SOURCE: Total Debt Relief

October 05, 2010 18:00 ET

Total Debt Relief Explains Why Some Consumers Are Choosing Debt Relief Through Negotiations Both on Their Own and With the Assistance of Professionals

Consumers Eliminate Debt With Art of Negotiation

AUSTIN, TX--(Marketwire - October 5, 2010) -  As new laws change regarding credit card debt and debt relief programs, the methods in which consumer debts can be eliminated are also changing. Over the past few years there has been an increased growth in the field of debt negotiation also known as debt settlement. Due to changes in bankruptcy laws since 2005 it became more difficult to declare bankruptcy and in some cases not all debt were eliminated after declaration.

This in turn left an opening for another form of consumer debt relief. While debt negotiation is by no means a new method of debt relief, it has remained relatively low key throughout the past. After the recession, unemployment raised and so did credit card debt. Eventually, after extended periods of only paying the minimum consumer's credit card debts grew out of control.

Now banks are willing to work with consumers when it comes to getting out of credit card debt. In some situations consumers do not require the help of a debt settlement agency. It takes time, patience and getting the right parties on the phone, but a consumer does have the power to negotiate with the banks directly.

Debt settlement companies already have contacts with various banks and creditors for settling purposes making the negotiation process easier to begin. Legitimate debt settlement companies also have trained qualified negotiations experts that have experience negotiating larger debts. If negotiations are successful creditors might be willing to accept half of the debt owed. Payments will be made to the settlement company for the agreed upon payment period and once the program is completed a consumer be out of credit card debt. It is important to note this can only occur if the consumer remains in the program until completion.

Consumers should know that debt settlement is not for everyone. Total Debt Relief advises consumers with over $10 worth of credit card debt to speak with a debt settlement agent before enrolling in any programs to make sure they qualify.

Total Debt Relief offers consumers a free debt evaluation which can be taken advantage at their company website:

Contact Information

  • Total Debt Relief