How do you transfer your credit card debt to private 3rd parties?

I was reading about junk bonds, because my parents are about to go bankrupt...


I was also reading that some people buy credit card debt, at a discount, because


the bank realizes that it's a high risk to keep the person.


How would you go about selling your debt to these people?How do you transfer your credit card debt to private 3rd parties?
They don't buy it from individuals, they buy it from the lenders. A bank will package debt contracts (mortgages, credit cards, etc) and sell them to a third party. The bank will get their money immediately, the third party is betting that they will get their money back over time with interest.How do you transfer your credit card debt to private 3rd parties?
Collection agencies purchase debt from banks, usually at a discount, so that the banks can have at least some of their money back. This is done when a person's account has gone delinquent. By this time, it's no longer a question about risk, it's about default, period.





But people don't sell their own debt to collection agencies. If the basis of this question is to pay less than the full amount, that is called settling - which is bad.





If your parents haven't already, convince them to go to a counseling service for their debt.
You would not be ';transferring'; the credit card account. You would be getting a new loan that pays off the credit card account.
That would be quite a trick to sell someone your own debt.





The debt you owe has a value to the person/company that you owe it to. And they are the only ones who can sell that debt.





Bruce