How do you settle credit card debt?

You send settlement letters to your creditors, and after a few rounds of negotiating, hopefully you and your creditors will settle on an acceptable amount. You may do the settling yourself, or you may hire a company to negotiate on your behalf.

If you settle on your own, you may save a few thousand dollars (depending on how much debt you owe). However, if you don't have substantial experience negotiating with the debt collectors, then a debt settlement company may save you more.

Knowing with whom, when and how much to settle is critical. Also, keep in mind that there are many unethical debt collectors that will lie and cheat in order for you to pay them as much as possible.

The bottom line is that settling your own debts is like someone trying to replace a transmission in their car with little or no mechanical experience-it's possible to due so, but it's probably much better for an expert to handle the job.

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