A common term that is heard very often these days is the term credit card debt relief. First of all, you will also find such a term in relation to settlement, because in case of financial discussions, you will get a chance to dictate your own terms and conditions. However, in case of debt relief, you have to decide the percentage that you will get in case of the settlement. Not everything is taken into account during the negotiation process.
To be very factual, you will only get a minimum percentage of debt reduction when you settle your dues. There is nothing as powerful as the threat of bankruptcy in case of credit card debt relief. If you are thinking that bankruptcy is always the perfect choice for you, I would like to inform you that you should put in some serious thought before you declare yourself as bankrupt. It has a lot of disadvantages which you will not want to include in your future.
One disadvantage before declaring your self to be that you are going to lose all your assets and your credit score will be affected badly. Moreover, it will also impair your ability to get a fresh loan for seven to eight years. As far as your creditor is consolidating the debt is concerned, it will not be affected directly. So, it is quite evident that filing for a bankrupt situation will not be beneficial for you at all.
Debt Relief Method
In fact, if you discuss with your creditor seriously, they will have no option but to waive off some of your debt. This is because in this way they will get something instead of nothing. In a roundabout way, it will also save them from filing a lawsuit and going through the expense. As a debtor, you need to take advantage of this situation to get rid of your debt. If you are not aware of the methods and the proper documentation for getting debt relief, you will not be able to get what you want.
To get a legitimate debt settlement company, you will have to do a little bit of research on the web. Go through the links of the relief companies and get to know their background. Debt relief is a must for all those who have more than $10,000 because if you have that amount, you will be entitled to get a settlement. Get hold of a relief company that can provide you with a debt reduction of about 35 to 50% and sways your worries at a stretch.