The largest problem facing consumers today is their unsecured credit card debt. The consumer might want to consider a debt settlement program because they want to pay off their credit cards but have been struggling because of possible job loss or reduced salary or a medical emergency.
Of course the consumer is asking “Is this possible?” If we take a quick review of what it is costing the consumer on their unsecured credit cards. For example:
• Credit Card debt of $30,000
• 3 years of interest at 19% is $17,100
• 5 years of interest at 19% is $28,500
The above interest figures do not calculate any principal reduction on the $30,000 outstanding. So you can see that you are not making any headway on reducing your debt only adding to your financial situation.
If you have faced a financial hardship, then consider using the debt settlement method. Under a debt settlement program, a third party will negotiate with the lenders to reduce you debt possible up 50%. This would mean you would cut your outstanding balances in half and would save up to $17,100 or $28,500 over the next three to five years.
Here is an example of a possible monthly program:
• Credit card debt reduced from $30,000 to $15,000
• Minimum monthly payments of $700.00 for 24 months*
• Minimum monthly payments of $500.00 for 36 months*
o *This figures are an estimate only
Debt settlement may not be the right program for everyone. However as a consumer, you need to call an expert today to discuss a program that is right for you and your family.
