Debt Reduction – Is it Really Possible to Reduce Debt by 60% With a Se…

Debt Reduction – Is it Really Possible to Reduce Debt by 60% With a Se…

Good news is always more than welcome for those with huge credit card debts. Bills seem to be coming in from everywhere and matters have been worsened by the fact the kids had been ringing up huge purchases on online deals using your credit card.

Good news however comes in the form of debt reduction where you could possibly reduce debt by 60 percent. That would perk anyone up, especially someone whose credit card debt has crossed the $10,000 mark.

The figure is something of a benchmark used by credit card companies to allow people to seek reductions of up to 60 % on their bills if unable to repay the original amount. Till date, quite a few people have taken advantage of this kind of debt reduction as their backs were to the wall due to recessionary pressures. Joblessness, layoffs and general economic illness has meant people who were confident of paying the bills earlier now find they are unable to do so.

Shot in the arm:

But thanks to the sudden maturity if you will on the part of credit card companies, they are now ready to listen to a debt settlement company representative who is there to negotiate on behalf of the customer who has taken on their sets.

Provided their service is up to standards, they can easily negotiate an excellent deal for their client. Best of all, both debtor and creditor are usually happy in the aftermath of such negotiations. The creditor may be a little less so as they have had to forgo some amount of interest or had to extend the repayment period or as often happens, both.

The debtor can breathe a sigh of relief as he ends up paying less than what he owed when negotiations started. Debt reduction to him or her method starting afresh with lessons learned, such as keeping a judicious watch over finances. Not doing so is what landed them in trouble in the first place, a fact that is doubtful to be forgotten soon.

Debt settlement companies are good at what they do and chances are high that if you have rung up debts of $10,000 or over on your credit card the interest rate will be whittled down to more realistic and greatly more manageable levels.

It is ironic that in a time of recession, debt settlement companies have become an industry on their own.

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