Debt Settlement On Credit Report
US consumers turn to credit card debt settlement services and chapter 13 bankruptcy when financial difficulties set in. In a report provided by TransUnion, credit card delinquency rates were highest in Nevada (1.74%) and lowest in North Dakota (0.67%). In the last 12 months, 18 million US citizens have failed to make their monthly payment at all, according to the National Foundation for Credit Counseling.
What is the Objective of Credit Card Debt Settlement?
The objective of credit card debt settlement is to negotiate with creditors in order to agree to a more affordable repayment plan. In doing so, they attempt to write off up to 50 per cent of outstanding debt. Payments are made directly to a debt settlement company rather than the card provider. Administrative fees for managing the service are taken directly from contributions.
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