Debt Reduction Options That Could Potentially Wipe Out Half of One's Credit Card Debt

Credit card debt is an unsecured debt which a person accumulates with the excessive usage of the credit card for making payments

. After a point of time the debt amount mounts to so much that sometimes it becomes nearly improbable for the person to repay the debt amount in any possible way. This is the crisis situation when you start looking out for Debt Reduction Options That Could Potentially Wipe Out Half Of your Credit card debt.

The best option which could potentially wipe out half of your debt is Debt Settlement or negotiation. Debt settlement is the most legal and ethical way to be debt free, where by creditor and debtor settle and comes to a legal agreement to lower the debt amount by 50-60%. It works on the process of negotiation and normally takes 12-36 months to set you free off the debt.

The second option to consider is Consumer Credit Counseling which was enacted by creditors to work for creditors. With this arrangement a "third party counselor" will set up monthly payment arrangement with your credit card company at a lower interest rate than you owe them. The third option is Debt consolidation which involves applying for and qualifying for a low interest loan to pay off all your credit in full. The basic concept is that you are consolidating all your debts into one loan at lower interest rate. The fourth option is government debt relief programs which are quite helpful. The government provides stimulus money to the people carrying more than $10,000 debt and also lowers the interest rates by negotiating with your creditors.

The last option for the people who owe a huge amount of money and does not have an adequate income stream is to file for Bankruptcy. Once you go bankrupt your creditors cannot ask you for any payment and you are exempt from all the liabilities

Debt Reduction Options That Could Potentially Wipe Out Half of One's Credit Card Debt

By: Conrad Corwin

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