Bankruptcy was the only legitimate way to get rid of the huge debts until and unless credit card settlement programs were announced in the market. When recession hit the economy, people had no way rather than going for insolvency to get out of the massive pools of debts. But with the passage of time, they became aware of the other different ways of getting rid of the unsecured debts.
Among all the debt relief programs introduced by the government, credit card settlement programs are the ones which have been accepted and have been considered to be the most successful ways of getting rid of the massive debts. These methods are considered to be the best alternative to bankruptcy. These plans ensure the debtor to pay half of the total amount which is owed.
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In case of credit card settlement programs, a person has to hire a debt settlement firm. Financial experts of this settlement firm will negotiate with the officials of the credit card company on your behalf. They will tell the credit card company that their client is no more able to pay the debt. In case they will not settle his debt then they will be getting nothing. It is because the debtor will file for bankruptcy. Moreover, the financial gurus of the settlement firms know all the weaknesses of the financial systems and hence use them against the credit card companies. After successful negotiations, the debtor gets reduction of half of the amount to be paid. It means that he gets a reduction of almost 50to 60% in the over total liabilities. The reduced amount is supposed to be paid either as a lump sum or in the form of easy monthly installments.
After reading the above article, it can be seen and well judged that credit card settlement programs are a better way of getting rid of debts as compared to bankruptcy. In case of bankruptcy, you have to hire an attorney and have to pay high fee in advance while in settlement plans you do pay for their services but when the deal is finalized and the debt has been paid to the creditor.
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