The young consumers of the US in most cases rely on their credit cards to deal with their monthly expenses. Most of these consumers plan to pay the credit card bills at the end of the month. After the recent economic meltdown, most of the people suffered job loss or wage deduction. In this situation, a large number of people defaulted on their payments and complicated their financial situation. If you’re in a similar situation, then enroll in a credit card debt settlement program to eliminate your financial woes. You can consult a professional debt arbitrator or settle debts on your own.
Tips to Help Those Without a Credit Card Debt Settlement Program Go It Alone
Here are a few effective tips to settle your debts on your own:
1. Budgeting- An important tool: Budgeting is considered to be an essential tool when you’re planning to settle your debts. It can help to track your expenses and guide you to avoid overspending. You can exercise financial discipline when you’re on a budget plan. Therefore, you can manage to save considerable amount of money. Make sure you avoid splurging the fund as you can use to settle your debts.
2. Maintain a record of the owed amount: Make sure you calculate the total amount you owe. Before you approach the creditors, make sure you prepare a list of the owed amount. It can be easier to keep tab on the owed amount and help to settle your debts faster. Make sure you calculate the amount you can afford to pay before you approach the creditors.
3. Negotiate with the creditor: You can negotiate with the creditors to lower the outstanding balance to make the owed amount affordable to pay off. When you settle your debts, you pay less than you actually owe to the creditors. You can provide financial hardship evidence if your creditors are not willing to settle your debts. If you have genuine reason, then the creditors may agree to settle your debts.
4. Request your creditors to lower the penalty fees: When you negotiate with the creditors, make sure you ask them to waive off the penalty fees and late fee charges. You can manage to lower the payments when these penalty fees are waived off.
5. Avoid using your cards: Make sure you avoid using your credit cards when you settle your debts. If you continue using the card, then you may not be able to come out from the trap of debt. Therefore, increase the use of cash instead of cards.
6. Work with debt arbitrator: If you’re unable to settle your debts on your own, then you can approach a debt arbitrator. A financial expert can effortlessly help to settle your debts with ease. He is proficient to settle your debts and guide you to stay out of debt in future.
Therefore, you can keep the above mentioned points in mind when you plan to settle your debts on your own. Once you settle your debts, you can manage to eliminate your debts and regain control over your financial situation.
A guest post - By Andrew Jackson,financial counselor associated with Oak View Law Group, APC now for over 4 years. He analyses people’s financial situations minutely and advises on different debt relief options available. He also helps people manage their budgets through free counseling.
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