Killer content for your financial business
In general, your credit card company wants its money back – all of it. Part of your agreement when using the card is that you'll pay back all the charges you've made, plus any interest and fees that you accrue. But, in some cases, credit card issuers realize that getting everything you owe simply isn't realistic. Or that chasing you through a collections agency or lawyer to recoup funds isn't worth the expense. Credit card debt is unsecured, meaning your creditors can't take your house or car or garnish your wages without legal intervention. And creditors know if you file for bankruptcy, they might never see a penny of repayment. If you're experiencing significant financial hardship, you may be unable to make the payments necessary to free yourself from perpetual debt. When faced with the possibility of getting no repayment from you at all, your credit card company may be willing to negotiate with you for less than the full amount. However, settling debts for less than what you owe isn't always a strong financial choice.
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