Debt Relief – Why is Debt Settlement the Best Way to Get Rid of Rising Credit Card Balances?
Only diamond can cut diamond. One has to think like a thief to catch a thief. One must fight fire with fire. In the same way, one must combat rising credit card debts with debt settlement. In my opinion, settlement of debt which involves securing a waiver from the credit card issuer for about 50 % – 60 % of the original amount owed is the best way to tackle credit card debt. Once you exceed your account limit or once you skip even a single repayment, the interest rate increases drastically and you find your outstanding amount rapidly rising beyond control. What a debt settlement does is that it takes the sting out of the rising card debt. Not only is your penal interest payable, administrative charges and taxes waived, you also get a reduction on the original amount owed. Lenders are forced to offer such settlement because of the recession and a large number of bankruptcies that it has led to. For very long time, people were very hesitant to seek a waiver on the original amount owed. O
