subject: How To Legally Eliminate Credit Card Debt Before the Debt Collectors Call [print this page] How To Legally Eliminate Credit Card Debt Before the Debt Collectors Call
Every year a growing number of Americans run into financial hardships that shake them to the core. These people go through thing like the loss of a job, serious illness or a long and costly divorce will quickly put a strain on their financial situation and unless that stress is relieved it can make it to where you are unable to keep up with the bills every month.
You struggle to find balance between keeping the lights on and food on the table and paying off the credit card debts you accrued during your hardship. You quickly realize that you will have to do something because the constant, harassing collection calls and notices as well as late fee's and increasing interest rates. You have got to do something to get out from under all of it. When all else fails, debt settlement may be your best answer to legally eliminate credit card debt.
Although it may not be easy to accept, you should not be ashamed that you have to get help. Its better to get help than to fall deeper into debt and lose your home.
You are doing this so that you can protect yourself and your family and make sure that you can provide for them without having to worry about what is around the corner all the time. Some people decide to claim bankruptcy and this is not a good solution to legally eliminate credit card debt.
The pro's of claiming bankruptcy include:
You will be given to chance to financially start out all over again.
If you are being pursued legally or having your wages garnished, this will be stopped.
Almost all of your previous debts will be cleared away.
The money that you were paying the credit card companies every month will be able to go into starting all over again and give you the ability to provide for your family and start saving.
Now I am afraid that it is not all good news. There are also negative points you need to consider before you go through with the process. The most significant of these cons are:
Your credit report will reflect the bankruptcy for seven to ten years. During that time, no matter how hard you have worked to restore your credit score and get make things right it will still be quite difficult for you to get things such as car loans and mortgages.
Your chances to find a bank willing to do that are very slim indeed and this is why this is really not he best method to legally eliminate credit card debt.
As you can see bankruptcy is not the best solution but the last one. If you need help and are in a serious financial difficulty right now get help. The best solution for you may be debt settlement.
In a perfect world you would not even have to worry about getting buried under debt, but when you have exhausted all the other options, you need to keep this in mind. Just do yourself a favor and get help and start to legally eliminate your credit card debt today. Click here to get out of debt now.
