The fastest way to pay off debt is by debt settlement. The second fastest is by bankruptcy. The third fastest is by paying it off with every penny that can be scraped together. The fourth, and by far the slowest, is by making minimum payments.
Debt settlement is a transaction between creditor and debtor where the creditor accepts a partial payment as payment in full. The creditor then writes off the loss and gets a tax break.
Credit card debt elimination is, no doubt, a hot topic and for good reason. Americans (and millions of people in other countries) are literally crumbling under the weight of credit card debt and the debasement of the US dollar and economy. Obamacare has ushered in skyrocketing insurance premiums and out-of-control government spending has ushered in yet another swelling housing and stock market bubble that is going to pop within the next two years. We all need to get out of debt, and do it as soon as possible.
Some people confuse debt consolidation with debt settlement. Consolidation will only lump your debts together, lower your total monthly payments, probably reduce your average interest rate, and prolong the years that you will be in debt. Forget about it.
Some people will call the debt settlement company they heard advertising on the radio or found on the internet. These companies will promise to stop the creditor calls (they cannot do this) and work with your credit card companies to negotiate settlements. They do this for a huge fee. The money paid to the debt settlement company is money that should be accumulating toward a lump sum that can be offered to the creditor for a settlement. What often happens is the debtor gets sued by the creditors before a reasonable settlement can be offered because so much money has been sneaking into the debt settlement company's pocket. Forget about it.
I was an ignorant victim of a debt settlement company. They took more than $2,000 before I figured out that I could do the settlement process myself and that they were actually harming my chances of successfully negotiating settlements.
So how does a person negotiate a debt settlement?
The best way to negotiate a settlement is to:
1) Quit making payments (all payments to any creditor).
2) Save as much money as fast as you can.
3) When the creditor starts to get pissy and/or nervous and threatens a lawsuit, offer a settlement.
Is it really that easy?
Yes, and no.
It is very easy, but there is a process that must be followed exactly for it to work.
For a small fee I will show you every tiny detail and a safe, effective, fool-proof time line for credit card debt reduction or elimination by debt settlement. I've written a book called, "The Complete Debt Relief Manual" that has helped lots of people achieve debt settlement and credit card debt elimination. I used the process myself and it works.
The book also teaches how to budget, stop creditor calls, work with creditors, prepare for lawsuits, figure out whether bankruptcy is an option, and repair your credit report. Debt settlement, after all, does some damage to your credit score. But your credit score can be quickly recovered if you know what to do. "The Complete Debt Relief Manual" shows you how.
If you're still reading this, click here to buy the book now. I guarantee it is what you're looking for if you have a credit card debt elimination dilemma that you need to solve soon.
If you have any questions please comment or email me at: info@howto-payoffdebt.