The point of this article is to give people a heads up on debt relief companies also known as debt settlement or debt negotiation companies.
First I would like to state that the process of debt negotiation as your means of consumer debt relief is not for everyone, some people are better suited for bankruptcy and others do not have the correct mindset to go through this process.
I would like you to first understand what debt negotiation is and how it works. The goal of a debt negotiator is to obtain a debt settlement for you on the current debt amount you owe your creditor. The two main benefits of going through this process are to save money on what you currently owe your creditors and to save time. By just paying the minimum payment with even a modest interest rate you will be looking at 30 or more years to become debt free, with a sound debt negotiation program you will be out of debt within 2-3 years or sooner depending on your current financial situation.
For starters your creditors will not be willing to negotiate a debt settlement at all if you are current with your monthly minimum payments. The reason being over 30% of your credit score according to MyFICO is based on how much debt you owe. But if you are stuck in a bad debt situation even if you are current with your payments your score is probably not all that good in the first place, and besides when stuck deep in debt your focus should be on how to get out of debt as quickly as possible, not on your ability to accrue future debt.
Now to get to the meat of the matter and why I named this article “consumer credit card debt relief scams”.
So naturally this opened up a much larger market for debt negotiation. Some companies will say they will save you 70% of what you owe. Honest companies will tell you what your true savings will be.
Consumer Credit Card Debt Relief Scams! Legitimate paid online surveys don’t ask for a credit card, don’t have fees and are free.