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Sued by Credit Card Company: Shooting for Debt Settlement

Sued by Credit Card Company: Shooting for Debt Settlement

Thousands of Americans are being sued by credit card company because of unpaid debts. In fact, almost 50% of Americans owe an excess of $10,000 in credit cards. No wonder, more and more people are looking for ways to settle the debt rather by be sued by credit card company. If you are sued by credit card company and you see a window of opportunity to settle the debt out of court, do so. Most creditors would rather settle out of court rather than see through the trial until the very end.

Here are a few tips that will help you settle the debt and avoid being sued by credit card company:

Don’t Make Matters Worse

As tempting as it would be to go grab your credit card and go on a shopping spree, don’t. There’s no need to cut off the credit card because this will have adverse effects on your credit report. However, use the credit card only when it is absolutely necessary.

Make a Debt List

When you are able to manage your expenses and was able to restrain yourself from accumulating more debt, you need to know exactly how much money you need to pay. You need to list down all your debts including the interest charge, and monthly payments. This will give you an idea which debt you need to repay first. Experts’ opinion on which debt should be paid first (the one with higher interest charge or lower interest charge) but this decision is entirely up to you.

Call Your Creditor

Once you made your calculations, contact your creditor and instigate a debt settlement negotiation. Give them an idea how much you can afford to pay . Remember, debt settlement is almost always 50% less of the original debt amount so shoot for this figure. Of course, you need to call someone who has the authority to negotiate or make a decision to work with you. This will help you resolve the problems faster and avoid being sued by credit card company.

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