Debt is one of the realities of modern life. Many of us have an encounter with it at some point, and many of us deal with debt for a lot longer than we’d like to. There is a way, however, to work with creditors when it comes to your debts. Credit card debt is one of the most common types of debt, and knowing as much as possible about the credit card settlement process can make a big difference when it comes to how your bank account looks when everything is said and done. The following is a brief outline of how credit card settlement works.
It Starts with a Phone Call
One of the most important things to remember is that you own leverage when it comes to settling your credit card debts. You don’t need to search San Diego for debt settlement organizations; understanding the process will help you make sure you pick out the best possible solution for taking care of your debts. Believe it or not, picking up the phone and placing a call is one of the first steps in the debt settlement process.
You officially begin the credit card settlement process by calling up the general customer service line and asking specifically for the settlements departments. You’ll be connected with the appropriate person and will begin pleading your case.
Tell Your Story Well
Properly telling your story is a huge part of the credit card settlement process, as it has a huge impact on the way that your creditor responds to your proposal(s). It’s possible to actually negotiate a settlement for a lot less than the full amount of your debt, but only if you properly present your case.
It’s important to illustrate just how dire your financial situation is. Begin the dialogue by indicating that this is just one of the many debts you’re working on settling, and suggest that the money you have with which to settle that debt is a one-time occurrence.
Most credit card companies are worried that they won’t get anything from debtors, so these steps will work towards making the credit card company more willing to accept whatever you’re actually able to give, as far as they’re aware. They’d rather get a portion of your debt than nothing at all.
Work Out a One-Time Payment
One large payment will typically do the trick when it comes to settling a credit card debt. Once you’ve made contact with the settlements department, you’ll be able to work out some terms. It’s smart to start out by offering a number that amounts to about 30% of your total debt. The credit card company will likely talk you up a bit, but it’s possible to still end up paying only 50% to 60% of your total debt.
Many individuals search all over San Diego for a debt settlement organization that can help them out. Financial Solutions of America is here for you, and ready to negotiate your credit card settlement process faster than you would have thought possible.