Legal Ways Out Of Credit Card Debt - Bankruptcy, Credit Counseling, Or Debt Negotiation?

Legal Ways Out Of Credit Card Debt - Bankruptcy

, Credit Counseling, Or Debt Negotiation?

If you wish to escape the burdens of Credit Card debt, then you must know there are three successful methods to be debt-free.

One of the methods is Debt Negotiation.A good negotiation can reduce your debt with up to 70% percent. However if you are going to try debt negotiation then it is very important to be honest and even a bit persuasive.Both sides will benefit as you will have a smaller debt and the creditor will see back his money.

Another method is called Credit Counseling and it is a costly method compared to debt negotiation because credit counseling only help to manage the debts but debt negotiation actually lowers the amount of money you owe. Therefore, if you can, it would be much better to consider a debt settlement.

The last way and the most difficult is called bankruptcy and it means selling all your assets as a consumer or as a business and turning all the profits to the debt. You should first try to negotiate your debt before filing for bankruptcy because it is a very complex process, which can have repercussions on your general financial situation.

You see, declaring bankruptcy is not as easy as signing a paper and saying goodbye to all your troubles - you have to face everything that comes with it - the slow recovery from the terrible financial hole you are now in. Not to mention the way you will be seen by credit companies in the future - let us just say that your credibility sinks so low, that in the next few years your chances of getting a loan or a credit become incredibly slim. So why bother going through so much trouble with bankruptcy when you can actually go for a healthy settlement and forget about all your troubles?

Debt settlement is a legitimate alternative to filing bankruptcy. Consumers can expect to eliminate around 50% of their unsecured debt with the help of a legitimate settlement program. With the new FTC laws recently passed in July 2010, debt settlement is a much less risky option. If they don't settle your balance you don't have to pay a dime.

Check out the following link for free help from a certified debt relief specialist:

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