New Debt Relief Laws - How to Legally Stop Paying Credit Card Debt
New Debt Relief Laws - How to Legally Stop Paying Credit Card Debt
According to the latest surveys, more and more people are now experiencing the so called ''economic nightmare'' due to unsolved credit card debt problems. These problems involve unpaid monthly bills, high interests and many more. The only solution for these problems is to look for the right debt relief method.
There are actually a lot of debt solutions out there, one particular example is a debt settlement. This method had been more effective because of certain laws that had been implemented by the government in order to ease the financial crisis and to give more ways and options for the people to pay-off their debts.
Through the efforts of the government, the executive department had issued a law about the reduction of certain taxes. This law is known as ''Reinvestment Tax of 2009''. This law give jurisdictions and guidelines about certain conditions that if an individual made a settlement, he/she will not get a tax from it. So in otherwords, a person who gets as many settlements as he/she can will have no fear of getting higher taxes.
That option was just one of the few strategies in dealing with your credit card debts. I would like to reveal something that your credit card companies don't want you to know. Now, if you are wondering what are those secrets, try to remember first how frequently your creditors are calling you almost everyday just to remind you about your payment bills.
Well, they don't want you to know that if you are not paying your credit card bills there is a possibility that you will have the power to negotiate with them and they might reduce your payment obligations. Certain laws had made it possible for you to eventually defend your liquid assets and the creditors will not be able to take your assets in order to pay-off your bills unless you file for a bankruptcy. The creditors will have no choice but to accept any debt settlement from you in order for you to eliminate your unsecured debts. New debt relief laws had made a a lot of chances for us to eliminate our credit card debts and its just a matter of careful planning and analysis so that these certain laws will become effective.
Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.