subject: Is Credit Card Debt Settlement Possible? [print this page] Is Credit Card Debt Settlement Possible? Is Credit Card Debt Settlement Possible?
So you are behind on your credit card payments? The last few months have been financially tough for you and using the credit card was a necessity to keep afloat. If this sounds like your situation, you are among many with the same problem. The economy is tough and many have lost their jobs throughout the country. Many like you have not just charged the credit card to indulge in the luxuries of life, but have needed to use the them just to get by, and now the balances are unwieldy. It is time to get some help. Credit card debt settlement may be one way to solve your problem.
There are several sources of help if you are in this situation. One is to call the credit card companies and explain your situation and see if there isn't a reduced monthly payment you could make. Some companies will work with you on a solution. If this ends up being a dead end, you could contact a debt consolidation service. These companies can help you figure out how to consolidate your monthly payments into one payment, sometimes being able to reduce the interest at the same time.
Another option, although not popular with the creditors of course, is to just quit paying the bills. Although this is not the most desirable or best solution and will result in numerous phone calls from debt collectors, credit card companies are often more apt to work with you when you are late on your payments. Sometimes this approach may be the only option you have when you have stretched your money as far as you can and there is no more to payout. Most of us hate to do this, but remember that putting food on the table and keeping shelter over your head has to take priority. This will obviously damage your credit, but as time goes on, card companies become more and more willing to settle on some reduced amount. Always contact the credit card companies first to see if you can work something out to avoid this drastic measure.
The bottom line is that there are options to get out from under the weight of debt. Examine your own solution and pick the course of action that is best for you.
