Credit card companies are not in the habit of settling debt with consumers, so the best thing to do is to contact a financial adviser. Settle a debt by paying it off with help from the owner of a debt negotiation company in this free video on debt and money management.
My name is Peter Repak, I'm the owner of Clear Financial, LLC, a debt negotiation company. Settling debt...how to...well, you need to give us a call, or you need to give a call to a debt settlement company. Don't try to do it yourself, here's the reason why. Credit card companies are not in the habit of settling debt with consumers. If they would get into the habit of actually settling with consumers, let's say, they would get on a bullhorn and they would start to tell all around the United States that you can settle your debt for about 30% of what you currently owe. I would say within five seconds half the population of America would give them a call so they don't really want to do that. Plus word of mouth would go around very, very fast that they do that now. Who wouldn't want to pay only 30% of their credit card debt? So they're not going to do that. If it happens to be that you actually end up with a settlement department with a credit card agency, which they actually tell you that they don't even have one, if you do that, make sure you get everything in writing because if they don't do that they simply can tell you, "Okay sir, you owe us $10,000, you can pay off only $2,000 and we will forgive the rest of it." Well, you do that, you send that to them, within two months the next statements will come out and it will say "Thank you for your partial payment." It's not a good thing to do. What you really want to do is you want to have someone hired, like my company, who knows what it's doing, knows how to talk to these banks, exactly can see and tell what is your situation for real, and settle your debt in a professional manner. Thank you very much for watching. My name is Peter Repak, owner of Clear Financial, LLC.