Here's how settling my credit card bills helped me get out of debt in less than 2 years & save $9,937.40!
Still not sure that debt negotiation (also called debt settlement) really works?
I was unsure, too. In fact, it took me more than 6 months (and many phone calls) to finally get started. But I am very glad I did.
The chart below shows just how much money I saved by negotiating a settlement on my credit card bills (plus, I saved a ton of money in interest!) Believe me, there is no better feeling in the world than making that last payment, and knowing that you are completely free from debt!
Credit Card
Balance
Payment
Savings
First Card
$ 4,933.22
$ 2,158.00
$ 2,775.22 (56%)
First Card
$ 4,709.15
$ 2,060.00
$ 2,649.15 (56%)
Citibank
$ 5,791.54
$ 3,475.00
$ 2,316.49 (40%)
Universal Card
$10,724.49
$ 8,528.00
$ 2,196.49 (20%)
TOTAL
$26,158.40
$16,221.00
$ 9,937.40 (38%)
The savings above also include the fees I paid to the debt negotiation companies. As you can see, even with the fees debt negotiation can really save you a LOT of money.
There's no way to tell ahead of time exactly how much money you will save (you could save more, or less, depending on your situation). And debt negotiation is a more aggressive approach to getting out of debt - usually you must be behind on your payments in order to get your creditors to work out a settlement with you - so it's not for everyone. Find answers to your most frequently asked questions about debt settlement.
So, How Do You Go About Finding An Honest And Reliable Debt Settlement Company?
FIRST, make sure you ask lots of questions - ask about fees, how they'll settle your debts, how you'll pay off your bills - and keep asking until you get the answers to all of your questions.
SECOND, check with the Better Business Bureau, and see how well the company responds to complaints (and find out how many complaints have been filed).
THIRD, get everything in writing before you get started, and trust your instincts!
Money saving tips - lower your monthly expenses!
Not sure which debt relief option is right for you?
We recommend contacting a debt counselor to discuss your options:
Javascript is disabled, Please enable it.
It's free & there's no obligation.
What's the real secret to getting out of debt? Making a commitment - to yourself ... and to getting out of debt! The best companies I've found that meets the above criteria are:
If debt negotiation does not sound right for you... You might want to consider a more traditional debt reduction program like debt consolidation (or credit counseling). You might not get out of debt as fast. But you can still lower your interest rates - maybe even lower your monthly payments - and still get out of debt faster and save you a lot more money than doing nothing!
