06 Sep 09 Ways To Eliminate Your Credit Card Debt

If you are on a fixed monthly income, you may be thinking bankruptcy is the only way out of debt. There is a way to eliminate your credit card debt without having to resort to bankruptcy. Discover the information you need before you file bankruptcy and ruin your credit for 10 years. It doesn’t make sense to ruin your credit for up to 10 years and still be in debt.

This has nothing to do with debt consolidation or credit counseling. You do not eliminate your debt with credit counseling, you pay back the whole balance. Basically, you get a longer time to pay the same amount of debt with a lower interest rate. So you can toss these methods out. Even though they are touted as some of the best debt cures you can find.

But look at who is promoting these methods. The banks and credit card companies helped start the credit counseling business. So they have a big interest in steering you to credit counseling.

So that leaves only debt settlement or debt negotiation as you may know it. Using debt negotiation you reach an agreement to pay about half of what you owe for the whole balance. You would be surprised to see how willing the credit card companies want to settle when you are 6 months past due.

With debt negotiation, you can erase your credit card debt quickly. You can get a 50% settlement on a $20,000 balance and save yourself $10,000 for example. You can save more or less depending on your creditors. But the credit card banks already know this because so many people are falling behind on their payments. People are falling behind on their bills.

The bank would rather take a partial loss than a total loss on your account. They have to please their stockholders.

Best of all you can do it yourself. You can negotiate with your creditors on your own and save thousands. So read a book, or buy a home study course on how to DIY card debt elimination. This is the best way I’ve read about that can help you eliminate credit card debt without bankruptcy.

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