Credit Card Debt Relief - Here Is How To Erase Your Debts Legally
Credit Card Debt Relief - Here Is How To Erase Your Debts Legally
There thousands of people who find themselves in debt every day. Most of this debt is credit card debt and many men and women who find themselves unable to pay simple bury their heads in the sand and hope it will all go away.
Unfortunately it will not and if you are wondering what will happen if you do not pay your credit card bill severalthings will happen and you need to get credit card debt relief.
What will your lenders do
The first thing that will happen is that the credit card company will contact you and try to find out what is going on. At this point it's best to be truthful. If you have lost your job tell them or if you suddenly find yourself on reduced income for any reason inform them. Sometimes they are willing to help.
The most important thing to do is to stop using your cards immediately so the lenders cannot chase you for even more money. If at this point you do not agree a solution with your lenders they will sell the debt to a collection agency.
When this happens the agency will start harassing you to pay up by phone and even by house visits. Depending on the size of the debt they may even take you to court and will do everything they can to squeeze every last cent out of you. If you are not working they can get an order to start deducting money from your bank account once you do start work.
On top of his your credit record will be destroyed and you may find it hard to get a job, will find it hard to rent any property and have zero chance of getting any loans for the seven years this will stay on your credit file.
What should you do
A s soon as you find yourself in debt you need to get debt relief help. This can be in the form of counselling or contacting a debt settlement agency for advice with your debt. You can even get free advice from non profit organization that will advise you on your situation.
If you are looking for credit card debt relief your choices depend on several factors, including how much you owe and how much you can afford to pay back. If you are working debt settlement may be a possible solution for you.
The most important thing you can do is to seek help and advice before the debt switches from the lenders to the debt collectors. Getting help at this stage can prevent your credit record from taking a hammering and even help you to pay off all your debt with the right credit card debt relief.