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Credit card debt is becoming a nightmare for more and more people. For those burdened by debt, struggling to make minimum payments, screening phone calls for collectors, and constantly worrying about having to juggle finances in order to survive is a common experience. Many people who are overwhelmed by credit card debt will usually consider options such as declaring bankruptcy or taking out another loan in order to make payments on existing debts. But there is another option that is less extreme: debt settlement. By working with a legal debt settlement attorney, you can reduce your debts substantially and slowly make your way back to a secure financial position.

Debt settlement is quite simple: it means that your creditor has accepted a lower debt to be repaid from the debtor. This may sound like a bad deal for the creditor, but it is actually in their interest for you to pay back at least some of your debt if not all of it. The alternative, after all, would be for you, the debtor, to declare bankruptcy, in which case the creditor will see almost none of the debts repaid. As such, many credit card companies will be willing to negotiate a debt settlement program.

Keep in mind, though, that debt settlement is not for everyone. If you have a substantial enough income to pay your debts, but, for whatever reason, have not been making payments, then you should not expect your credit card company to be too open to the idea of lowering your debt. Debt settlement is for those who are truly struggling to pay down their debts. If you find your debts are getting out of control, you are struggling to make the minimum payments, have missed multiple payments, or you have debt collectors threatening you with lawsuits and the garnishment of your wages, then you probably need to look into a debt settlement program.

While anybody can negotiate a debt settlement, it is usually better to seek the assistance of a debt settlement attorney. Not only does a debt settlement attorney have far greater knowledge of and experience in debt settlement programs, but he/she can usually negotiate a much lower sum of debt for you and on much better terms than you would be able to do yourself. Collection agencies know, after all, that most people are not fully aware of the laws surrounding debt settlement programs, and thus they will often use this to try to keep the debt settlement relatively high if a debtor chooses to negotiate the settlement him/herself. A debt settlement attorney will represent you when negotiating with collection agencies and thus can often get you a much better deal. Furthermore, those annoying calls from collection agencies will cease and go straight to your attorney.

For those who are worried about the cost of debt settlement companies, the industry has vastly improved over the last few years. New federal and state laws are making it much more difficult for unscrupulous attorneys to take advantage of their clients. For example, upfront fees are now illegal and your attorney can only collect a fee from you if they actually settle at least one of your debts. Furthermore, they cannot demand payment from you until you have made at least one payment to your credit card company. These new regulations not only protect you from further debts, but also motivate your debt settlement attorney to pursue an even better debt settlement deal on your behalf.

Thus, before you consider bankruptcy or another loan to pay off your credit card debts, you should consider the services a debt settlement attorney. By doing so, you will likely be able to lower the sum of your debts and get yourself into a much better financial situation sooner rather than later.