Debt settlement (DIY) - Continued
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Economic issues have hit all Americans in one way or another. Some have been hit in a dramatic way as some are just feeling the strains. Regardless of one’s situation it seems we are all struggling in one way or another. Job layoffs or cuts in pay make it tuff to keep up with our household expenses not to mention our credit cards. Perhaps the most frustrating part that consumers are feeling when it comes to their debts is trying to reason with the debt providers. Nothing is more frustrating than to try and reason with a debt management company that you have faithfully been paying minimum payments to for years. After all of this faithfulness on your part and the creditors do not care what your story is they just want the payment. It would be nice to hear “we understand and we will do whatever we can to help” but this is not a reality. When payments are missed or late these creditors don not hesitate to up ones minimum payment and interest rates. The only thing that is accomplished by doing this is putting the consumer in a more stressful unrealistic position.
Some consumers may be successful when trying to lower their interest rates but this is very rare. The only way to accomplish this is if you have a perfect credit history with them and at times this is still not enough. The final outcome is that nothing gets resolved and now the consumer is looking at collections, being sued or bankruptcy. When trying to reason with these credit card companies and trying to come to a settlement the same applies it is almost impossible to come to an agreement. When and if an agreement is made the terms are ridiculous. They are willing to make settlement, but on their terms and only theirs. When they decide what a good settlement would be they want the money now and up front. They will not offer any type of a payment plan of any type. This does not make any sense, if the consumer had a couple grand laying around they would most likely not be behind on their minimum payments. It is in the best interest of the consumer to find a debt settlement company to help them in the settling of their debts.
Debt settlement companies know all of the strategies that these creditors use when taking to consumers. Debt settlement companies take a more professional approach and will not put up with the scare tactics that these creditors use. These companies will get the consumers balances settled to a very low amount as well as getting a low minimum payment. This is a more realistic way for the consumers to pay their debts. Interest rates a dropped as well giving the consumers the choice to pay the debt in a quicker manner, but at a pace that is more suitable for them. Having a company in your corner will ensure the best outcome possible.