Do you wish there was a way to make all your personal debt disappear?

With the average American carrying around more than $38,000 worth of debt these days, there are so many people who wish they could make this dream a reality. They know how beneficial it would be if they could snap their fingers and see their debt go away.

Dissolving debt isn’t quite that easy. But there is at least one way that you can eliminate debt in a hurry without paying all of it back.

You can write a debt settlement letter to your creditors. In this letter, you can ask your creditors if they would be willing to wipe away a sizable portion of your debt, often in exchange for a lump-sum payment.

Creditors have the right to refuse to agree to this kind of arrangement if they want. But it never hurts to try to send them a letter to see what they have to say.

Learn how to write a very persuasive debt settlement letter below.

Begin by Introducing Yourself and Explaining Your Situation

At the beginning of your debt settlement letter, you should introduce yourself to a creditor. Do this by including your name, your account number, and the total balance of your debt.

From there, explain that you would like to settle the debt that you have with the creditor. Mention that you have fallen behind on your payments and say that you consider debt settlement to be your only option.

Make a Strong Debt Settlement Offer

Once you’ve indicated that you would like to settle your debt with a creditor at the top of your debt settlement letter, move on to making an offer to them.

You should avoid lowballing your creditor by picking a ridiculously low number that you know they’re not going to accept. But at the same time, you should also be careful about making the offer too high and overpaying your creditor when they would have accepted much less from you.

Crunch the numbers on your end to see what you can afford to pay during a debt settlement. Your offer should be a number that intrigues your creditor while also illustrating your inability to repay the total amount that you owe to them.

Request a Response by a Certain Date

At the end of your debt settlement letter, let your creditor know that you would like to receive a response to your letter within a certain amount of time. Pick a date set to take place in a few weeks and tell them that that’s the day you want to hear back from them.

It’ll put pressure on your creditor to take your debt settlement request seriously. Most creditors will adhere to your timeline and make sure they issue a response to you by your requested date as long as your letter is persuasive enough.

Avoid Sending a Settlement Check Until a Creditor Responds

Many people make the mistake of sending a check in the amount of their debt settlement offer to a creditor when sending a debt settlement letter.

Do not do this! Instead, wait patiently until you receive some kind of response from a creditor.

While you wait, you can take a look at a site like to see some of your other possible debt settlement solutions. You might find a great offer that’ll put you into a better position than debt settlement will.

Put Together a Debt Settlement Letter Today

You’ll never know if a creditor will agree to debt settlement if you don’t ask. Create a debt settlement letter for any creditors you’ve been dealing with and see how they respond to it.

A persuasive letter can be the difference between you paying a mountain of debt or a small percentage of that debt. Try crafting the perfect letter to convince a creditor to wipe most of your debt away.

Find out other ways to get rid of debt by checking out the informative articles on our blog.