In the present situation when the debt amounts are mounting high than ever and the interest rates are increasing at a rocket high speed, you need an aggressive solution which guarantees you complete debt clearance.
Many people are unaware of the fact that they can compromise the debt they have accumulated by making a settlement with the credit card companies.
You can always make use of debt settlement which will ensure you pay lesser amount than you owe.
You should first call your debtors and inform them that you will not be able to pay the whole outstanding balance and would require a lump sum payoff.
If a company agrees to the negotiated amount then, well and good otherwise, you can always take help of professionals or hire a debt settlement agency which will ensure a handsome reduction in your amount.
While negotiating you can also offer the debt collectors a cheaper balance and less interest should you agree to pay off the debt quicker and in a less period of time.
Provide them with 60% of the amount you owe in the minimum time possible and you can get a waiver on the rest of the balance.
Always keep in mind that you have to settle for the lowest amount possible.
Also, it is very important that you stop making any payments on your account in order to make the credit card companies' realize that you are candidate for settlement.
If you have offered them a deal the, you should not budge from it and offer them that you will pay the whole amount in the single payment.
You should be aggressive in your approach while negotiating.
The creditors will never come back and say you owe them more amount as it's already gone.
Take everything in written from the creditors.