Eliminate My Credit Card Debt
Saturday, July 24th, 2010 | Always Online
If you happen to be on a fixed income a bankruptcy filing would be your likely scenario out of debt. There is a way to eliminate debt without having to resort to bankruptcy. Learn what you need to know to eliminate your debt. You don’t want to have to ruin your credit for 10 years or more and still be in debt.
This is not about consolidating your debts or using credit counseling. 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 debt cures you can find.
But have a look at the companies promoting these methods. It was the credit card companies who funded the credit counseling companies. Getting you into credit counseling is a big concern of theirs due to this.
This leaves debt negotiation to erase your debts without filing bankruptcy. 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.
Using debt settlement, you can wipe out your debts in big chunks. You can get a 60% settlement on a $50,000 balance and save $20,000 for example. You may be able to save more or less. But the credit card banks already know this because so many people are falling behind on their payments. 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 still have to make money for their shareholders.
You could do everything a company would do for you for 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 debt elimination. This is the best way I’ve read about that can help you eliminate credit card debt without bankruptcy.