Archive for November 30th, 2012

Resolving Bank Disputes, Credit Card Debts in 2012

As the end of 2012 draws near, it may not matter to you if your old credit card debts and other bank obligations remain outstanding as the calendar flips to 2013.  What difference does a new calendar year make?  None, right?

Well, it might not matter to you or me, but let me assure you … it matters to the banks.  You see, this is the time of year when the banks and credit card companies are scrambling.  They’re trying to get bad debts off their books before the end of the year so their books are cleaner for 2013.  Don’t believe me?  Trust me – I’ve started seeing it with the volume of unsolicited offers I’ve seen in my cases in the past few days, some with specific instructions that the offers have to be accepted and completed before the end of 2012.

So how can this matter for you?

If you owe $20,000 in credit card debt that you haven’t paid in two years, offer $5,000 as a one-time cash payment – to be made before the end of the year.

If you’ve been saving to try to pay a second mortgage, now is the time to offer 10 or 20 cents on the dollar – to be paid by December 31.

Yes, deals like this are possible any time of year.  The next 31 days, though, are probably your best chance of getting the best possible deal.  In fact, the closer we get to the end of the year, and the greater your ability to pay cash, the more likely you are to get a good deal.

So while you’re enjoying the holidays, take a minute and re-assess your finances.  If you’re able, make an offer to try to resolve some of your debts before the end of the year.  With the banks motivated to clean up their books heading into 2013, you might be surprised at the deal you can get.

Mark Stopa

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