Stop Paying Credit Card Debt - How to Gain Leverage Over Your Credit Card Company For Debt Relief

Are you scraping every dollar you can find to make your credit card repayments on time? Are you willing to ignore your insurance payments and other essential expenses just to make sure you not default on your card debt? Do you seriously feel that the you can no longer avoid defaulting on your debt?

You're not the only person who is facing this problem. There are hundreds and thousands of persons of who find that their credit card debt has risen beyond control due to the economic recession. We are programmed in such a manner that full and final repayment of credit card debt seems unavoidable. However, the truth is that one can easily stop paying credit card dues without any difficulty.

What is important is that you should know the right words to speak and the right approach to take. Most of us go begging and grovel before credit card issuers and debt collection agencies. We seek their benevolence and generosity. We do this despite the fact that we have paid a lot of money as interest payments. We are defensive despite the fact that card issuers racked up huge debts and unapologetically approached the government for a stimulus package.

You should follow the same approach that issuers followed. You should boldly approach lenders and ask them to waive a significant portion of your debt so that you can stabilize your financial life despite the recession. If the card issuers refuse, you can coolly inform them that this has left you with one option- bankruptcy.

Lenders may not have taken this threat seriously a few years ago. They may not have taken this threat seriously even twelve months ago. However, so many people have gone ahead and executed the threat that credit card issuers are scared of bankruptcies. The formalities, procedures and very little scope of recovery of the amount has made bankruptcies unpopular.

You should leverage this fear to force your credit card issuer to cooperate. If you do not have the confidence to negotiate personally, you should appoint companies and professional organizations that shall do this work on your behalf.

If you are over $10,000 in unsecured debt it would be wise to utilize a debt relief network instead of going directly to a debt settlement company. Using a debt relief network guarantees that the debt settlement company you choose has been certified and has established success in negotiating settlements. They are free to use and a good starting point to begin your debt relief process.

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