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A guide to do it yourself debt settlement

Due to today's turbulent economic times, millions of people are in a terrible financial situation and are buried with huge debts. With that a plethora of debt negotiation programs and settlement systems have been put in place.

Why do it yourself?

Despite the great number of credit and debt settlement companies that offer debt reduction systems at comparable prices, it is still better to settle your debts by yourself. In fact, do it yourself debt settlement has a lot of advantages over professional debt negotiation services. Of course, you'll save money when you do your own debt settlement. However, apart from the money, you'll also get a lot of benefits such as the financial knowledge, the new banking skills, the patience and the experience that you'll acquire from settling your own debt. By settling your own debt, you can better understand where your money goes and what expense items aren't necessary at the moment. You'll also learn new banking skills that you'll need when settling debts. Similarly, the patience and the experience that you'll get can also help you not just with your finances but with life in general.

Basics of negotiating with creditors

Negotiating with creditors is a both an art and science that most people should understand well. Before calling your creditors and negotiating a fair and equitable debt negotiation strategy, you must make sure that you are prepared with your financial and other banking statements. You should also present a detailed and structured plan on how you will pay your debt and where will you get the funds to pay it. It is also important to know who to speak with. Get to know the people who are in charge of the situation and who can make decisions regarding your proposed debt settlement program. When negotiating with creditors, be sympathetic and try to understand the creditor's point of view.

Do's and don'ts of debt settlement

When doing your own debt settlement, it is imperative to know the do's and don'ts of debt settlement in order to increase your chances of having a good deal. One good practice One good practice is to keep records of your conversations with debt collectors including the time and date of the meeting. You should also know your rights and obligations as a consumer. It is also important that you remain cool. You should not argue with the person in charge or any of the debt collectors.

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