How Credit Card Settlement May Protect Your Assets

Debt is a looming presence in just about everybody’s life. With prices of everyday items and the cost of living continually increasing, it can seem just about impossible to avoid a financial crisis. For those who are already experiencing financial issues, those worries can quickly turn into fear of losing just about everything. The good news is, you do not have to let that fear become a reality. A credit card settlement with us at Liberty Debt Relief may be the perfect way to get out of debt and avoid potentially losing all of your assets in the process.

No Need for Bankruptcy

One of the top benefits of choosing to settle your debts is that you can completely avoid filing for bankruptcy. Bankruptcy should always be the last resort in any financial crisis because along with destroying your credit score, it can also force you to lose your home, car, investments, and many other valuable assets.

Understanding how to protect your assets starts with one simple rule — get help from a trustworthy and reputable expert as soon as possible. By doing so, you are setting yourself up to get one-on-one assistance that helps you get out of debt in a way that works for you. Pursuing debt settlement will convert all of those outstanding expenses into a single owed amount that you can pay off in a way that suits your income and other needs, so that you can spend less time worrying about losing your home and more time staying positive about your path to get out of debt.

Set a Budget You Can Handle

One of the primary reasons people end up losing all of their assets when they get into a financial crisis is that they hear or read that liquidating their most valuable items is a quick and easy escape. The truth is, however, that liquidating the items you love the most is not always necessary. By taking part in credit card, loan, and other debt settlement, you can pay back all of your outstanding balances in a way that works best for you.

The beauty of debt settlement programs is that they create custom payment plans that are scheduled to fit what you can afford. If you use a reliable company, such as Liberty Debt Relief, an expert will even work with you one-on-one to find out what numbers are ideal and will then negotiate those terms with your lending companies. Not only do you get peace-of-mind knowing that you can keep the home you love and the car that you need to get back and forth to work, but you never have to worry about dealing with harassing phone calls or uncomfortable negotiation conversations. We handle that for you!

Get Out of Debt for the Long Haul

The possibility of losing valuable possessions is enough to drive anyone crazy. Choosing to take part in credit card settlement allows you to avoid that mentality because it provides you the opportunity to not only get out of debt for the time being but learn how you can better manage your financial situation for the future. Changing the way you think about saving and spending could possibly prevent you from getting into debt again so that you can protect your assets for decades to come.

With a debt settlement plan, you do not have to pay back the thousands of dollars you owe at once or feel pressured to sell everything you own, as your debt repayment is negotiated based on your needs and those of your lenders. You will also learn valuable lessons along the way, including setting more efficient budgets and how to avoid accruing outrageous interest fees over time.

A Plan that Works for Years to Come

Choosing to begin a credit card and debt settlement negotiation is possibly one of the greatest things you can do for you and your family’s financial future. Along with avoiding losing valuable parts of your life to bankruptcy, such as your home and savings, it provides a sustainable peace-of-mind that you can carry into your relationships and your future finances.

The best way to secure this stress-free solution is to speak with a Liberty Debt Relief financial specialist today.

How Can I Settle My Credit Card Debt

Credit Card Debt Settlement Options

Millions of Americans today struggle with overwhelming credit card debt. According to the Federal Reserve Bank of New York, the overall US total debt balance continues to rise and is now well over 13 trillion dollars. If you are dealing with bills from multiple accounts and they just keep adding up, know that you are not alone in wondering how to settle credit card debt. There are a variety of options available so you can get back on your feet and experience relief from credit card debt. Settlement could be a great option for you depending on your financial situation and overall financial goals.

Debt Settlement Options

It is essential to review all of the options available to you so that you can choose the best way to settle your credit card debt. There are three key ways to be aware of, including:

1.  Handling the Negotiations on Your Own

Here, you alone sit down with your lender and negotiate the terms to determine the amount for which you can settle your outstanding debt. Your goal here is obviously to bring it down to a smaller amount than you previously owed, but it can be incredibly difficult to negotiate without the right level or experience and overall subject matter knowledge. This is an option, but negotiations are often more successful when you have the right expertise.

2.  Getting a Lawyer

The next option is to hire a lawyer to negotiate your credit card debt settlement on your behalf. This is a good option for some depending on the amount of credit card debt that you owe and if you are concerned about potential legal ramifications. A lawyer will be more focused on the legal impact of your settlement instead of the potential financial impacts. The biggest downside of working with a lawyer is that they are often costly and charge by the hour. Debt settlements can take months or even years. The amount of credit card debt that you owe may determine if you can afford a lawyer and if this is the right option for you.

3.  Finding the Right Debt Settlement Company

Working with a debt settlement company is an excellent option that many choose because these knowledgeable experts have years of experience working and negotiating with lenders. Over that time, they have developed working relationships with lenders. It is important to find the right debt settlement company for you and your specific needs, so be sure to solidify your financial goals. This will also help you communicate what you hope to gain from settling your credit card debt. Additionally, many debt settlement companies charge a fee, which is typically a percentage of your credit card debt settlement. This may be the most affordable option, depending on your needs.

The Impact of Debt Settlement

Whatever option you choose, debt relief will likely have a negative impact on your credit score. Depending on the outstanding amount you owe, debt settlement can stay on your credit report for several years.

In addition to impacting your credit score, settling your credit card debt will also have implications for your taxes. The IRS will consider any amount of debt that is forgiven or settled as income that you received. This means that you will owe personal income tax on the amount of debt that was forgiven. Be sure to meet with an accountant or with your debt settlement company to review the full terms of your agreement.

Experience Debt Relief

Settling your credit card debt can be a financial relief and can help you experience more financial freedom. It can give you the fresh start you need to regain control of your finances. Be sure to research all of the options available to you so that you can make the right choice for your circumstances. You don’t have to live with debt for the rest of your life. With credit card debt settlement you can get on track.