2 Options For Credit Card Debt Settlement

2 Options For Credit Card Debt Settlement

If you can’t afford to pay the minimum payments on your credit cards, you need credit card debt settlement. You ask, what is this? The explanation is pretty simple if you’ll read further.

Settlement is another word for negotiation, changing the terms. The issue when you get into debt problems, and especially credit card debt problems is it gets emotional. In situations like this you need to think clearly to find the answers. 

Two Options For Credit Card Debt Settlement

Option A – Call the lenders right away and explain the situation, this could prevent late fees or further damage to your credit score. They might even lower your monthly minimum payment, lower the interest or both, give them a call.

Option B – If you can get back on track in several months consider an introductory card transfer. These are credit cards that will offer zero interest for the first 12 months, then the rates go up. You won’t get something for nothing, either they will make it up on the interest rates or it might be a annual fee, either way make sure you know the terms and can handle them when the 12 months is up.

Where Do You Go From Here?

These two options above are short term solutions, you have to be sure you can get caught up in the 12 month time frame to use them. Going into a longer term fix will require other options, it might have to go beyond a settlement. You won’t know what you need until you assess your situation. If you have a budget your one step ahead of the game, if you don’t you need to start one.

Once you know where you finances stand you can look at these or other options.

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