Credit Card Debt Help - A Fast Trick You Can Use

PayingPaul.Com offers the best in credit card debt solutions & information. Whether it is for unsecured loans or collections accounts, PayingPaul.Com will match you with a debt management company who can help.

Chicago, IL (prHWY.com) February 27, 2012 - Paying less than you owe on your debt is never a bad thing. Most creditors are willing to accept less than the full balance under certain circumstances. Those who are struggling with monthly debt payments should attempt to settle if at all possible. Debt relief professionals are available who can negotiate a settlement on your behalf. However, you can successfully negotiate a settlement by yourself.

Your Accounts Must Be Past Due

Accounts that are reported as current are not going to be eligible for a settlement. This is because creditors have no reason to believe that they will not see full payment. Missing payments is an easy way to convince your creditors that payment in full may not be possible. This is when they will start to negotiate with you. Settling your credit card debt becomes much easier as the payment becomes further past due.

Get Everything In Writing

Never assume that an agreement reached over the phone will be honored. You have no idea who you are actually talking to. Get the agreement in writing from whatever creditor is requesting payment. Using certified mail will ensure that all communications and payments are delivered on time. Stay away from revealing any credit card or checking account information over the phone. Withhold any payments until you have confirmation of any changes to your loan balance.

Know What Your Debt Is Worth

Determining a settlement figure is going to depend on how old the debt is. Any credit card debt that is more than 90 days past due can be settled for as little as 70% percent of the original balance. Payments that are older than 180 days could be settled for less than 50% in many instances. This is because your debt has likely been charged off by your creditor. The account has been sold to a collection agency who will take almost any amount you offer.


Convincing your creditors to agree to a debt settlement will take some work. They will not always agree to the first offer you give them. Keep in mind that they do have the right to sue you for any payment that is past due. Persistence is going to be your biggest asset as you negotiate with your creditors. Make sure you document every conversation that you have with your creditors. Getting everything in writing will ensure that all agreements are honored between you and your creditors.

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Tag Words: credit card debt

Categories: Finance

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