People struggling with debt are not uncommon these days.
With the recent economic recession credit card debts have become a common household problem.
The credit card debts are unsecured.
We need to keep in mind that unsecured debts can be eliminated.
In case it is getting increasingly difficult for you to keep up your regular debt payments, you can make use of the various debt settlement programs available.
It is important that you should not be intimidated to talk to your credit card company.
The best way to bring down your credit card debt is through negotiations.
A good way to go about this is to employ a debt settlement company to negotiate on your behalf.
You will need to provide them with documents like bills, your payslip and other papers regarding your monthly income, the total outstanding amount that is due to your creditors and the maximum that you can pay back.
Many people try to take another loan to pay back their debts.
This is just gives a different face to the same problem and you haven't reached any solution.
It is legally and ethically possible for an individual to negotiate and get some part of their unsecured debt removed by their creditors.
If the credit card companies can increase the interest rates the consumer also has the right to negotiate and get some part of this debts removed.
If your unsecured debt amount is over 10,000 dollars and you are an American citizen then it will be possible for you to negotiate and eliminate up to 50 % of your outstanding debt amount.
Debt settlement companies can negotiate a waiver of up to 60 percent of the total outstanding amount.
The rest 40 % can be paid by you in one go if you have the cash or an easy installment payment can be negotiated with the credit card companies.