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How To Eliminate Credit Card Debt Legally

It isn't uncommon these days for individuals to have more credit card debt than they can pay. As a matter of fact, some people have said it is an epidemic of sorts. Over the past couple of years, the amount of unsecured debt that individuals have amassed has grown to levels not seen before. Now that the cards are maxed out and the bills are starting to pile up, more and more people are wondering how to eliminate credit card debt legally.

Before we get into that though, there is one thing that needs to be addressed. Credit cards are unsecured. This means that there is no collateral that the bank can take if you don't pay, the cops are not going to show up at your door, and any sort of court proceedings that take place will be on a civil level. So, in reality, you don't have to pay them at all and there is nothing illegal about it.

On the other hand, by not making good on your contractual agreement, you will more than likely be labelled a dead beat, have a terrible credit score, and will likely never be granted credit again in the future. Basically, you wouldn't be able to put something from the dollar menu at a fast food joint on layaway because you will be known as someone that doesn't pay their bills. That would stink, right?

So, the best thing to do would be to take advantage of various programs that the credit card companies have established to pay your balance off. In many cases there are even specific organizations that are there to help you in the process. This is important because most consumers are too intimidated to try and deal with and negotiate with their creditors, and for good reason. It's no secret that the people that work in the collections department at the credit card companies have the personality of a pit bull with rabies. For the most part they have one goal and one goal only - To collect a payment regardless of the circumstances.

That is where the third party organizations come into play. They take the “heat” for you. Basically, you give them a list of your creditors, how much you owe, and what your typical minimum payment is and they take care of all the dirty work for you. The best part is that in almost every case, there is not an upfront charge to you the consumer. So, you don't have to deal with the credit card companies directly, you don't have to pay any upfront fee, and 99% of the time you end up with a monthly payment that is substantially lower than you are used to - one that you can actually make.

Surprisingly, there is a large part of the population that has never even heard about this method to eliminate credit card debt legally. That really shouldn't come as a surprise as I seriously doubt that the credit card companies themselves are telling consumers about it. However, it is definitely a method that is starting to gain traction as more and more people successfully eliminate credit card debt by using it.

Some of the other options that can be used to eliminate credit card debt legally have serious flaws. Lets take a look at 2 of them:

  • A consolidation loan - In order to do this successfully, you would either have to have an excellent credit score or have something that you could use for collateral. I think it is reasonable to assume that if you are having trouble paying your credit card bills that your credit score probably isn't that great, fair enough? I think it is also pretty safe to assume that introducing something of value as collateral to pay off an unsecured debt probably isn't a very good move financially. As a matter of fact, it is actually pretty ridiculous, if you think about it.
  • Borrow money from friends or family - Now, this is where it gets sticky. You are having trouble paying your credit card bills, so as a solution you borrow money and obligate yourself to people that you are related to? Lets just say that this rarely turns out good. As a matter of fact, it is situations like this that make day time court shows like Judge Judy possible.

As you can see, once you get into a situation where your credit card bills become hard to pay, there is really only one option that makes much sense. Seriously, you can let a third party negotiate your monthly payments or even your whole debt amount, take out another loan that you probably can't pay, or get yourself into a situation that could turn ugly with friends or family. Which one do you think sounds the best?

One thing to consider though is that time is of the essence. Once the credit card company has sent your account to their “legal” department, all bets are off. When this happens, they usually won't take to you, negotiate with you or a third party company, or have any other communication with you. When it gets to this point, they are usually looking for a way to attach your wages or even lien something that you own. So, if you really want to eliminate your credit card debt legally, the time to act is now.


Finance | How To


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