How can you settle a debt of credit card without using a consultant "credit?"

Credit counselors do not address real debt, but it is a common misconception actions public. How many of us really know how this credit and commands debt?

FYI: "credit counselors" do not settle the debt. They are often able to reduce interest rates, and collect the entire balance through a management plan for the debt if you pay a single payment each month when they pay your creditors for you (hopefully le), in its entirety.

There are a lot of information floating around this subject, some good news mixed with some dangerously incomplete information ...

Here is a Quick Step-by-step so you can achieve your goal to pay the debt credit card for yourself:

First, we clarify a few things. Then I have three "keys" for you to follow ...

      * Much time is needed to document, communicate, negotiate and follow-up to achieve these results.
      * There are many strategies and factors to consider that impact results.
      * There are many pitfalls.
      * You lose 2/3rds may be a reasonable goal.

The general consensus of industry professionals and insiders I know you all say, "do it yourself" consumers resolve debt credit card on their own for about 75% on average. My close friends who are pros and found themselves in financial difficulties recently reached 10% of schools over several of their accounts of personal credit card - but only because they were willing to go the distance and knew exactly extreme what they did. These people are the exception.

Many people fail to obtain a reduction of their debt at all on their own, without even a relief in interest rates to double digits. These people remain stuck on the treadmill exhausting slavery to debt and money.

Professional traders (including lawyers and arbitrators) averaged approximately 50% of facilities (some better than others), the load usually about 15% of fees (May vary by program type), putting the cost total to use a professional service to a debt settlement averaged about 65% or less of your total unsecured debt.

Creditors may give professionals representing a volume of debts "special treatment" because the big professional traders are "bread and butter" for most collectors. They deal with every day. When a professional negotiator debt settlement comes to the table which represents millions of dollars in debt the customer held with a major single creditor, it creates leverage for serious consumers represented by the professional. Creditors are willing to settle for much less than individuals should normally be able to realize their own.

Yet I have helped many people who have a talent for communication, negotiation, documentation and monitoring (the four essential skills you need to do this) for obtaining compensation as low as 45-60% regularly .

Make sure you're ready to make all communications, negotiations, documentation and any necessary follow-up on your own before you start.

AND if you are ...

Here are the keys to help you do yourself:

KEY # 1) The accounts must be delinquent.

Creditors will not settle for anything less than the full balance until your accounts are seriously late, usually 180 days + after "Load Off." This is because when the creditors "tax" accounts (an accounting entry), they derive a tax benefit on the account by writing to consider it as a loss. This de-values the account and it is not worth the full balance due. In fact, the normal course of business is to sell the debt of the "bad" to a collector third of the debt.

Surprisingly, in 2006, "bad debts" was sold to collectors for an average of $ 0.034 cents on the dollar. Only 3.4%! Keep this in mind. This is exactly why debt settlement works so well because it's a better offer to the creditor or collector than any other options, such as litigation, collections or bankruptcy.

As the economy deteriorates and bad debt would more than double in 2009, expect the value of bad debts to fall, which means that better settlements and more savings for you!

KEY # 2) Documentation BEATS Conversation, every time.

DO NOT make any payment by phone.

Collectors will almost always request a phone verification. Say:

"Unfortunately I am unable to make payment at that time, and I'm hoping to bring the resolution to this issue as soon as possible. I understand you want me to make a payment today, but no is simply not possible. I'll have $_________ (amount of state who is about 35-50% of your balance, not a percentage but a round number) soon and want to settle in least one of my accounts with that give me the best deal. Can you please send me a written quote?

TIP: You can do this from or in response to a settlement offer is too high ... Write a "Hardship Letter." Hand write or type a letter describing your situation, your inability to pay and include information such as, divorce, medical problems, job loss, disability or reduced income. Any information about your personal problems will help your negotiation, so do not hold back. Send this letter with a request to settle the account for $_______ (again, a random amount roughly equal to 35-50% of the balance ongoing).

Honestly speaking your financial difficulties, lack of resources and unable to pay when you request a settlement offer on the phone can help a lot. Think sob story, but to be honest. Yet in this game ... Documentation beats conversation every time.

Monitor everything (documentation) ... who speak to their name, phone number and mail the date and time. Keep everything organized in one folder, easily accessible.

NOTE: Some creditors such as Citibank, Discover, Kohls, Target and Chase if you live in Florida, New York or OH will not be satisfied with such small amounts. You must accept 60% to 75% in these situation and consider good. All are more likely to pursue legal action too.

KEY # 3) Use the letter with acknowledgment.

Once you get an acceptable settlement offer in writing, send a check. But first ... Enter your account number for the account you set on the check and write in the memo "of full payment. Send the check along with a copy of the settlement offer letter with acknowledgment.

Once the account is paid to a zero balance, you can do the normal process of credit repair and quite possibly have the account deleted by the challenge and seek verification.

Do-It-Yourself Debt Settlement is like doing your own taxes or dental reconstruction?

Sure, it's possible. Some people are naturally good at it and even profit, but most of us would defer to a professional so that the job is done right the first time.

This summarizes the process of settling your own debt. A professional program of debt settlement made much sense if the cost to you is the same or less than making yourself and you get the benefits of letting the heavy lifting for you.

Of course, hiring the right professional is a different debate. However, beware because there are only a few "good" there. There are many unscrupulous traders who go astray for their own benefit.

No matter what, make it a priority to be debt free ASAP, and stick to it.

Nothing feels as good as freedom after being a slave!