Debt Reduction - Successful Credit Card Debt Reduction

SUCCESSFUL CREDIT CARD DEBT REDUCTION

Credit card debt reduction. What is it? How is the debt reduced? What are the risks of a debt reduction program? Are we talking about reducing interest and penalties or the actual principal? How much of a debt reduction can I expect? Who do I trust? How does a debt reduction program compare to debt consolitation and other alternatives?

Recently, we have heard more and more about debt reduction on TV and radio. These are some of the questions on people's minds.

When we refer to the term debt reduction, we mean negotiating with the credit card company where a settlement is reached and the cardholder makes a one time payment in exchange for a reduction in the principal balance. Typically this is done by a lawyer who specializes in credit card debt settlement. Savings of about 50 cents on the dollar are commonplace. So, yes, this is a real reduction in principal, not a reduction of the interest rate.

eliminate credit card debt

Debt settlement involves negotiating with your creditors so they accept less than the full amount of the debt owed to them.

We are specialists in
saving money for
high-debt clients.

You are an optimal candidate for debt settlement if you have credit card and unsecured debt in excess of $40,000 and you have a lump sum of cash available to pay off creditors to 50-65 cents on the dollar.