subject: Can't Pay Back Credit Card Debt? If You Really Can't Pay it Back Consider Debt Settlement [print this page] Can't Pay Back Credit Card Debt? If You Really Can't Pay it Back Consider Debt Settlement
The crux of debt relief is whether or not you can pay back your debts? If you can't, then it's not a relief at all. It's a major pain. In fact it might even be debilitating. As you peer over your credit card bills every month, ask yourself if you really can't pay it back? If you feel you cannot possibly pay back your credit card debt, you still have a few options left:
1. You could declare bankruptcy. You could, but should you? As a debt relief strategy, it may not be the best for you. It's a legal proceeding in which a lawyer hired by you contacts the credit card companies and establishes that you simply cannot pay them back. You declare that you are broke, bankrupt. Where that sounds easy, it's not that simple and it can affect you and your credit for years to come. The infamous label of "having gone bankrupt" will be attached to your lapel and may become increasingly hard to remove. Bankruptcy may be a poor debt relief option.
2. You could consider debt settlement. Debt relief through a settlement may be the more attractive option for you. Debt settlement is a process where a legitimate and professional negotiator steps in between you and the credit card companies and barters down your debt so you can afford to pay it back. The effect on your credit score and history is less and can be repaired in a shorter time frame than if you declared bankruptcy. Credit card companies, knowing that bankruptcy may be what you are considering because you can't possibly pay back your credit card debt, will sit up and listen to a settlement deal. They don't want to lose everything if you enter into bankruptcy proceedings, which is a real possibility for them. Taking the legal and accepted way to debt relief through debt settlement may put you at an advantage regarding your financial future.
So if you really can't pay it back, consider a debt settlement agreement. It may benefit you long term and in your current financial situation.
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.
