Why is it compulsory to pay your credit card debt in full? Most of us feel that it is compulsory to repay our credit card debt because the law does not permit any exceptions.
While there is no doubt that the law requires repayment of credit card debt, nowhere has it been specified that you cannot ask for discounts or waivers from your credit card issuer.
Is it right on your part to ask for waiver for repayment of your credit cards debt? Credit cards dues are the most expensive form of debt in the market.
Unsecured loans are issued and huge interest rates are charged on the same.
Credit issuers earn a lot in the form of interest.
The minimum payment option that is provided to customers has been provided just to ensure credit card issuers earn lots of money.
Hence, there is nothing wrong in asking your credit cards issuer to settle your credit cards debt for less than the full amount.
Your request for settlement of credit cards debts may have been rejected outright in the past.
However, the condition today is different because of the economic collapse and the subsequent federal stimulus program.
The stimulus program has provided numerous benefits to big time lenders.
Although nothing has been a specified in writing, the general understanding is that the credit cards issuers shall be lenient when dealing with credit dues on your cards.
That is a reason why you can get rid of as much as sixty percent of your credit card dues without paying even a single cent.
If you have fallen behind in making repayments and are facing the risk of bankruptcy, you will find that your credit issuers are prepared to accept a full settlement after 40 % repayment.
Considering the fact that this option is available to those who have racked up huge credit card debts, why should one repay the loan in full then one can settle for less? Further, you will get extra time to repay the amount.
Unlike other settlement options where the settlement amount has to be paid in full, you can deposit the money in an escrow account and wait for the money to build up before repaying the settled amount in full
While there is no doubt that the law requires repayment of credit card debt, nowhere has it been specified that you cannot ask for discounts or waivers from your credit card issuer.
Is it right on your part to ask for waiver for repayment of your credit cards debt? Credit cards dues are the most expensive form of debt in the market.
Unsecured loans are issued and huge interest rates are charged on the same.
Credit issuers earn a lot in the form of interest.
The minimum payment option that is provided to customers has been provided just to ensure credit card issuers earn lots of money.
Hence, there is nothing wrong in asking your credit cards issuer to settle your credit cards debt for less than the full amount.
Your request for settlement of credit cards debts may have been rejected outright in the past.
However, the condition today is different because of the economic collapse and the subsequent federal stimulus program.
The stimulus program has provided numerous benefits to big time lenders.
Although nothing has been a specified in writing, the general understanding is that the credit cards issuers shall be lenient when dealing with credit dues on your cards.
That is a reason why you can get rid of as much as sixty percent of your credit card dues without paying even a single cent.
If you have fallen behind in making repayments and are facing the risk of bankruptcy, you will find that your credit issuers are prepared to accept a full settlement after 40 % repayment.
Considering the fact that this option is available to those who have racked up huge credit card debts, why should one repay the loan in full then one can settle for less? Further, you will get extra time to repay the amount.
Unlike other settlement options where the settlement amount has to be paid in full, you can deposit the money in an escrow account and wait for the money to build up before repaying the settled amount in full
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