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Settling Credit Card Debt – Debt Consolidation Vs. Debt Settlement

by Casey Charles

posted in Finance : Debt Consolidation

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The use of plastic money had been popularized by its convenience. By just swiping the card you can buy things within your credit limit. It is so easy to use that most people become irresponsible. Credit card usage had been abused by many people resulting to indebtedness. Many people fail to pay their monthly dues and therefore the compounding interest starts to accumulate and they need to find a way of settling their credit card debt.

Stress from collection agencies starts when you fail to pay your monthly bills. You will be bugged by frequent phone calls and mails forcing you to pay your bills. This can be embarrassing especially when other people witness the calls. You will feel the shame and slowly lose your self-esteem.

Nowadays people are seeking help to legally get out of debt. Fortunately, there are available options to get out of debt. Before, bankruptcy was the only option people had. Bankruptcy enables debtors to run away from their obligations. However, filing bankruptcy hurts your credit score and as well as your reputation. Presently, there are two popular debt relief options for people buried in debt.

Debt counselling. This is where you get help and advice on how to handle your finances and rebuild your credit score and pay off your debts. If you are still able to meet your payments on what you owe this might be right for you. Unfortunately for millions of Americans by the time the realise the extent of their debt counselling is not an option as they can barely service the interest payments on all their bills. In this case there are two other options.

Debt settlement is getting more popular as option to legally get out of debt. With this process debtors and creditors will get a chance to interact with each other. Debtors may negotiate with their creditors to reduce their debt amount. Moreover, debtors may request for a new payment scheme which will be more manageable. Creditors will have no choice but to agree since they are assured of collecting payment. This is not like filing when a debtor files for bankruptcy where creditors will have no chance to collect from debtors. A debt settlement option can also be done through a professional agency for settling credit card debt.

Debt consolidation is also a popular debt relief option. Many people are choosing this option especially those who have multiple credit card debts. This option includes consolidating all your credit card debts into a single debt account. This way monthly payment will be more manageable for you are paying for just a single account. This option also reduces the amount you pay monthly so it is lighter on the debtor's part.

When choosing a debt relief option it is best to first get help and advice. Do not wait until your lender has passed it onto collections. When the lender starts to mention collections it means you need to get help quickly and it only takes a minute or two to start to turn things round and to make a start on settling your credit card debt.

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About the Author:

Debt consolidation could make financial sense for your current situation however it would be wise to talk with a debt relief specialist and explore all possible debt relief options before making such a big decision.  Check out the following link to get a free debt consultation from a debt relief specialist in your area. This is legitimately a free service that helps debt ridden consumers get back on the right financial track:

Or Call – 8009319612

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