Do You Have Credit Card Debt That You Can No Longer Pay?

"I can no longer pay my bills" is the cry of many people these days because of the current job crisis

. Did you know that almost every bankruptcy that is filed within United States is a result of debt is that is owed to credit card companies? This is a very sad fact but yet is it very true but your life does not have to revolve around bad debt.

Cash, when spent, slowly disappears from one's hand, showing an obvious reduction in money available. When it's gone, it's gone, and you know it's gone. When you pay in cash, the money is taken right away, the purchase is over and you will not be charged interest on top of what you just paid.

You could spend a lifetime trying to save money but if you have a charge card you could spend nearly everything that you work for a month and you can spend the rest of your life paying for it because of extra and hidden fees that are attached to every charge card out there.

The reason for all of this can be tracked almost entirely down to credit card debt. It is easy to get messed up with credit cards, and many of them have interest rates that are ridiculous. You can wind up paying four times the amount of your debt in interest alone, and may Americans don't find this out until it's too late. For example, it can take forty years to pay off $10,000, and cost an additional $40,000 in interest. The phrase highway robbery comes to mind, doesn't it?

Did you know that you can now legally erase a portion of your debts? This is also a fact that many charge card companies will not tell you nor will they write you a letter informing you of your individual rights as a consumer. What does companies are not telling you is that they have been bailed out by the government and now this benefit is available to you. Charge card companies intentionally overcharge you with hidden fees and over limit fees to extract more money from your pocket book.

Don't let a mistake with a credit card cost you your happiness in your golden years by bankrupting you. Learn your legal rights, and take action today, while there's still time. There are hundreds of nonprofit organizations that have been set up just to help Americans what their past due balances.

So if you have debt that you are no longer able to pay it is important to find out exactly what your rights are so you can get your debts erased. Remember, staying in debt is a choice and now to have legal rights as a consumer there's no reason why you should have to worry about making your payments each and every month when there is a legal way out. Nonprofit debt consolidation firms can help you legally and ethically erase quite a bit the debt you owe

by: Steve Hammock.

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