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How You Eliminate Credit Card Debt

How to get rid of credit card debt may seem impossible, but it is not. You just have to want to do it. The problem is, it’s easy to overspend. All you have to do is use your credit card and you can buy whatever you want 24 hours a day. what happens then? You’re overspending…the bill comes. This is when the trouble starts. You owe more and more each month until you default on your payments and your debt spirals out of control. If this is you, don’t worry. There are solutions to get you back on track. We’ll take a look at a few popular options, showing how to get rid of credit card debt.

Option #1 – Debt Consolidation. Here’s a solution to help you pay off your credit card bill faster with lower interest rates and lower monthly payments. Let’s say you have 4 credit cards. The way it works is instead of paying 4 different bills each month that would add up to a hefty payment, you can put them under one loan and pay one for much less Many bills. In most cases, the interest rate on a consolidation loan is much lower than the interest rate on each credit card. Also, one loan payment per month is usually far less than the sum of the 4 loans you pay on your credit card. This solution saves you money each month and saves you long-term interest expenses. It also gives you an end date. When you pay off your final debt consolidation loan, you’ve eliminated credit card debt. This solution works best for homeowners with good credit who have multiple credit cards that never seem to be able to pay them off.

Option #2 – Debt Settlement. On the other hand, if you’re someone with bad credit (whether a homeowner or a non-homeowner) because of delinquent credit card bills, debt settlement is an option for you. This solution is best for people with bad credit who have a combined total credit card debt of at least $10,000 and are at least one month behind on payments. If debt collection agencies are threatening legal action, this solution may benefit you as it will save you from being sued by them and save you from having to declare bankruptcy.

The way it works is that a debt negotiator makes a settlement offer to your creditors and asks them to accept an amount that is 40%-60% less than what you owe. They also ask for a significant reduction in the monthly payment you can pay. If the collection agency agrees to this settlement, you will only pay the amount you provided plus the lower amount you provided, and you will not be responsible for the rest. Once a settlement is reached, you can start making new payments. When you make the final payment under the agreement, you’ve eliminated credit card debt.

Both solutions will usually get you out of debt in 6 to 36 months, so when choosing how to get rid of credit card debt, just choose whichever sounds best to you. There are legitimate help and trained professionals who understand what you are going through. They are ready and able to help you get back on your feet without judging you. They act as a buffer between you and the bill collector, so you can focus on your financial recovery without them worrying. So, with this in mind, don’t be afraid to take the necessary steps to eliminate credit card debt. It can be done and so can you.

Ken S.

LowRateSearch.com website

© 2009

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