Is Settling Credit Card Debt on Your own a Good Idea?
People call in asking about our Debt Settlement program every day. Once we discuss the program and how it works we are often asked the question, " Why can't I just settle these debts on my own?"
The bottom line is, you can settle your outstanding unsecured debts on your own. All you need to do is call up your creditors, explain your hardship situation, and make them a settlement offer. Sounds pretty easy, right?
It's not quite that simple. You absolutely can settle your debts on your own, but you would be doing yourself and your wallet a disservice! Debt Settlement programs offer you years of experience and expertise in dealing with your creditors and collections agencies, and most of the time they can get your debts settled for MUCH LESS than you can on your own.
Why can Debt Settlement programs get you a better deal?
- Years of practice: Good Debt Settlement negotiators have been settling debts for years on end. This is what they do, and they have had a lot of time to hone their debt negotiating skills.
- No emotional attachment: When you negotiate your own debt, you are emotionally attached to the situation. The debt collectors know this and will use it to their advantage.
- knowledge of the rules: Although Debt Settlement programs do not need to have any attorney on staff, they do have to have an understanding of the debt collection laws of each state. They know what a creditor can and cannot do in a given situation, so the creditors cannot scare them into settling for more than they should.
- Peace of mind:Collections agents can be extremely threatening and scary to deal with. It is the Debt Settlement negotiators job to handle all communications with your creditors. You have a highly qualified professional in your corner and that in itself is indispensable.
- Dedicated savings plan: Most people don't have thousands of dollars sitting around to use when negotiating with their creditors. Debt Settlement programs put you on a dedicated savings plan to build the funds necessary to get your debts settled once and for all!
These are just a few of the reasons why settling your own debt could cost you in the long run. Using the resources of a Debt Settlement program will save you money and relieve the pressure of dealing with your creditors. Although settling your debts on your own can work, Debt Settlement programs are most often the better choice.
