What is fun in stretching yourself month after month to pay the minimum payment owed on your credit card only to find that the total amount owed only increases? Don't you think such an approach is counterproductive in the long run? What is the point in making minimum payments just to keep your debt collection agency silent? Don't you think your hard earned income should be used in a more productive manner? How is this possible? Well, why don't you think of a debt settlement? Rather than adding to the profit earned by your credit card issuers, why don't you opt for a solution that will help you overcome the problem permanently? Lenders will never think of your welfare.
They will focus on their profits.
It is your job to focus on your finances.
If you feel that the minimum payment is only becoming a drag on your finances and that your future planning is going for toss because of this complication, you should stop making payments.
Instead, you should save the money so that the same can be paid in the form of a settlement payment.
If you secure a 50% waiver and if you make a 30% lump sum payment, you will easily get 2 to 3 years to repay the balance 30% amount.
In fact, lenders are prepared to offer installment facility for the entire balance amount, provided you have a significant amount in the bank.
This is why setting up an escrow account makes sense.
The lenders can see the amount deposited whenever they want.
You can either make use of the professional service providers or you can get the job done on your own.
The choice is yours.
In either case, the money that you earn will be used for more practical purposes.
Remember, you do not live for debt.
Rather, you have incurred debt so that you can live.
Your life involves working, spending money, having fun with your family, planning for your children's future, going on a vacation and stuff like that.
Why you should spend years after years just focusing on debt repayments.
There are many persons who have discovered that they have practically stopped enjoying life because of their debt problems.
Once you get a settlement in your hand, you will easily manage your finances without bringing down your lifestyle drastically.
This will help you avoid the embarrassment that otherwise would have been caused by a bankruptcy as well.