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3 Huge Tips to Reduce Credit Card Debt |
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1. Debt collectors are a manipulative bunch. They can be stubborn, aggressive, and very convincing. They have a lot of tactics and tricks and will have you sending payments just to keep them from disrupting your life. They can be very intimidating and make you feel like you are the scum of the earth for not being able to pay them.
2. They play games. On one of my accounts, they called my parents and after a brief conversation, asked them to convey a message to me and said "he will know what it's about". How slimy is that? Obviously my parents had no idea that I was in financial trouble and I want it kept that way. I explained it was simple misunderstanding. This is a common tactic, but it is against the law for them to disclose the nature of the call.
3. You will need to know the finer points of negotiation. Credit card companies and other creditors simply will not give you a substantial amount off your balance by you just asking. There will be hard questions to answer and you will not get the best settlement possible right away. It takes skill to negotiate a win-win agreement.
4. Each creditor has it's own way of handling delinquent accounts. Some will accept a 30% settlement, while some will accept no lower than 65% of the balance owed. Others will not even talk to you if you offer to settle until your account has gone to a collection agency. Do you take the first offer? or maybe the second one? Will there be a second one? Should I hold out another few months, or will it be too late and will it be heading to the courts? How long should I play the back and forth game?
If you are considering trying
to do it yourself, you will have to find out the answers as you
go along. Getting a satisfactory settlement is not
impossible, but it is difficult, aggravating, and
time-consuming.
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I simply did not have the time nor the expertise to deal with these questions. Plus, I wanted the maximum discount possible. So after careful research I chose to hire someone to do this for me. |
Hiring a reliable debt settlement company is an easy step, but an extremely important one. Get all the tips and information you need here.
Hoffman, Brinker & Roberts is an experienced and professional debt resolution company specializing in debt settlement services for individuals and businesses. They are highly personal and have an lengthy track record of obtaining excellent settlements for their customers. They offer free in-depth consultations. I highly recommend this company based on my own positive personal experience.
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Personal Money Management Basics
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Did You Know... |
49% of adults, and 66% of US high school students got F's on a national test on their knowledge of basic economic principles.
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Food for Thought... |
"I'd rather go to bed without supper than rise in debt."
-Ben Franklin.
