If you are currently having problems with your debts, you should consider debt settlement services. These services will negotiate with your creditors and help you reduce the amount you owe them. This can often save you in excess of half of your total debt. Most creditors will accept reduced payments but you may also qualify for some that will forgive a portion of your debt if you can prove you can't afford to pay it.
You have a couple of options when it comes to debt settlement services. The first option is to find a company that offers these services. There are several good ones out there and some of them can be found by searching online. The next option is to seek the help of a debt relief network that works with multiple reputable Debt Settlement companies. By working with one of these networks, you can be confident that you are making the right choice and that you will get the best results.
When you start working with a debt settlement services, you will make a list of all your bills. You will also make a list of all your debts. For each creditor you want to contact, you will send a message or write a letter detailing the problem. Let the editors know what you are willing to do to settle the debts. Often, this involves forgiveness on a percentage or all of the debt.
You may not think you qualify for Debt Settlement services because you don't own your own home. But if you do own a home, you may benefit from the debt settlement programs because you will be able to reduce the principal balance and lower your interest rates through a third-party debt settlement company. But even if you don't own a home, if you own a credit card, you can qualify for debt settlement services and use the savings to pay down your credit card debt. The benefits of a debt settlement program even apply to secured debt, such as car loans and mortgages.
You also have the right to negotiate on your own. In fact, the best way to settle your own debts is to do it yourself. If you can get a professional debt settlement company to help you with the negotiations, you will save money and time. You will also have peace of mind knowing that you are being kept in the loop and that the creditors know that you have a lawyer working for you. But if you do it yourself, you may get intimidated because you won't know what to say or how to negotiate.
So even if you don't own any collateral, you can still settle your outstanding debts. All you need to do is find a debt settlement company that will work for you, make a reasonable offer on your outstanding debt, and follow through. Your credit report will reflect that you settled your debts, so you will be able to later apply for credit cards and other loans like credit cards with minimal effort. See post, visit https://en.wikipedia.org/wiki/Debt_restructuring.