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No, no, no, no NO!!!!!

Give your credit card company a call to reduce your interest rate?  Really?  That’s the plan to get out of debt?  Okay, perhaps for some, this might seem like the best solution to get out of debt.  At least that’s what blogger Trent Hamm would have you do.

http://www.csmonitor.com/Business/The-Simple-Dollar/2012/0502/Credit-card-debt-What-can-you-do-about-it

Trent does an excellent job of explaining how reducing your interest rate will save you money over time.  Seems pretty obvious to me.  But what if you didn’t have to pay back any of that interest?  What if there was a way to settle those debts, without consideration for accruing interest, and for a fraction of the balance due?  Sound too good to be true?  It’s not.  And it’s legal.  What we are describing is debt settlement.  If you have never heard of debt settlement, seek out an attorney with experience in debt settlement to explore this option of getting out of debt for a large reduction in your debt.  If you think the do-it-yourself method described in Hamm’s blog is better, go ahead and give it a try.  Call the number on the back of your credit card and try to negotiate with the credit card company.  See what kind of deal you can get.  Do you know what a good deal is?  A debt settlement attorney does. Rather than trying to tackle your debt issues on your own, seek out an attorney that can do this for you.