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PAYING OFF CREDIT CARDS VS DEBT SETTLEMENT

Financial situations can be quite complicated, especially when considering paying credit cards off in full vs. debt settlement, the benefits and drawbacks of a debt settlement program. We can explain the pros and cons of each. We also provide debt settlement info, and help you work towards a debt negotiation settlement.

If you have accumulated a significant amount of credit card debt, you are likely searching for viable options to begin paying it off. You have several financial solutions available to you, including reducing household expenditures and redirecting those dollars toward paying down your debts, debt consolidation or debt settlement. To determine which option is the most fiscally sound, you must review the financial impact that these decisions will have on your financial goals and objectives, and obtain the necessary debt settlement information. And, you must consider whether these solutions fit your current household budget.

Paying Down Credit Cards

Most consumers have trouble paying off credit card debt and are currently paying near or just above their current minimum required payments. While you may be able to reduce your household expenditures to free up additional cash flow, most families find this step difficult to impossible, especially during uncertain economic times. For illustration and comparison purposes, let’s examine the financial outcome if you were to continue making minimum payments on your credit cards.

For the purposes of this example, let’s assume that you have $25,000 in credit card debt at typical interest rates of 19%. And, that you are currently making only the minimum monthly payments toward your accounts, roughly $750 per month. If you were to continue with this payment arrangement, it would take you nearly 34 years to pay off these debts. Why? Because, in addition to the initial purchases on your credit cards, you would have also paid an additional $67,066 in interest charges. And, this is exactly what credit card companies hope you decide to do.

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Debt Settlement

Now that you have considered what would happen if you were to simply pay the minimum monthly amount, let’s consider what the outcome would be if you chose debt settlement to address your consumer debts. Debt settlement refers to the process of negotiating with your creditors to reduce the total amount owed. In addition to reducing interest rates in many cases, the total amount you are required to pay back will be reduced.

For example, considering the same initial amount of debt owed of $25,000, debt settlement could effectively reduce your monthly payment to $458 per month. Not only would working through the debt settlement process reduce your monthly payment from $750 to $458, but you would be able to become completely debt free within only 2 ½ years. Over this time frame, you would have paid $13,750 including any and all fees. Debt settlement programs will vary between program to program, but this result is typical of what you can expect.

As you can see, the financial outcome you can expect by working through the debt settlement process to pay off credit card debt will be a stronger result than simply paying down your debts using the minimum monthly amounts over time.

If you need help paying off credit cards, DebtSettlementProgram.net will work with you to determine your best options and provide the necessary debt settlement information. They can help determine if a debt settlement program is right for you, and what you should expect from one. When weighing a debt settlement program vs debt settlement, let DebtSettlementProgram.net offer information about the appropriate debt settlement program and what you can do if you need to pay off credit cards.

Debt Settlement Program is a Credit Card Debt Reduction company offering a Debt Settlement Program to Eliminate Credit Debt and Credit Debt Advice to assist you in paying off your debt.

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