A Debt Settlement are debt elimination programs used by both debtors and creditors to settle a debt for less than what is owed. The debt elimination programs are also called Debt Negotiation and Debt Reduction.
Most often the debt elimination programs are used to negotiate a credit card debt settlement, although a settlement can be reached on many kinds of debt, including taxes, medical and utility bills, business debt, and even secured debts, such as, personal loans, auto loans, and promissory notes.
Know where you stand Ignorance may be bliss, but it won't solve your problems. The only way to get out of a debt predicament is to know how much you owe to your creditors.
Once you've tallied your debt, add up your income and subtract fixed expenses. The amount leftover is money for discretionary spending and paying down debt.
Now that you know where you are, stop using your credit cards. This is the first of many debt elimination programs to end the debt cycle, so that every move from now on carries you forward.
Decide to live off what you make and only have a debit card. "The real key is not to rely on credit cards again, because if you're mismanaging credit, you have to look at it as an addiction. Because that's really what it is." No debt elimination programs are going to help you if you are addicted to credit.
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Consumer Credit Counseling Information, Debt Management Plan Information, Debt Settlement Plan information, Credit Counseling, Credit Score, Consumer Credit Counseling Service, CCCS, Bill Consolidation, Credit Repair, and Debt Consolidation is not advice, and we recommend you consult a licensed credit counseling agency, debt settlement attorney, and/or licensed debt management plan administrator in your state if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
