Can You Legally Eliminate Credit Card Debt

When people looking for debt relief make reference to legally eliminating credit card debt

, they are talking about not paying their consumer obligations and not having any negative consequences for this action. The legal way of dealing with credit card balances is to pay it off or settle it with the lender. If a company tells you they will make your credit card debt disappear for fee, the only thing that is going to disappear is the money you give them to pay for the service.

Many people have overwhelming financial obligations and if you are one of them, you will save yourself a lot of time and aggravation if you research legitimate plans for debt relief. You can pay your bills off on your own if you become disciplined and persistent. Find ways to decrease your expenses and increase the amount you have to put towards paying your bills and you will have a good start.

Often though, people are overwhelmed to the point where it is not easy to know what to do next. If this is what you feel like, a credit counselor can give you the assistance that you need. They usually have a few alternatives for people to get out of debt, but their standard plan is a consolidation of consumer debt without a loan. You will make one payment each month to the debt management company and they will disburse it to your lenders.

Not only do credit counseling companies set you up on a plan that will get you out of debt, but they do have tools that will help you to learn to live within your means and remain debt free. This is important, because unless you get to the root of why you incurred excessive debt in the first place, you are likely to end up in debt again. Getting out of debt involves more than just paying off the credit card accounts.

A 2% payment each month should have you financially free in five years or less. The reason you can be out of debt by not making more than a traditional minimum payment is because your interest rates are tremendously reduced and your payments do not decrease as you balance decreases. Your fees are eliminated and a larger portion of your payment is going to your balance more quickly. If you feel you need credit card assistance, get a quote for debt consolidation today!

by: Marjorie Salada

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