subject: How You Can Legally Eliminate Your Debt in a Year Without Wrecking Your Credit Rating [print this page] How You Can Legally Eliminate Your Debt in a Year Without Wrecking Your Credit Rating
credit card companies have perfected the art of luring people into debt. Over the years many people fall prey to the convenience of using this plastic money. In the end, their financial status will be ruined and many end up bankrupt. Simply because they find themselves in financial difficulty and suddenly cannot pay their bills and need ways to legally eliminate debt.
What do credit companies do when you fail to pay your monthly bills?
In a few months if you are not able to settle your debts with a credit card company your debt will be sold to a debt collection agency. The agency will then recover what you owe by any means they can. The agency will do everything to collect from you up to the point of harassing you.
You will receive frequent phone calls or even mails forcing you to pay your bills, even if you have not got the money. Debt collection agencies will never stop until you repay your debts.
It is advised that you legally eliminate your debt before your life gets ruined by these debt collection agencies. There are ways that can get you out of debt legally without hurting your credit score for along period of time.
You can settle your debt without having to ruin your credit score. However, there are conditions. Do it at once and follow the debt elimination procedures correctly. Settling your debt with your creditor is the right thing to do. Debt settlement works by negotiating what you owe and reducing it to a manageable level. It is no good taking out a loan to repay your debt if you cannot meet the payments or you have no money left over for food and gas each month.
This way you can get a better deal of getting lower interest rate and reduced debt. However, it is advised that you do not use your credit card until you have legally eliminated your debt.
If in case you fail to negotiate your debt with your creditor another good option to take is debt consolidation method. This method can also combine all your reduced debts into one account to pay the total amount. You will now have to repay the new loan with a lower interest rate. However, this method should be done before your debt reaches the point of being difficult to manage.
This method can help you cut what you owe quickly and get your credit score back to where it was within a year. If you follow the method to legally eliminate your credit card debt you will be debt-free and will not have to worry about answering the phone or the door anymore. Click here to eliminate your debt now.
