Where Does the $10,000 Credit Card Balance Minimum Come From?
As explained above, federal law does not give special entitlements to people who owe more than $10,000 on their credit cards. So why do debt relief agencies frequently use this number in advertisements? Because their customers must owe at least that much to support the fees they charge. Debt relief company fees can be several hundred or thousands of dollars. Do It Yourself Credit Card Debt Relief Be Your Own Negotiator Creditors will settle for less than the full debt owed to them if they believe it is in their best interest to do so. If you can no longer keep up with your obligations, contact your creditors and see ask what they are willing to do. If you are not able to make payments, they will contact you and might even volunteer a settlement offer. Obviously, settling for less than the full amount of a debt or paying late will damage a borrower’s credit score. Conduct a thorough review of your personal finances to determine if you can make changes that will allow you to pay all debt
