What are debt settlements? More and more people are asking this question as the topic is discussed on money information shows. Terms such as debt settlement lawyers, debt settlement scams, and credit card debt settlement are being thrown about on TV and the radio. So what are debt settlements? Let's take a look. Debt settlements are a credit card company's agreement to accept a percentage of a person's total balance due as payment in full. This type of arrangement usually happens after a person has been delinquent on their account for at least 90 days. Along with the letters and phone calls a person will receive, and they will receive a lot, they will often receive a credit card debt settlement offer. These settlement offers normally are in the 50% range, although they have been known to go as low as 20%. There are debt settlement lawyers that'll negotiate on your behalf, and there are debt settlement companies that'll do the same. Just make sure to do plenty of homework before hiring anyone, there are many unscrupulous debt settlement firms lurking about. Most people are capable of negotiating debt settlement s themselves, and there is much information online about how to go about it. You can save a lot of money by negotiating yourself, but you must be willing to put up with a lot of garbage from the credit card companies. Keep in mind that the threat of legal action is very real, and people do get sued. That is the exception rather than the rule however. Debt settlements can be a great way to reduce or eliminate your debt, and they are worth looking into.
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