Not being able to pay off your credit card balance is a very tough position that people find themselves in. Whether you are in this position because of lack of proper money management or possibly because of excess cash advances, all you can think about is finding a way out. If you are one of these people in this predicament then you should consider all your options. If you cannot picture yourself getting out of financial debt on your own then you might want to look at the option of credit card debt settlement. Since this negotiation process with your credit card company is not always an easy one, it is recommended that you resort to this when you have no other choice.
Eligibility for a credit card settlement depends on the credit card company and whether or not they feel like you can pay off your debt. Your best chance of being accepted for a settlement is if you can prove to your credit card company that you cannot pay off the debt and that you are at the point where you are considering bankruptcy. In order to convince your credit card company that there is a strong possibility that you are on the verge of filing for bankruptcy you must convince them that you are definitely unable to pay, you don’t have many assets to lose, and your income is not sufficient enough for you to consider debt reorganization.
Many accounts settle anywhere form 30%-70%. The time period it takes to complete this settlement varies depending on the decisions made by the debtor and the credit card company. If the process is wanted to go by as quickly as possible then it can range anywhere from three to nine months. However if the process is stretched out then it can take roughly a year or two. The choice to draw out the process can lead to consequences. For example, since the credit card company is still charging you interest on the outstanding balance, drawing out the process is only going to cause you to keep paying this interest. Also, a credit card company is more likely to take you to court the longer you draw out the process. Finally, the longer it takes you to settle your debt the longer you are considered to have bad credit.
Although having to deal with a credit card settlement is not always fun, it is sometimes a much needed approach to dealing with your debt. Credit card settlement can greatly impact your credit score, therefore much consideration must go in the route you want to take to pay off your debt.
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