Debt Management - How to Eliminate Credit Card Debt and Manage Your Credit Score

There are more people currently in debt than any time in history and as a result it has become much easier to eliminate credit card debt. Major creditors are being forced to agree to very generous debt settlements in order to recoup at least part of their money. Currently in this market, consumers are able to eliminate 60% of their unsecured debt with the help of a decent debt settlement. Getting a debt settlement does not go without consequence. It will negatively affect your credit score although not nearly as bad as bankruptcy. Consumers also have a major impact on exactly how far their credit score will fall. If you follow the steps in this article you will be able to get a debt settlement while having a minimal impact on your credit score.

When consumers eliminate credit card debt though a debt settlement company they usually don't have enough money to pay the settlement amount in full. They therefore pay a monthly payment into an escrow account until the settlement in satisfied. It could be a year or two before you have built up enough money in your escrow account to pay off the settlement. During this time most debt settlement companies will tell you to not pay your creditors. This however will cause your credit score to fall lower after the settlement. It would be wise to pay your minimum payment of your credit cards during this time to minimize the effect on your credit score.

Debt management is something that almost every American has to deal with in their lives. We Americans live in a society where getting in debt is not only common but is actually encouraged by government and big business alike. Well this past financial crises has made it clear that the credit markets can no longer sustain such reckless lending. It has however created a very advantageous time for debt settlements and if you have over $10,000 in unsecured debt it would behoove you to talk to a debt settlement company.

If you want to eliminate credit card debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do Not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt.

FreeDebtSettlementAdvice.com is one of the largest and most respected debt relief networks on the marketplace today. To find a debt settlement company through FreeDebtSettlementAdvice.com check out the following link: