How will I pay off credit card debt and still have enough money left over at the end of the month for other things? This is a question that more and more people are facing. Record levels of consumer debt have left folks scrambling every month to make ends meet.
The relative newcomer on the "pay off credit card debt" scene is debt settlement. Actually debt settlement has been around for a long time, but the credit card companies didn't want the consumer to know that they are willing to settle your debt for a smaller percentage of your total. In fact, a typical settlement amount is 50%, and some companies lately have been offering 20%. That means if you owe $1000, the credit card company would settle for $200. Great deal, huh?
Well, could be. Be aware however, your credit score will take a direct hit. And you will most likely have to endure a barrage of phone calls and mail from the credit card company. And, there is always the possibility of a lawsuit.
So how can you take advantage of debt settlement? One way is to hire a third party to handle everything for you. They will negotiate with your creditors to agree to a lower amount, and they should field all the phone calls. Their service does not come cheap however.
You can settle with your creditors yourself, saving thousands of dollars in the process. Many times, the creditors will offer a settlement amount automatically. In fact some of the so called debt settlement experts do nothing more than pass along a creditors settlement offer!
Do it yourself debt settlement is stressful, but it can be done, and has been done by many, many people who asked themselves "how can I pay off credit card debt?"
Do it yourself debt settlement is not difficult if you follow a few simple steps. Visit: DIY Debt Settlement to find out more.
John Phillips owns and operates http://www.ccdebtinfo.com
Article Source: http://EzineArticles.com/?expert=John_Phillips
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