If credit card issuers had a say in the matter, all borrowers would be made to repay nothing more than the minimum amount owed on the card. This would help them recover money for decades in the form of interest. They would earn many times the amount borrowed by the individual.

Credit card issuers offered no relief whatsoever to those individuals who faced financial problems. The best that they were ready to do was offer a small discount when one opted for consolidation. Escaping your debt was just not an option unless you opted for bankruptcy. When the going was good, credit card issuers were not bothered about bankruptcies. There were other cardholders who paid their debts on time.

However, when the recession hit the global economy, millions of cardholders started filing for bankruptcy. That is when credit card issuers decided to change their approach. Instead of insisting on full payment, they started offering generous waivers to card holders. Of course, the issuers were doing so because their losses were being compensated by the Federal stimulus funds.

As on date, you can escape your unsecured debts by paying just 30 % of the total amount owed. However, credit card issuers do not want you to know about these fantastic options. It is only because of the World Wide Web that ordinary individuals have discovered that such fantastic options exist when tackling credit card debt.

Critics of debt settlement point out that the individual will have to suffer a reduction in the credit score after opting for a settlement. This is not as bad as it sounds. Lenders have been known to state that the debt has been repaid instead of stating that it has been settled. Even if your credit score is hit, you can always get it back on track with your improved financial condition.

You should make use of the World Wide Web and free debt forums and networks to find out the real picture as far as reduction of debt is concerned. You certainly cannot expect accurate debt relief tips and information from credit card issuers.