There are literally hundreds of articles on the Internet that talk about how easy it is to settle your debt for pennies on the dollar. The truth is pretty much anything can be done yourself if you have enough know how, time and resources. To be successful at something as tough as debt settlement you really need to become an expert at it.
Settling debt is not a fast or stress free event. You need plenty of patience and because policies can vary so widely from creditor to creditor you really do need to know what you are doing.
When settling debts you are dealing with bill collectors, the two most common problems we have seen when people try to settle their own debts are:
1) Being stumped and spinning their wheels.
2) People pay what they think is a settlement, but the debt is still owed.
There was one debtor I personally donated a considerable amount of my time to from a Canadian chat forum, he had an extremely frustrating time settling his own debt; it took him over two years and during that time he sent me over 450 private messages seeking my advice.
You can get an idea from this screen capture from my inbox below the sort of frustration he faced, and in my opinion even though his name reflected a simple guy, he already knew quite a bit more then the “average joe” out there:
I have always loved to work with my hands and build things, at the end of the day I can finish my own basement but for something like that I would rather pay an expert to do it because I don’t have the time and I know because they do it every day, they will do a much better job than me.
There is a great show on HGTV called Disaster DIY that demonstrates the kind of train wreck people can make out of projects they think they can handle but in reality, can’t.
There is one final danger on the Internet that most people seem to ignore. Consumers with credit card debt visit countless discussion forums seeking advice from the comfort of their home thinking that the person replying to their question is an expert or at least knows more about DIY debt settlement then they do.
The danger can be summed up with this phrase: “you too can be an expert; all you need is a computer and a connection to the Internet”.
The easiest way to determine if you are getting good advice is to just Google the name of the individual dispensing it. If they are truly an expert, you will know it. Otherwise its just someone giving their .02 cents so take it for what its worth.
If you decide to eliminate your credit card debt by way of settlement the decision to go DIY or hire a company should be simple. If you don’t know what you are doing, hire an expert. If you are an expert and have the time then why not save paying the fees and go ahead and do-it-yourself.
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