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Published on May 1, 2011
Attorney Carl E. Person, who represents debtors in their dealings with banks and credit card companies as to foreclosures, credit card debt and student loans, explains why and how an individual suffering from too much debt can substantially reduce or eliminate his/her credit card debt. The procedure is started when the debt-ridden individual Stops Paying His/Her Credit Cards. Person explains the steps that will take place, from the selection of cards not to pay, through dealing with abusive collection practices and ever-increasing settlement possibilities, and in some cases a necessary lawsuit, in which the debtors countersues the credit card company (or assignee of the debt) for abusive collection practices and punitive damages. Person explains how a reduction of debt by 80% can be expected, and that the cost of defending a lawsuit by the credit card company (if it becomes necessary to do so) will be about $2,500 to $3,000. Person also lists the possible defenses against the credit card company's lawsuit, and discovery efforts, which should encourage reasonable settlement.