Credit cards can be an ideal financial tool if they are used wisely. However, if you don’t have strong self discipline in controlling your spending habit, these cards will definitely ruin your life. What should you do when you find yourself knee deep in debt? Let me show you the right steps to write off your debt legally.

1st Step: List down all the details of your outstanding balances

If you have a few cards on hand, you are reminded to list down your bills one by one. The key elements you must jot down include the interest rates, the debt amount, minimum monthly repayment, the fees, etc. If there are special terms and conditions stated on your card agreements, make sure you include them in.

2nd Step: Contact your credit card companies and start your negotiation process

Call up your lenders and talk to the person in charge of your accounts. During economy crisis, most of the card companies are open to negotiation. You are advised to request from them to reduce the balance on your card statements. If they don’t agree, you may propose to them to consider lowering the amount of interest you are paying. Bear in mind that your main purpose is to get some “discounts” from them.

3rd Step: Propose a settlement amount which you can afford to pay

If the creditors have intention to negotiate with you, you should then proceed to propose a settlement amount t them. But keep in mind that the settlement amount you propose must be within your financial ability. If you don’t have enough cash on hand, it is not wise for you to bargain with your creditors. You need to raise fund first in order for you to have more bargaining chips.

4th Step: Obtain approval

Be prepared that you may need to go through a few offers and counter offers before you can convince your creditors to accept your proposal. Once the approval is obtained, you are reminded to get the written agreement from your lenders.

5th Step: Make your settlement payment

It is time for you to fulfill your commitment after you have got the agreement. You are reminded to make the settlement payment on the date as you have agreed. After the payment is made, your debt will be written off.

Last but not the least; you are reminded to be brave to send in your request to your credit card companies. It doesn’t hurt you at all to ask for a favor.

For more credit card debt settlement and free credit card debt relief tips, visit CreditCardDebtSolver.com.

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