These days bankruptcy is not the only answer if you find yourself under a mountain of debt. There are many debt settlement solutions available to help you out of credit card debt.
One of the most favoured methods is with debt settlement. This does not just work with credit cards but with any unsecured debt and is cheaper in the long run than bankruptcy. For some people though bankruptcy is the only answer because their debts are so big that even if they reach a settlement they cannot afford the repayments on what they owe.
How do you know if debt settlement is the answer for you?
If your debt is in five figures and you are struggling to pay it then this should be an option you should consider. Most debt settlement companies are able to cut this debt in half by dealing with your lenders and offering them up to 50 cents in the dollar if what you owe.
After this the debt is rescheduled or maybe consolidated and you should only consider bankruptcy if you feel that even trying to pay half of what you owe over a different time period is too much. It all depends on your own circumstances and this is why you should seek debt help from a company that can tell you straight off if they can help you or not with debt relief solutions.
These companies will deal with your lenders for you and once an agreement with your lenders is reached all the stress heaped on you by debt collectors will come to an end and you will not face any annoying calls at all hours.
Debt settlement is really a legal way of eliminating credit card debt and other unsecured debt by up to half. It is not realistic to reduce any more than this as lenders will usually negotiate around this figure. Any company who will tell you that they can cut 70%of more of your dent is not being realistic and should be avoided.
Debt settlement is a better debt relief solution than bankruptcy. If your debt is mounting and you are finding it increasing hard to manage your finances then seek debt help. Credit card debt settlement may get rid of all your debt for good.