SOURCE: Total Debt Relief

September 01, 2010 13:00 ET

Settle Credit Card Debt: Is It Possible?

Total Debt Relief Explains How in Certain Situations Credit Card Debt Can Be Settled and What Debt Relief Programs Assist in the Effort

LOS ANGELES, CA--(Marketwire - September 1, 2010) - For those Americans in massive amounts of credit card debt, they might wonder if the big banks are willing to work with them regarding their debts. The answer to this question varies from case to case. Consumers should know that thousands of consumers have been able to negotiate debts with creditors sometimes by themselves and other times with the help of debt relief professionals.

Unsecured debt such as credit card debt can be settled. The reason being there is leverage involved in secured debts such as a car or home where assets can be repossessed or foreclosed. This means creditors are able to resell the repossessed assets and regain some capital as opposed to unsecured debt.

In certain situations consumers can negotiate interest rates, payment plans, or total debt amounts regarding credit card debt. Many creditors have phone lines designated for negotiating debts. Unfortunately without the assistance of professional debt negotiators this process can be extremely difficult and generate disappointing results.

Fortunately there is an entire industry dedicated to negotiating and settling credit card debt. This industry is known widely as debt settlement. Debt settlement companies work with various creditors on a consumer's behalf to lower overall credit card debt amounts sometimes to as much as 50%.

This process does have an effect on one's credit score, but consumers should weigh the consequences against the benefits when debating professional debt relief. In 24 to 36 months a consumer can be out of credit card debt when enrolling in a successful debt settlement program. In a settlement program consumers will make monthly payments to a settlement company and the settlement company will in turn make payments on behalf of the consumer.

Consumers considering professional debt help should speak with a debt relief specialist before enrollment to ensure debt settlement is right for them.

Total Debt Relief offers a free debt consultation at their company website:

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    Rob Jones