Once you are deep in debt, it may feel like there is no way out. Even as you make payments, you might not be seeing your total balance go down, and bankruptcy can have a large negative impact on your credit. There is another option — forming an agreement with your creditors to reduce what you owe.
There are countless services out there that offer immediate help while lowering your principal, but many charge a high premium without guaranteeing results. If you are more than 90 days delinquent, or behind, on payments, your creditors or collection agencies will come after you, but it is possible to resolve this on your own.
Negotiating your own debt settlement can help you dig your way out of trouble. This process involves persuading your creditor(s) to accept a partial balance of the total debt owed. Here are some steps to help you take your debt matters into your own hands.
Click below for the 5 steps.