subject: Can I Wipe Out Credit My Card Debt? [print this page] Can I Wipe Out Credit My Card Debt? Can I Wipe Out Credit My Card Debt?
Credit cards are a wonderful thing to have. They help to build credit when you have none. They provide added financial security when those unexpected events occur in life, such as a medical emergency or a broken down vehicle. They can help get us by during tough times and as long as they are paid back within 30 days they are free. However, once 30 days passes, a finance charge is added. If the balance is not paid off, it just continues to grow and grow and grow, like a cancer. This is why credit card companies love to offer you free credit card deals. They want you to have the cards and want you to over use them and even hope that you never pay them off. They love finance charges on high debt!
The drawback with credit cards is that they are too easy to use and too easy to ignore when payments are due. The finance charges seem small, but when the balance gets large enough, it can become nearly impossible to pay off. Many people find themselves in this hopeless state.
If you have large credit card balances and are now to the point where you don't have the money to even make the minimum payments, you should consider doing a few things. The first is to contact the card company to find out if there is any way they can do to reduce the interest or the payment for you. Unfortunately, they probably will be unwilling to do so. Most card companies won't even talk with you about these possibilities until you are past due on payments.
Another option is to talk to a debt management service. They can look at your budget and your bill and perhaps help you consolidate you debt or even contact the credit card companies for you and try to negotiate reducing you debt. They can help you understand the options available to you, even the ways that you might be able to wipe our credit card debt altogether. Many of these services are free, so check around and look for an organization that will serve you needs.
