Credit debt is one of the most severe problems facing the US. A large number of people have been bugged by this problem. These consumers went berserk with their Credit cards at the time of buying stuff. They never blinked an eyelid before swiping their Credit cards. Their financers had planned out things in the same fashion. The aim was to get maximum consumers trapped and keep them in debt for ever. This would have ensured a gradual flow of profits to the creditors by way of massive late fees and interest charges.
The credit companies have been very successful in playing out this game. However the Credit card users need to use existing circumstances forced by the recession to their advantage. The recession has driven the creditors into a tight spot. They are facing the threat of a mass scale default by the Credit card users. If thy face such a scenario they will not be able to recover even 10 to 20 percent of the amount they have lent out to the Credit card users. They are keen to avoid this scenario by settling the debt with the users of case by case basis.
The creditors will scrutinize each and every case of debt settlement on its merits. They need to be convinced that the card users has no other source of income and is not in a position to pay up. The users should have more than $10,000 in debt and should be able to convince credit companies about the economic hardships they are facing. Only once they are fully convinced about the inability of the users to pay back, the creditors will agree for a debt settlement. Thus debt settlement is a very good form of debt relief as long as the user can prove his difficult economic condition.
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