WHEN CAN CREDIT CARD SETTLEMENT COME IN HANDY?

1
WHEN CAN CREDIT CARD SETTLEMENT COME IN HANDY?
WWW.CONSUMERDEBTCOUNSELORS.ORG
2
Credit cards can be quite lucrative, and quite
often, people become careless users. If you are
someone who is applying for a credit card or uses
one, you should be very responsible with every
charge that you put on there.
While this does not mean that credit cards are a
bad financial instrument, when used recklessly,
there can be several consequences. Here mentioned
are some reasons why keeping this in mind is as
important as it sounds.
3
WHAT IS CREDIT CARD SETTLEMENT?
The majority of people in the world today are in
the habit of using credit cards. However, they
often tend to take the liberty of credit more
than required or they are capable of. Credit
cards do not usually stop any transaction unless
you have reached a maximum limit or failed to
repay in time.
However, people who miss utilizing this often
find themselves in huge debt. In addition to the
money spent, there will also be interests added
to said transactions.
In such situations seeking help from the best
credit card settlement companies can surely help.
Credit card settlement is essentially an
agreement between the car issuer and the holder.
Such agreements help the cardholder in instances
where it is too difficult for them to keep up
with the dues.
www.consumerdebtcounselors.org
4
Difficulty with repayment can be a consequence of
several situations, starting from emergencies to
reckless spending. Irrespective of that, there
are only two things that a credit card holder can
do with this kind of settlement.
They can either opt for a complete waiver in
exchange for a large payment or directly choose
to settle. It is important to note that credit
card settlements are done in very rare cases, and
the issuers do not advise these debtors.
Seldom will a credit card issuer agree to a
settlement unless you are ready to make a huge
payment. In addition, the percentage of credit
card settlements depends on the issuer and the
ability of the cardholder to negotiate. This is
why hiring a professional company can be truly
beneficial.
www.consumerdebtcounselors.org
5
CREDIT CARD SETTLEMENT PROCEDURE

• Get ahold hold of your credit card issuer

• Explain why you cannot repay the said amount in a
  letter

These are the following steps you should follow
to initiate credit card settlement

• Mention you can negotiate other repayment terms

• Offer to pay a lump sum amount or file for
  bankruptcy

• Once approved, you will get a list of repayment
  options based on your current income

www.consumerdebtcounselors.org
6
While all this might sound easy, there is a lot
of preparation and diligence required. Once
rejected, it might take you some time again to
apply for the same. This is when reputed credit
card settlement companies like Consumer Debt
Counselors can help mitigate the process.
www.reallygreatsite.com
7
THANK YOU
www.consumerdebtcounselors.org