How much debt do you have? Are you one of the several million Americans that are struggling with a load of debts, learn some tactics how to eliminate credit card debt legally and for good.
#1 The first thing to consider is the total amount of your debt. If the total debt that you have has reached the threshold of 10,000 USD you are legally qualified to pursue debt relief negotiations. If this debt is unsecured, there will be no hindrance to seek debt relief. But if your debt is below the threshold, you can still seek help only it is much harder.
#2 You will need to make sure that you have consolidated your debt as one package with one creditor. The 10,000 USD or more of debt that you owe need to be lodged with only one creditor. It won’t work if the debts are still scattered with different creditor banks.
#3 When you have defaulted in your payments for 12 weeks or more the bank will sell that as bad debt to collection companies at a range of 20-30 cents per dollar of debt. Your debt settlement company can then negotiate with the bank offering to mediate for 40-50 cents per dollar owed before this happens.
Since this will mean roughly double the amount than what they can get by selling the bad debt out to a collection company, usually, an agreement will be reached. This means that the amount that you will be paying will now carry heavier weight in the payment records, since the principal amount of your debt is now roughly half of what it used to be and help you eliminate credit card debt legally.
#4 A way of dealing with your debt, which could fully eliminate the whole amount, is by filing for bankruptcy. But many of those who had taken this route are now regretting the decision. It is due to the fact that bankruptcy filing is on record for up to 10 years. During this length of time, no creditor will do business with you.
You will need to be fully liquid during this period for everything that you need, day after day. After the bankruptcy is taken off the books, the dilemma that you will be facing would be the absence of credible credit history. With nothing to show that you are a responsible borrower credit will be elusive to you.
The only real option to resolve credit card debt is to go for debt relief. You could try doing this on your own, which results would depend largely on your skills and knowledge of how debt relief works, and how creditor companies act. You could also decide to negotiate through a debt settlement company that has the track record of eliminating more than half of their clients’ debts. You can get help and eliminate credit card debt legally now.