Eliminating Credit Card Debt – The Right And Legal Way
Eliminating Credit Card Debt – The Right And Legal Way
Attempting to eliminate credit card debt is perhaps one of the most stressful aspects of repairing one’s credit.
After all, the amount that is owed is often three times higher than the original debt, fees continue to escalate, and the debt never seems to get any smaller. Despite on-time payments, repeated phone or letter communications, and trying to be financially responsible, consumers are finding it increasingly difficult to pay down their debt.
Hector Milla Editor of the “Credit Card Debt Free” website — http://www.CreditCardDebtFree.org — pointed out;
“…While bankruptcy might be the best option for some, it is not right for all. Consumers who are suffocated by debt can eliminate most, if not all, of their debt in a legal and proper way, without the use of an attorney or going through bankruptcy court…”
There are a couple of ways that the average citizen can eliminate their debt: credit report inquiries and debt consolidation. It is wise to utilize both of these techniques for the best result.
In credit report inquiries, the individual contacts all three of the major credit reporting bureaus and requests a copy of his or her credit report. Upon arrival, the consumer should scrutinize each item, looking for any sort of error, discrepancies, false listings, or duplicate items. If any of these situations are discovered, they should write a letter to the reporting company as well as to the credit bureau, stating the discovered facts and asking for either clarification or removal of the item. The consumer should continue this process once every thirty days until all questionable items have been removed from the credit report. This process tends to be quite lengthy, time consuming, and frustrating.
The other option, debt consolidation, allows the customer to stop all additional interest charges or late fees on all accounts, while at the same time paying one small payment. These payments, with cooperation of the debt management company, is evenly distributed to all creditors. Most companies will provide credit report inquiries on the customer’s behalf, thereby eliminating a large percentage of debt. While the service is provided for a fee, it is well worth the money if the consumer does not have the time or patience necessary to complete the process on their own.
“…Regardless of whether nor not the consumer chooses to use a debt reduction service, the ultimate goal is the elimination of debt. Eliminating debt the right and legal way is imperative! It is illegal for any debt collection agency to attempt to collect a debt that you do not owe. If they cannot prove the debt is rightfully yours, you are not liable for repayment. In some cases, eliminating one’s debt is simply a matter of forcing creditors to prove their case. In most situations, they cannot do so, and therefore, the debt is erased…” added H. Milla.
Further information about trusted and reputable companies for credit card debt settlement by visiting; http://www.CreditCardDebtFree.org
