One Minute Guide to Credit Card Debt Settlement
February 5th, 2010 Filed under: Uncategorized — Credit Card Author |
When is credit card debt settlement needed? It has become necessary when the outstanding balances on your card statements have become overwhelming and you have lost the financial ability to pay off the entire debt due to certain factors such as job loss, major sickness, etc.
In order to assist you to eliminate your debt, I would like to share with you a simple but useful guide, i.e. a one minute guide to get rid of your debt.
0: 60 Get yourself started with debt negotiation. Let’s have some warm up. What you need to do is to learn about how debt settlement works.
0: 55 Evaluate your financial position carefully. Be honest to yourself. Find out how much fund you have on hand so that you are able to determine the settlement amount which you can afford to pay. Do not over promise your creditor.
0: 50 As a smart consumer, before you start contacting your creditor, you need to make sure that you have all your latest bills on hand. You must be very clear about your total debt amount as well as the interest incurred. Don’t just call your creditor without knowing your debt in detailed.
0: 45 Are you an emotional person? If yes, let’s get yourself mentally and emotionally ready for debt negotiation with your creditor. You must make sure you have cool and patient enough to bargain the best deal for yourself.
0: 40 Now, I believe you are fully equipped. You can start calling the creditor. Be specific at the first place. Make sure you contact the right person. In general, you are advised to call the supervisor or the manager from the credit department. Look for the right person who has the authority to make decision on your request.
0: 30 Explain to your creditor in a brief manner about the financial difficulties you are facing. Then, propose for a settlement offer.
0: 20 Be professional in negotiating with your creditor. Stay cool and be polite in whatever situation even your proposal is rejected. Keep up your effort until your proposal is accepted.
0: 10 Once your request is accepted by your creditor verbally, you can then write in a settlement letter.
0: 05 Wait for the reply from the creditor. In general, the creditor usually sends a new agreement for you with the settlement arrangement.
0:00 Finally you make your payment based on the agreed settlement amount. Once payment is made, request the creditor to update your credit file immediately.
The whole debt negotiation process ends and you become debt free and stress free now. You may have many sleepless nights thinking about your outstanding. By following the one minute guide above, I am sure you will have a better understanding on how to reduce your debt.
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