Legal credit card debt elimination involves choosing from a few tried and tested options including settlements, payoffs, consumer credit counseling services and consolidation loans and also negotiations and even bankruptcy. Apart from these options you may not find any other legal credit card debt elimination solutions and so it pays to be wary of schemes that disguise them as being legitimate services but in reality is breaking federal laws by propagating scams. If you are not careful then you too could become one of the thousands of gullible persons that have been scammed.
Must You Declare Bankruptcy?
Of course, if you wish to find the best legal credit card debt elimination solution you can search the internet and you can also tap the phone books and look for businesses that offer you a chance to resolve your financial condition. Some options that are worth trying out include checking out websites such as the7thfire.com and creditcard2.com. In a few instances such as when you are unable to pay your monthly payments for several months and when you have no collateral to put up and your overdue balances are not being reduced, bankruptcy may be the only legal credit card debt elimination option for you.
Another legal credit card debt elimination solution is to go in for settlement or even negotiation. So, before you think about declaring bankruptcy you can use an option that involves having to negotiate the balances due on your credit card in a bid to try and induce the creditor to accept a lower settlement amount that you will promise to pay up in full and in one go. It is quite possible that your creditor might waive off between thirty and fifty percent of your total dues if you can convince them that you will pay the agreed-to amount of money immediately.
A third legal credit card debt elimination solution is to go in for credit counseling services which is a service that will act on your behalf and contact the creditor and thrash out a more suitable repayment plan in which you (the debtor) must agree to pay monthly payments to the credit counseling service that in turn will disperse this sum to the creditor according to the terms of an agreement entered into by the service and the creditor. Such a plan ensures that the creditor will no longer badger you for the collection and so you can start breathing a little more freely.
It is surprising to learn just how many people actually walk into a bankruptcy attorney’s office each day with the intention of declaring bankruptcy because of insurmountable credit card debts. They might actually be acting in haste because it is possible to eliminate credit card debt without bankruptcy. A good attorney should be able to show you how credit card companies as well as debt collectors try and force you into declaring bankruptcy by hiding the fact that you can legally eliminate your credit card debts without having to file for bankruptcy.