Debt Consolidation
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Credit Card Debt Settlement
Once you have determined that you are unable to afford the amount of credit card debt that you have accumulated, the next step is to eliminate it or settle with your creditor. Debt settlement is the act of settling or satisfying or an agreement between you and you creditor to accept a certain payment or agreement to pay between you and the company. If you have the time and knowledge you can try to handle this yourself. You can also seek the help and free no obligation advice of a professional counselor.
Most banks and credit card companies advise you to pull your credit to check that it’s all in good order at least once a year. If you choose to pull your report then you can also check your debts, history and your income to debt to determine your next move to get yourself back into shape. (You may be better off having a professional counselor handle this part for you).
Your credit report and information can be obtained by requesting a credit report from one or all of the following Credit Bureaus:
- Experian
- Equi Fax
- Trans Union
Each time you allow any company to obtain a copy of your credit report, it can lower your credit rating; this is referred to as “frequent inquiries” on the credit report. If it’s there you will see it if not then it’s not an issue in your case.
Simple Summary of Debt Settlement:
- Determine your debt or amount owed.
- Figure out how much you can afford to pay each month.
- Contact your creditors and negotiate a settlement or payment plan based on your personal research.(Your income and expenses and the extra you can afford to pay each month)
- You can seek the help of an experienced professional counselor to help you with this.
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