How to Get a Credit Card Debt Reduction of 50% Through a Negotiation Process

If your debt is starting to become overwhelming and you see no other solution than to continue paying the monthly minimum for the next twenty years, think again – there is a way for you to cut your debt in half. And it doesn’t mean fraud or bankruptcy or any kind of action that could prove damaging for your future.

Reducing half your debt is quite achievable now, though debt settlement, a method that is neither hard to apply nor is it dangerous. In order to settle with your creditor you will require the services of a debt negotiation agency, preferably one with that incorporates a legal service so that you are better guarded against unforeseen actions on the part of the creditor. Finding such and agency should not be very difficult, as many of them advertise online and even offer a free initial consultation; going to a few of these will help you decide that you will be sure you are making the right decision.

Once you have found the agency and made a budget with them, it’s time to start the negotiation process. This usually implies sending the creditor a letter, telling him that you are unable to pay your monthly minimums but that you are wiling to pay at least part of your debt. If the creditor chooses to accept your offer, then he may cut your debt in half by eliminating almost everything except the original sum that you borrowed. This includes annual fees, payment penalties and a large proportion of interest – this is what builds up over time to the point that you have to pay almost double the original amount.

With the process complete, you will be left with a fraction of your original debt that you can now pay off at a much lower interest level. Generally, recipients of this method have found themselves free of debt in a matter of two or three years, but the time it takes depends mostly on your own willingness to pay it back.

So you see, negotiation is not hard at all and it can be a real life saver when you find yourself buried in debt with no other solution than bankruptcy.

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