Numerous instances exist in which credit card issuers and unsecured lenders have intentionally forced borrowers into bankruptcy. The purpose of this strategy was to intimidate consumers into timely debt repayment. However, times have changed for the best in the present day.
Even the mere mention of the word bankruptcy now poses a risk to credit card issuers. Why? Millions of individuals have declared bankruptcy, and they were all credit card customers. This resulted in card issuers losing billions of dollars due to bankruptcy.
In fact, they came dangerously close to declaring bankruptcy. If you explain that you are experiencing financial difficulties and that the lack of assistance from the card issuers will force you to make this financial decision, you will promptly receive assistance.
What type of support can you anticipate? Initially, you will be granted additional time to repay the debt. If it is sufficient, you should use it to repay the excess debt, along with the interest. Obviously, you can always negotiate a lower interest rate so that you can repay the debt more quickly.
During the recession, card issuers have realized that an excessive focus on profit is detrimental to their finances. Because of this, they are willing to incur losses so long as it ensures a stable cash flow.
The primary reason you should use the bankruptcy threat is that it will help you negotiate a debt settlement agreement. The settlement agreement includes a 50-to-60% discount on the total amount owed in addition to an installment facility for the remaining balance. This is the finest form of debt relief currently available.
The ideal solution is the threat of bankruptcy because it will attract the attention of credit card issuers. On the other hand, merely stating all of your financial problems will likely be met with obstinate and inflexible opposition.
Ensure that you or the professional settlement company negotiating on your behalf consider this point and use the threat of insolvency with discretion.""
" - https://www.affordablecebu.com/
