Our dependence on the credit cards is emerging as our biggest trouble, leading us straight up to serious debt problems.
Yet we see ourselves indulging in overspending on a regular basis.
And why not, while paying through credit card, one is unable to visualize the hole in one's pocket that might not go unnoticed if payment was made in actual cash.
As a result, we end up defaulting card bills month by month.
But one must put an end to this misery by owning up to our mistakes and stop using credit cards relentlessly.
However we would under all circumstances have to deal with our debt payment.
Now, there are options of calling up the card companies and stating your current financial status to them.
These companies or banks will further assess your true capabilities of repaying and may be willing to negotiate.
This alternative of debt settlement between debtors and card companies has become a very popular choice for getting rid of credit card debt and goes quite favorably for the debtors depending on the evaluation made by the banks of their financial conditions.
This alternative may fetch you discounts in terms of reduction in amount to be paid as debt, lowered interest rates, paying in lump sum, moving your debt to cards which have no interest rate for a limited time period etc.
which type of rescue will come your way would solely depend on how sharp your negotiation skills are and your study on the market status.
Do remember to always pay off the complete amount in the stipulated time period of reduced or nil interest rates applicable.
The card company will always show interest in a debt settlement as a substitute to bankruptcy statement.
The banks would not want to end up getting not paid at all and will reconcile to some amount in lieu of nil.
One can also check the credit card companies for credit counseling services.
The banks may be able to encourage you on planning your finances wisely and direct you to more attainable ways of removal of bad debt.