.
Most of the bank would not like to be the cause of your bankruptcy.
Especially during recession, the banks are willing to negotiate.
Talk to someone with authority instead of a mere customer representative.
The banks would be willing to settle for something less.
This strategy might not work in all cases or for all creditors.
SO if you have huge debt and it is beyond your capability to manage, take help of a professional; a debt settlement company to talk to the creditor on your behalf.
Their knowledge and experience play a vital role in negotiating for debt settlement.
They can very well manage a waiver of 50-70 percent on the debt you owe.
It is equally important to ensure who you are working with.
Make sure the debt settlement company you choose is listed in Better Business Bureau and TASC.
All you need to do is to find the right way and the right partner to help you out of the troubled water.
Let us try to understand some simple and effective ways of eliminating debt up to 50%.
Unsecured debt is associated with the unsecured asset, which holds no guarantee, like medical expenses, personal loan or for a small business.
It is advisable to take loan against an asset that pays in the long run like, house, education etc, they have low risk associated and hence a low APR.
Debt on credit card has high risk and hence a higher APR associated as per general market and credit risk theorem.
However if you have a debt over $10000 and it is unmanageable; stop making the payment.
Instead save this money in a saving account.
Transfer the credit from high APR credit account to a lower APR.
Consolidate the credit from multiple credit cards into one.
If possible take an equity or loan against a secured asset which has a lower APR to pay off the credit card debt.
After few unpaid billing cycles have passed, the banks would be curious to know your financial strength, and what is stopping you from making payments, you can use this opportunity to explain them your willingness but incapability to pay the debt.
Most of the bank would not like to be the cause of your bankruptcy.
Especially during recession, the banks are willing to negotiate.
Talk to someone with authority instead of a mere customer representative.
The banks would be willing to settle for something less.
This strategy might not work in all cases or for all creditors.
SO if you have huge debt and it is beyond your capability to manage, take help of a professional; a debt settlement company to talk to the creditor on your behalf.
Their knowledge and experience play a vital role in negotiating for debt settlement.
They can very well manage a waiver of 50-70 percent on the debt you owe.
It is equally important to ensure who you are working with.
Make sure the debt settlement company you choose is listed in Better Business Bureau and TASC.