When a customer gets sacked from his job, card issuers are going to have a hard time getting their money. That's why they are offering to settle, often for far less than they're owed. That's one of the upsides to these troubled times.
It seems like a no-brainer, but its worth going over. If times are tough for you right now and you owe money, it benefits you to start making deals with credit card issuers, if at all possible. Every situation is different, but as an example, let's say you owe a card 800 dollars. Some issuers may actually be willing to settle for half.
Things are tight. Not everyone can afford to take advantage of this. But if you can, its worth it. If you can get rid of your debt now when the dollar is bad, you'll have more money in your pocket when it gets stronger and at that time it will do more for you.
So start dealing.
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