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How Can I Achieve a Reduction of Debt I Owe?

The best way to reduce debts like credit cards if you cannot find a way to pay it off by effective budgeting and sound financial discipline is to use a debt settlement company who has established relationships with all the major creditors (credit card companies, department store charge card companies, etc). They work with people who find themselves over their head and need a reduction in debt to get back on their feet. The process involves a negotiation between the debt settlement company (on your behalf) and your creditors.

For example, a debt settlement company will go┬áto Citibank and say “we have $400,000 in debt that all our clients owe you – what type of reduced deal can you give us?” That has a lot more impact on Citibank than someone going to Citibank and saying “Hello. My name is Jane Doe and I owe you $6,000 – will you cut me a deal and reduce that? Pretty please….” Not the same impact. A good debt settlement company will have enough clients that they can use that leverage to get better negotiation terms with large creditors resulting in greater debt reductions for their clients.

For this reason, in my opinion you are best served by using one of the large established debt settlement companies that you can trust to guide you through the process.