For example, if you owed ,000, you might offer the creditor a lump-sum payment of ,000.
If the creditor accepts the offer, you make the payment and the matter , because if you owe more than one creditor, as is often the case, you must go through the process with each one.
The average American family has 3.7 credit cards and owes $15,762 in credit card debt.
Throw in bills for rent, cable, cell phone, utilities and on and on, and that’s a lot of accounting to keep up with every month.
So if you are delinquent on several credit cards or bills (e.g.
cable, cell phone, medical, etc.), you will have to negotiate a settlement with each one before you are out of debt.
Ideally, there is some cost saving involved in debt consolidation.