Credit card debt settlement - Settle online and save now

When it makes sense to settle credit cards

• When creditors are threatening to sue you.
• When you want to save money.
• When you can’t make minimum payments.
• When collection calls are excessive.
• When you have to borrow money to pay back creditors.

How to settle credit card debt

• 1. Calculate how much you owe:Go through your credit reports and make a list of how much you owe on each credit card. If you have any doubt, call the customer care and verify the amount you owe.
• 2. Calculate how much you can save: Use the calculator given above and figure out how much you can potentially save under 2 circumstances:
  1. When you settle credit cards yourself
  2. When you settle with credit card settlement companies
  If you're happy with the amount you can save, then go for no-obligation free counseling. But before you make the call, calculate how much you can pay to your creditors.
• 3. Check the SOL period: Look at the statute of limitations (SOL) period of your state even before you think of how to settle with credit card companies. It’s extremely important. If the SOL period has not expired, then take steps for settling credit card debt as soon as possible. If the SOL period has expired, you can avoid settling your accounts.
• 4. Verify or validate your debt: Contact your creditor and verify the debt if you have any doubt regarding the outstanding balance. If your accounts are in collections, then ask the CA to validate them in writing for avoiding scams.
• 5. Contact a settlement company: Once the debt is verified or validated, contact a good settlement company to initiate the negotiation process. Explain your condition and requirements to the company so that they can act accordingly.
  The settlement company will negotiate with your creditors for a lower payoff amount owing to your financial hardship. They will continue the negotiation process until your creditors agree to reduce balance and waive off late fees.
• 6. Pay as per the agreement: Once your creditors give their approval, the settlement company will send you the final agreement. Read it carefully and pay the negotiated amount within the deadline.

Video transcript on: How Can You Settle Credit Card Debt?

Hi,

Finding ways to manage your bill payments might be easier than you think by setting aside just a few hours for creating a smart budget plan.(pause) Budgeting helps you keep track of your multiple bills and cut down unnecessary expenses. It also helps you to save dollars, stay regular with your bill payments, avoid penalties and extra charges.

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