Though there are various debt relief options through which you may be able to reduce your credit card debts and pay those down too, it is more important for you to use some strategies, that are ultimately going to help with elimination of the debt problems from the root. Through credit card consolidation, you can easily pay down your credit card bills, as these get rolled over into a single debt, with lowered interest rate. In case of debt settlement, it is the outstanding debt amount, which gets lowered. However, if you do not change your habits, there is no point paying down the debts. You will soon end up deep in debt, yet again.
Strategies that may help reduce credit card bills
There are various strategies that may help you with the reduction of the credit card bills or debts. These are:
Debt relief options which help reduce credit card bills
There is only one debt relief option which does help with the reduction of the credit card debt amount. That is debt settlement. If you are having problems in making the credit card debt payments, you can talk to your creditors regarding the problem, you are having. You will be required to request the creditors to agree to settle your credit card bills or debts.
If the creditor agrees to your request, the outstanding bill amount which you owe to the creditor, gets reduced by a certain percentage. This settlement percentage depends on the discretion and the terms and conditions of the creditor. However, in general, it is considered that most of the creditors do settle the debts in the range of 40-60%.
Another thing which you will be required to keep in mind, with regards to the settlement is that, you will be required to miss payments, before the creditors do agree to your request. Without you missing the payments, no creditors will ever believe that you are low on afford ability.
Published, September 20, 2012, Sophia Garfield, Realty Times