One of the best credit card settlement advices to debtors is the usage of bankruptcy threat for settling their debts. Bankruptcy itself is a great threat. A company loses all of its investment when its cash cow stops providing money. It means that when their customers file for bankruptcies, companies gets nothing back. As a result they have to suffer from great loss. Although filing bankruptcy is not a good idea but using it as threat is beneficial most of the time. There is no magic that change the market trends. These are stats that can go in favor or against someone. Nowadays, these statistics are showing intolerable results.
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In 2009, almost 1,412,870 cases of non-business bankruptcy filings were recorded. In 2010, this number increased by 14%. Now there is a great chance that the number of filings will increase this year. These stats are provided by U.S court. There is no hidden reason behind such a high number of bankruptcy cases. This is because of high interest rates that credit card companies charge from their customers. When they cannot pay their bills in time, their debt keeps on increasing and become too much in a few months and thus become hard to be paid in full.
Debtors can get out of debts by acting upon credit card settlement advice. Each year, large numbers of people file bankruptcy cases. Credit card companies can avoid this situation by settling debts of their customers. Usually, creditors don't do any such thing and consumers have to take initiative for the settlement process. Direct negotiation can also solve problems but it requires good communication skills and knowledge of credit card laws. Many people are not blessed with these tools so it is better for them to get professional help.
Credit card settlement advice is also helpful for debt settlement lawyers. They can use it to get a deal in less time. When creditors face such statements then they have to cooperate with their customers because bankruptcy cases are more common these days. Instead of losing everything, getting something back is beneficial for creditors.
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