Debt Settlement Companies

Why should you trust your credit card debt problems to a debt settlement company? If the biggest debt settlement company - Credit Solutions - is getting sued by the Texas Attorney General then should I trust any company? Or are they all just scams after my money?

These are questions you should be asking yourself and finding answers to if you plan to use a debt settlement company to help you get fast debt relief.

It's not like we are talking about small amounts of money here. The average consumer has almost $8,000 worth of credit card debt depending on which site you believe.

So if you have 1000 customers paying a 15% fee to settle their $8,000 worth of credit card debt, that comes out to $1.2 Million dollars.  That's nothing to sneeze at.

And when you consider that there are millions of people struggling with credit card debt you can see that this industry is ripe for fly by night companies who are preying on desperate families looking for help out of debt.

You MUST do your home work when it comes to credit card debt settlement.

Yes Debt Settlement Works.

You can save between 30 and 50 percent of what you owe.  That's the same as buying a new car for 30 to 50 percent off the sales price. It's a good deal.  If you can get it.  That's what makes it so appealing.

BUT, you have to find the right companies or you have to learn how to do it yourself.

There are several books out there that you can buy to help you understand the process of debt settlement better and give you some sample debt settlement letters. These are nothing fancy.

You just communicate your problems to your creditors and offer a settlement.  You offer a solution that helps them solve their problems and helps you get rid of your money problems.

You want both sides to come away with the feeling that they did not get suckered into a deal. The banks want as much money as possible and you want to pay as little as possible.

One thing to keep in mind is that you need to make an offer that you would be happy that the bank accepts.  If you send an offer for a 35% discount and they accept, accept it and pay it off. Don't get greedy and try for 40 or 45%.  Think through your offer and send an offer you would be ok with telling your neighbor about.

It's the same as when you get home with a new car that you haggled over.  You want to sleep good knowing that you made a good deal.  You don't want to worry about if you could have got a better deal. 

It is possible to get your debts reduce using a debt settlement company.  You have to find the right ones that will work hard for you and get you results.  Or you can do it yourself and save the debt settlement fee. 

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