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2 Ways of Getting Credit Card Debt Help

If you are over burdened by your multiple numbers of unpaid credit bills and want to get some credit card debt help, you can take advantage of a debt relief company and pay off debts in an affordable way. You can also get rid of your debts by yourself. Possibly via credit card settlement.

Get rid of debts by DIY method

You can get rid of debts on your own by following any of the 3 methods mentioned below:

Snowball method: In this method you have to list your bills in such a way that the bill with the highest balance is at the bottom. After paying minimum payments to all the bills, you need to pay extra amount to the bill having smallest outstanding balance. You need to do this every month, till you can repay the debt in full. After paying it off, you have to repeat the same thing with the next bill having the smallest balance.

Avalanche method: In this method you have to list your credit bills, putting the bill with highest interest rate at the top and have to pay off the debt with the highest interest first. When the first bill is fully paid off, you have to repeat the same things with the second, and this process will continue till you have completely paid off your debts.

Snowflake method: In this method you have to save small earnings and make small extra payments, after making the minimum payment to each account.

Debt reduction by third party professionals

To get credit card debt help, you need to approach a debt relief company, where you will be offered the following debt relief options:

o Debt consolidation: You can consolidate your multiple debts to a single new, consolidated loan, at a lower interest rate. Your loan term will become longer and you have to offer collateral, like, your home or car, for the security of the loan.

o Debt settlement: In this program the representative of your debt settlement company will do negotiation on your behalf, with your creditors. They will try to reduce your outstanding debt balance by 40% to 60%. Your monthly payments will also become lower. However, you need to pay taxes to the IRS for the forgiven portion of your debt.

o Debt reduction: In this program, your credit counselor will negotiate with your creditors to reduce your outstanding debt amount. You will need a guarantor, who will agree to pay your creditor the reduced debt amount, in case you fail to make payments. This is also called third-party debt negotiation.

It is better to take help of a third party agency to get credit card debt help, as they are more experienced and professional in their approach to negotiate with the creditors. However, you should choose a reliable and authentic agency and start the process to find credit card debt relief and potentially avoid bankruptcy.

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Aaron T. Landreth

Aaron T. Landreth

Hello! My name is Aaron. I am the Co-Founder of LegalCreditCardSettlement.com. It is my job to make certain that the information you find on this website is of value, compliant with all FTC regulations and to help educate you about the process of debt settlement versus other debt relief options. Please contact us with any questions or concerns you may have.

Website: www.LegalCreditCardSettlement.com E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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