Credit Card Debt - How to Reduce Credit Card Debt and Never Pay it Back
Consumer debt it seems you can't turn on the television, or pickup a paper, without hearing something about it.
As people lose jobs or have a reduction in income they start finding it harder and harder to make those monthly payments in fact a large number of people with credit cards only make the minimum payment.
Maybe you're on of theses people.
Perhaps you have wondered is there any way out? You might be surprised to learn that it is possible to eliminate credit card debt and never pay it back.
At this point you might be thinking, oh come on give me a break, there's no way that that is possible.
Well it may sound too good to be true but in reality it is possible.
The key word is possible.
Now don't get me wrong it's not easy but there are options out there that can help you eliminate unsecured debt and never pay it back lets explore some of those options.
The surest way to totally eliminate your unsecured debt is through bankruptcy.
In bankruptcy all that you owe in unsecured debt is rolled together.
A judge then looks at your assets to see how much can be liquidated and used to pay off your credit bills.
Bankruptcy law allows most people to keep their homes and cars though in some cases land and cash assets may have to be sold to satisfy the debt.
Once that is done anything else left over is eliminated.
For many this can be accomplished without losing anything thereby giving them a chance at a fresh start There are draw backs to bankruptcy.
It can affect your credit for years and even follow you for the rest of your life.
There's also a social stigma that can cause embarrassment.
But for a lot of people this is a viable option for complete elimination of their credit card debt.
Another way to get your head above water is to stop using your cards and work on paying off what you owe.
Set a budget, put aside some for savings and accumulate, lets say half, of what you owe then approach your creditor and offer to pay that in one lump sum in forgiveness of the rest of the debt.
In many cases the credit company will take you up on the offer just to get the debt off the books.
These are just two of several options that really make it possible to eliminate all or part of your credit card debt and never pay it back.
As people lose jobs or have a reduction in income they start finding it harder and harder to make those monthly payments in fact a large number of people with credit cards only make the minimum payment.
Maybe you're on of theses people.
Perhaps you have wondered is there any way out? You might be surprised to learn that it is possible to eliminate credit card debt and never pay it back.
At this point you might be thinking, oh come on give me a break, there's no way that that is possible.
Well it may sound too good to be true but in reality it is possible.
The key word is possible.
Now don't get me wrong it's not easy but there are options out there that can help you eliminate unsecured debt and never pay it back lets explore some of those options.
The surest way to totally eliminate your unsecured debt is through bankruptcy.
In bankruptcy all that you owe in unsecured debt is rolled together.
A judge then looks at your assets to see how much can be liquidated and used to pay off your credit bills.
Bankruptcy law allows most people to keep their homes and cars though in some cases land and cash assets may have to be sold to satisfy the debt.
Once that is done anything else left over is eliminated.
For many this can be accomplished without losing anything thereby giving them a chance at a fresh start There are draw backs to bankruptcy.
It can affect your credit for years and even follow you for the rest of your life.
There's also a social stigma that can cause embarrassment.
But for a lot of people this is a viable option for complete elimination of their credit card debt.
Another way to get your head above water is to stop using your cards and work on paying off what you owe.
Set a budget, put aside some for savings and accumulate, lets say half, of what you owe then approach your creditor and offer to pay that in one lump sum in forgiveness of the rest of the debt.
In many cases the credit company will take you up on the offer just to get the debt off the books.
These are just two of several options that really make it possible to eliminate all or part of your credit card debt and never pay it back.
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