Can Credit Card Debt Relief Be Attained?
If you owe significantly more than you can pay, and can’t reduce expenses or increase your income any further, a credit counseling service may recommend debt settlement. Also called debt negotiation, debt settlement actually reduces your total balance due. The service contacts your creditors to negotiate a new lower balance and a new payment plan. You may either be required to make a lump sum payment or monthly payments. In most cases, debts can be reduced by 40%. Before choosing this option, remember that debt settlement may damage your credit and you may owe taxes on the unpaid amount.
