Credit Card Debt Settlement - Settle Credit Card Debt Without Filing For Bankruptcy

More and more people have credit card debt and the amount continues to increase

. With so many people out of work or receiving cuts in pay and hours, credit debt has increased to try to just stay afloat. However, all this debt revolves and will over time sink a person. Falling behind for even one month can mean hundreds of dollars in late payment fees, over limit fees and increased interest rates. Once this occurs the debt continues to rise and a person falls further behind. The situation can definitely look hopeless and become out of control very quickly.

Many people begin to believe that only answer is to file for bankruptcy. To go through the courts and erase the debt that way. However, this should only be used as an absolute last resort. Bankruptcy stays on a person's credit report for ten years. It can make receiving new loans difficult. It can also slip into other areas of a person's life, such as car insurance, health insurance, job applications and more. Many companies run a credit report when looking for a job or applying for car insurance. Once a bankruptcy is on file, the car insurance quote can go up or a person can be looked at as a risk at a job because of their financial problems. It can actually cause more problems in the long run for many years to come. It also means that a home cannot be refinanced for two years after a bankruptcy has been declared and make buying a new home impossible.

Not only that, but the current bankruptcy laws can make filing almost impossible to do. It can take a lot of time and more money to file. There are numerous hoops to jump through and a person needs a very skilled bankruptcy lawyer to get through the process. What can make filling the bankruptcy worse is that a person can still end being put on a repayment plan through the courts and having to pay the debt back anyway and then there is a black mark on their credit report. The repayment plans in court extremely trick and can put a consumer in an even worse financial situation than before. One error during the repayment process can mean the debt will not be discharged and all debt owed reverts back to the consumer. This can create an even bigger financial and legal disaster.

However, there are ways to avoid bankruptcy through credit card debt settlement. Debt settlement also known as debt management or negotiations, works to reduce and remove the fees, charges and interest associated with the consumers debt. These companies work on behalf of their clients to deal with the credit card companies and avoid bankruptcy. They are able to negotiate different terms for the repayment of the debt so that the person is not sinking in a mountain of bills. Many times they are able to reduce the amount to pennies on dollar, lowering the original debt to a fraction of the amount owed.

Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement. Check out the following link to locate legitimate debt help in your state.

Credit Card Debt Settlement - Settle Credit Card Debt Without Filing For Bankruptcy

By: Clyde Archer

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