How You Can Legally Eliminate 60% of Your Credit Card Debt in 2010 - A Proven Debt Relief Tactic

The average consumer is in the habit of living life with the help of many different types of loans

. While secured loans like car loans, home loans etc are necessary, they are also manageable. The really dangerous loans are unsecured loans, especially credit card loans. Credit loans have very high rates of interest. At the same time the lure of easy credit is too much to resist and many people end up over using their cards. As a result of which they end up with huge credit card loans which they find difficult to repay. In fact some times the situation gets out of hand and the debtors are unable to repay the loans at all. When the credit card companies do not get their payments they start pressurizing the debtors to pay up. On one hand the debtor is in a financially difficult situation and on the other hand is constantly harassed by creditors and their collection agencies. In desperation he or she may start contemplating bankruptcy.

But a bankruptcy can ruin a person financially and socially. A debtor's bankruptcy is not in the favor of the credit card companies either. This is because if a debtor files for bankruptcy the card company will lose all its money. This is the reason that if the debtors are unable to repay their card loans, card companies encourage them to opt for debt settlement programs. With a debt settlement program they are able to recover at least some of their money. The government also encourages debt settlement because a large number of debtors filing for bankruptcy would mean the creditor losing large amounts of money. This would push the financial institutions towards ruin and would negatively impact the nation's economy.

Credit card companies are known to agree on settlement amounts which are almost 50% of the original amount payable. You can further reduce the burden of debt by consolidating several high interest card debts with a single low interest loan. You can also convert unsecured loans to secured ones. As a result you can eliminate almost 60% of your credit card debt.

How You Can Legally Eliminate 60% of Your Credit Card Debt in 2010 - A Proven Debt Relief Tactic

By: Ansel Fraizer

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