A number of financial problem arise once people are unable to pay the amount due on their credit card bills. Since your payments will start falling behind the due date, creditors will keep calling you in the hope of recovering the debt owed. A credit card company has all the rights by law to pursue any legal action against you or even possible sue you, if you fail to pay back your credit card bills on time. However, to avoid creditor's lawsuit or before declaring bankruptcy, it is advisable to seek help from a debt settlement attorney.
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Debt relief is appealing to more people now since the FTC new laws have increased regulations on debt settlement companies to protect the interest of the consumers and made debt relief a more legitimate and affordable option for them. Debt settlement firms hire professional lawyers to help their consumers to avoid creditor lawsuit or declare bankruptcy. A debt settlement attorney also has the legal standing of stopping the threatening calls made by the creditors and the collection agencies. However, a consumer willing to hire an attorney for negotiating with his creditors legitimately, must have at least $10,000 or more as unsecured debt in order to qualify for a debt negotiation program and can end up paying only up to 60% to 70 % of the total amount owed to the creditors.
The new FTC laws also prohibit the debt relief companies to charge any advance fees from the consumers before settling their debts successfully. The consumers are liable to pay the fees only after the negotiations have been reached between them and their creditors. This law has helped consumers gain a sense of security and reliability in trusting the services provided by debt settlement attorneys.
To avoid bankruptcy or creditors lawsuit one can also limit the use of credit cards as far as possible and try to make payments by cash. It is also wise to own just one credit card instead of carrying multiple cards of different companies. Spending wisely and living within your means will eventually help you get rid of your habit of using credit cards.
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