http://www.debt-information.com/debt/credit-card-debt-settlement.html Credit card debt settlement - is it the right choice for you? Get the answers to your credit card debt settlement questions. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 There are not many things worse in this life than having to deal, on a daily basis, with the heavy weight of debt. It catches up to you in all sorts of different ways and can make moving ahead in life nearly impossible. When we cannot even pay off the debts that we have incurred thus far, how are supposed to save any money for our future plans? So many thoughts race through your head when the situation seems impossible to fix. But, fix it you can and credit card debt settlement might be your ticket to financial freedom. What are the advantages? Many people chose credit card debt settlement as a means to get themselves out of debt because it takes care of the debt in one shot so that you do not have to spend years thinking about the next monthly payment. Some of us cannot afford to pay off the credit card debts each month and even if we do consolidate, it will be years before we can start to save. But, with credit card debt settlement you work with a credit counselor who will negotiate with your creditors for you and try to find the best deal for you. Generally speaking, with credit card debt settlement, you will end up paying 40-60 cents on the dollar, depending on the details of your situation and the creditors that you owe. Once everyone has agreed on a number than that debt is considered paid in full once they have received the balance agreed upon. THat means that the phone calls and the threatening letters will stop and you can forget about the debt, or can you? The drawback here is that you are not totally off scott-free, if that was the case everyone would be paying off their debts with credit card debt settlement . It will show up on your credit report for the next 7 - 10 years that you did not satisfy a loan according to the original terms and it will have a disastrous effect on your credit rating. But, the honest truth is that for some this is still the best way for them to take care of the credit card debt once and for all. many people feel as though saving money and being done with the debt is more important than a great credit score. It all depends on what your long and short term goals are. cc Sat, 26 Jul 2008 15:00:00 EDT