Credit Card Debt Reduction
Lawyers To Negotiate Settlements In New York
It goes without saying; the inability to make minimum payments on monthly credit card bills is quite horrifying. And, why it wouldn't it be? Delinquency has serious repercussions. Besides for negative credit reporting and repetitive calls from debt collectors, a person that has stopped making payments is also at risk of a credit card lawsuit.
The good news is you can get help by hiring a lawyer. Our experienced attorneys are adept at negotiating settlements to reduce credit card debt, but before we offer our negotiations assistance, we will first analyze your situation to help you determine whether your profile is a good fit for the settlement process.
For example, some of our credit card evaluation criteria is as follows:
- What is the status of the debt? We only offer assistance to reduce debts that are already in default. If you are on-time with your payments, you would not qualify to enroll in the debt mitigation program with out law firm. Furthermore, if a lawsuit was brought, you may need our assistance with debt defense, as opposed to debt negotiation.
- Do you acknowledge the claim? If you have a dispute regarding the validity of the balance, we suggest you work to resolve the dispute prior to engaging in settlement negotiations. Although the goal is to reduce the debt, this is not a recommended course of action if you have genuine concerns as to whether the debt belongs to you.
- Do you have funds available to make payments? We strive to negotiate deals that are within the client's budget. However, before a client is offered our assistance, we evaluate whether the client has access to funds to make an offer that our attorneys feel have a reasonable chance of being accepted. Part of that calculation is looking at the credit card balance, and comparing it to the funds available for settlement. We also keep in mind prior results we've achieved for client's with similar debts so we can make an informed decision as to whether a client's debts can be negotiated.
After we’ve fully analyzed your situation, we facilitate you with practical legal advice. Our legal team will review all of your options, which may include credit card bankruptcy, debt settlement, or credit report disputing. We can also review your file to help determine potential violations under consumer laws such as the FDCPA, and help pursue those claims. In addition, if a credit card lender, a bank, or any other creditor sues you in court, our lawyers can provide effective litigation defense services.
Reasons People Accrue Credit Card Debts
According to a web story by The Nerd Wallet*, “The average household has $130,922 in debt out of which $15,762 is on credit cards.”
Well, many of you would identify yourself with this data as almost every New Yorker owns a credit card today and has some debt running on it. A fast fact from Debt.org* says: The average New Yorker owes an auto loan debt of $2,700—an amount that’s well below the national average.
That being said, let’s quickly know major causes why one might fall behind on credit cards and how the situation can be handled with the assistance of a skilled legal advocate:
Loss of Job
At times, unexpected loss of job can also make it difficult for you to pay your bills timely, the result being piling debts. So, instead of thinking that’s it temporary, get your expenses in line with current status.
Divorce
Almost every other person can identify with the word “divorce” and needless to say it can surely put anyone in heavy debts, especially if one spouse becomes substantially responsible for credit utilized during the course of the marriage.
Reduced Income vs. Same Expenses
At times, people delay aligning expenses with reduction in income for a good number of reasons and leave debts unfulfilled for the worst. The earlier you get in tune with your current income/job status, whether it’s permanent or temporary, the easier it will become to understand how to best resolve your credit card debts.
Medical Expenses
Lapsed health policies, gaps in coverage, and growingly expensive alternatives are a major reason why doctors want to be paid the same time the service is provided and therefore accept credit card payments. This is just another reason why so much debt is revolving on credit lines.
Gambling
Gambling is something that can easily take your assets, even house from you. Very addictive, irresistible, and easy availability of loans are some factors that make it a major cause of credit-card debts. Gamblers, and others, might also be tempted to tap into overdraft lines of credit, or even cash advances with their credit card issuers, oftentimes with high fees and interest that make the debt more challenging to repay .
Poor Money Management
There’s a high possibility that you might be spending a good amount unnecessarily every month without being aware of it. Creating a clear list of monthly expenses & income on a piece of paper can help provide tremendous clarity as to your available budget to pay rent, necessities, and credit card debts.
How Can We Help Reduce Credit Cards?
Our debt reduction lawyers have helped countless people settle their credit cards with nearly every major bank, such as:
- American Express
- Capital One Bank
- Bank of America
- Citibank
- Discover Bank
- FIA Card Services
- Wells Fargo Bank
- Barclays Bank
- And many more...
Contact us for a free evaluation and to learn how our New York attorneys can help you negotiate reductions to your credit card debt.
