People often do not expect lenders to be willing to eliminating tens of thousands in credit card debt for people who are in financial hardship. None the less it is true.
Lenders routinely agree to forgive 30% - 70% of outstanding credit card debt through debt settlement offers for credit card consumers who are unable to pay the full amount.
Why are Lenders Willing to Settle Credit Card Debt?
Lenders are will to do reduce the outstanding debt on credit card accounts for several reasons.
- Unlikely to obtain full amount anyways.
- Large cash payment.
- The tax write off they will get for doing so.
Want to Learn More About Debt Settlement
If this post has sparked some interest then I suggest that you check out another article I posted not to long ago. It is a guide outlining a DIY Credit Card Debt Settlement Plan.
Cash Credit or Cell?