Bankruptcy may be your only option if you happen to be on a fixed income. There is a way to eliminating credit card debt without having to resort to bankruptcy. Find out what you need to get out of debt quickly. It doesn’t make sense to ruin your credit for up to 10 years and still be in debt.
This is not credit counseling or debt consolidation. Those debt methods do not eliminate your debts. In simple terms, you just get a longer time to pay the same debt amount. So you can forget about these methods. Even though they are touted as some of the best credit debt cures you can find.
But have a look at the companies promoting these methods. The banks and credit card companies helped start the credit counseling business. So this is why it is important for them to get you into credit counseling.
You are left with debt settlement as a way to clear away your debt problem. With debt settlement, you negotiate and reach a settlement for your credit card balances. If you are behind by 3 to 6 months you may be surprised at how willing they are to settle.
With debt settlement, you can wipe out half your credit card debt in 18 months or less. You can get a 40% settlement on a $10,000 balance and save yourself $6,000 for example. Your mileage may vary. But the creditors already know this because so many people are having financial difficulties. Millions of people are falling behind on their payments.
The bank would rather take a partial loss than a total loss on your account. They have to please their investors.
Most important of all is you can do it yourself. You could negotiate your own debt settlements and save thousands in fees. So read a book, or buy a home study course on how to DIY credit card debt elimination. This is by far the most effective method for eliminating credit card debt without filing bankruptcy.