Excessive debt? Take this quiz to find the best solution for you.
My name is Marie Megge.
For the past two decades I’ve helped hundreds of clients settle millions of dollars of excessive credit card debt for a fraction of what was owed — legally, ethically and responsibly — without the need to file bankruptcy.
Most people have no idea what goes on behind the scenes in the credit card and debt collection industry. Much of the information on the internet is incomplete, misleading or just flat out wrong.
Below is my mini “memoir” describing what I’ve learned working in the credit card industry and the best ways to solve credit card debt problems.
To begin …
If you’re struggling with credit card debt and you’re looking for a solution, the first 2 things you MUST do are:
1. Acknowledge that your credit card debt is a problem.
It’s painful, but you have to come to grips with the fact that you have excessive credit card debt. It doesn’t matter if you’re young/old, black/white, male/female, high school diploma or Ph.D. Debt problems can happen to anyone at any time.
There’s a belief that people with credit card debt problems are just deadbeats or financially irresponsible.
Yes, these types exist.
But my experience, after speaking with thousands of people in financial distress, is the vast majority of people with credit card problems are good, honest, decent people that simply ran into unexpected circumstances like
- a messy divorce
- a job loss
- an unexpected medical emergency
- a pandemic
Whatever the reason, if you’re struggling to keep up with your monthly payments, just acknowledge you have a problem that needs to be addressed. There’s nothing to be ashamed of. Things happen.
It’s no different than getting lab results confirming you have a serious illness. You feel a moment of suspended as you internalize the gravity of the situation. It’s not happening to other people. It’s happening to you.
When you snap back to reality to accept your financial predicament, it’s time to start figuring out how you’re going to deal with it.
Your debt won’t magically resolve itself. It’ll still be there — with interest accruing — in the morning.
2. Gather accurate, credible data and make a decision.
No matter what path you take to resolve your financial situation, no solution is 100% perfect. Everything has pros and cons.
The goal is to gather sufficient data so you can pick the solution with the greatest upside and least downside potential for your particular situation, then put your head down and go for it.
As you search online for possible solutions to your credit card dilemma, pundits and “experts” usually only mention the following financial remedies:
- Bankruptcy
- Consumer Credit Counseling
- Getting a loan.
Which makes me wonder how much of an expert they really are.
Rarely do they mention the option of debt settlement even though it’s been around for 25 years and nearly ALL financial institutions, collection agencies and law offices participate in settlement negotiations.
Either the debt settlement process is the best kept secret in the financial industry … or perhaps the pundits and experts are paid shills spreading propaganda so consumers are unaware debt settlement is an option. I’m not a conspiracy theorist, but you have to wonder.
Whatever the case, attempting discounted settlements on your outstanding credit card debt is an option that should be on your list to explore. When handled correctly, we routinely see settlements in the range of $0.30-$0.50 on the dollar — sometimes even less. Here’s proof.
Whatever path you choose, the most important thing is to make a decision.
When I’m doing a phone consultation with a prospective client, I often hear an audible sigh of relief when they finally make a decision. It’s palpable.
Sure, it won’t be easy and it’ll take some work. But at least you’ll sleep better knowing there’s a plan in place and you’re taking control of the situation … instead of your situation controlling you.
PRO TIP: Try and make your decision sooner rather than later. It’ll give you peace of mind, but also certain strategies require events to unfold in the proper sequence. Timing can be critical.
Want to talk? Click here to see if you qualify for credit card debt relief.
My Top Three Recommendations For Debt Settlement
If it appears the best course of action for resolving your excessive credit card debt is attempting settlements for less than full balance with your creditors, here are my top 3 recommendations:
A. You must understand how credit card companies operate.
It is naive thinking you can just call your credit card company and tell them you’d like to settle your account for a less than what is owed. They will LAUGH at you. Guaranteed.
In fact, many front-line customer service reps at credit card companies will gaslight you and tell you straight to your face they NEVER do settlements, when in reality nearly ALL credit card companies do settlements. Once again, here’s proof.
The key is knowing how to get to the people that can offer you a discounted settlement.
And no, you can’t just ask to “speak with the manager”. It doesn’t work like that.
All credit card companies have a rigid internal protocol they follow — and it’s different at each company — so you need to understand and work within their system.
B. You must know your opponent.
At my office, we have scouting reports on every major credit card company, collection agency and collection law firm. It’s taken us years to develop these reports, but it’s the single biggest reason why we get such favorable results for our clients.
Scouting reports tell you things like:
- How big of a discount is likely with a particular creditor? Should you take the deal they’re offering or should you hold out and try to negotiate something better?
- Will a credit card company sue me? Most won’t, but a few will. You need to know which ones are bluffing and which ones are serious.
- Sometimes you’ll get the best settlements negotiating directly with the credit card company. Other times, you’ll get a better settlement working with a collection agency. Strange, but true. Without this information you’re at a significant disadvantage.
C. Have a 3rd-party agent represent you.
I know this sounds self-serving, but I assure you it’s not. Having a third-party agent represent you in credit card settlement negotiations drastically alters the communication dynamic in your favor by removing you from the equation.
During negotiations, I can say the exact same thing as you — word for word — but it comes across with more impact and is perceived totally differently if an agent is speaking on your behalf.
It’s why people hire real estate agents to sell their homes, it’s why people hire attorneys to represent them on legal matters and why pro athletes hire agents to negotiate multi-million dollar contracts.
In addition, it’s very difficult to talk to creditors and collection agencies about your own financial matters.
I’ve been hired by educated, well-spoken people because they are a nervous wreck at the thought of going head-to-head with debt collectors and attempting to negotiate settlements on their own.
If you want the lowest settlements possible without having to confront creditors, here are some reasons why it might be a good idea to retain an experienced debt settlement professional :
- Scouting reports. As mentioned above, this is probably the # 1 reason we get such favorable settlements for our clients.
- Timing. As Kenny Rogers used to say, “You have to know when to hold ’em and when to fold ’em.” In credit card settlement negotiations, timing is everything. Present your proposals too soon and they’ll get rejected. Wait too long and you’ll miss a golden opportunity. There is a right and a wrong time to approach a creditor or collection agency about settlement.
- Established relationships. Often it’s not what you know it’s who you know. After years working in this industry we have contacts that will offer settlements to our clients purely because they know, like and trust us.
- Presentation. With certain creditors and collection agencies it’s much more effective to present your settlement proposal in writing, with others it’s better to talk on the phone. The key is knowing when to use each method.
- Proper documentation. This is huge. When a settlement is reached, you must have the proper written documentation to confirm that the matter is final and they cannot come after you at a later date.
A competent, experience debt settlement professional will almost always get better results than you could have achieved on your own. And the best part is they do all the work.
Conclusion
I didn’t plan on having a career owning a debt settlement company. It just kind of happened, and I’m glad it did because I’ve been able to help so many people solve their financial problems without filing bankruptcy.
Anything else you’d like to know about the credit card industry or debt settlement? Leave a comment below.
