Debt Consolidation – How Obama is Making it Easier to Eliminate Credit Card Debt

Recent economic conditions and massive government spending have actually made it easier for consumers to eliminate credit card debt. The passage of the financial stimulus bills has given creditors much more flexibility when negotiating debt settlements. Not only do creditors have a lot of stimulus money to hedge their losses on debt settlements but they are also very worried about defaults on delinquent accounts. The rate of delinquent credit accounts is rising significantly and as a result creditors are agreeing to very generous settlements in order to partially recoup some of their lent money.

„The largest and most respected debt relief networks on the marketplace today“

If you are over $10,000 in debt it would be prudent to talk with a debt settlement company and take advantage of market conditions while they are so favorable.Credit card debt is the most common type of unsecured debt that is settled. It is very easy to accumulate credit balances with all of the ridiculous fees that credit card companies charge you. Remember this: Your unsecured debt is always negotiable.

„A debt settlement company can provide you significant leverage when negotiating with your creditors.“

The best companies have established relationships with all the major creditors including banks, credit card companies, and medical institutions and will be able to use their leverage to eliminate a percentage of your debt. The best debt settlement companies will be able to eliminate credit card debt at 50% although cases in the 70-80% range are not uncommon in this market. This means that at least half of your credit card debt should be eliminated on average. The fact is that creditors are scared of massive defaults and are more than willing to make deals and write off a good portion of your debt. It is critical however that consumers know where to find a legitimate and established debt settlement company if they want to get the most favorable deal.

„If you want to eliminate credit card debt and hire a debt settlement company for debt negotiation then I have an important piece of advice.“

Do Not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company.