10 Top tips to pay off the credit card debt:
You might be facing the worst phase of depression, when your phone bell rings and the person on the other side is warning for the payment of unpaid debts, and door knocks, the postman delivering you some legal notices from the court. Worst of all; you have an empty pocket! That is the time to eliminate your credit card debt.
You might be thinking how to settle down debts, and get out of anxiety in these circumstances. Here you need to search out the way to settle down your debts. Settlement may cause your credit rating down for 1 to 2 years but its better, then to go bankrupt and lose for 7 years!
Lets go through the following tips, one of them might be helping you.
1. First of all there is a need to determine your strengths for the payment of the debt. Figure out how much debt amount you can take off. Make up your budget, and find out how much you can put aside for payment.
2. Feel free to consult with the debt relief companies, there is a greater likelihood of negotiation for a good settlement instead of waiting to get into more trouble. Due to their vast experience, settlement networks have the competency to deal with all kind of credit issues.
3. Negotiate on terms and conditions. Keeping your records good can also help during the settlement. Try to raise some good convincing points. It is better to involve debt relief companies as they are good at negotiation.
4. Take advantage of the recession. Bankruptcy and over whelming amount of debtors has made the creditor some what flexible. Fight back with credit card companies, allow debt relief companies to act as intermediary and negotiate for maximum elimination of the credit card debt.
5. Tell the creditor that you are struggling to get out of it, so, make a deal with them. Never believe on the verbal communication of the creditor. Always go for a documental proof. All your efforts can lie in vain if you fail to get a document signed.
6. Take a start from penalties, as the big portion of debt can be resulting from penalty, resulting from your unpaid debts for long.
7. As much you would have late payments of the debt; more will be the creditor doubtful about the recovery of loan. You can take the advantage of this uncertain state of mind of creditor and get your credit card debt eliminated up to the possible level.
8. Do not settle too early on the initial offers of the creditor. Take your time and let the creditor think more to give you better offers.
9. Legitimate debt relief service is the best option for debt pay off. Search out some other tools as well that can help, like to go for a debt consolidation.
10. You can go for a debt settlement loan. It would not be a very good option to go for a loan for the clearance of the debt. But go for it, if you forecast some good chances of early pay back of loan.