Legitimate Credit Card Debt Solutions

For people in debt and looking for solutions to clear the debt, I have presented the most important debt elimination options below.

Let’s start with debt settlement, in which people get reductions from their debt. This can be made alone, with a debt settlement company, or with a lawyer. You can do it by yourself if you feel like you are a good negotiator and you have learned the laws and everything that settlement implies. However, hiring a professional to do it will keep you from making any effort; for a small fee, a debt settlement company will deal everything, from the collection calls to the negotiations. Also, it is a proven fact that by choosing a debt settlement company you will get bigger reductions.

Debt consolidation is a debt elimination way in which you can take a loan to pay the other loans you have. You might think that taking a loan to pay other loans is wasting time, but think about the new loan having lower interest rates. It’s actually a reduction from your debt. The good thing about it is that it works with secured debt and with debt that is less than ten thousand dollars, unlike debt settlement. Debt consolidation is also a good option for those who liked to have a lot of credit cards and are now struggling to make a lot of payments each month. They can pay the credit cards with the loans and then they will only make one payment.

Bankruptcy is a legal way to eliminate debt completely. It can be done by people who don’t own a business and it’s called personal bankruptcy. It requires a lawyer and you have to fit the rules. There are two types of bankruptcy, Chapter 7 and Chapter 13 and I advise you to go for Chapter 7, which eliminates all of your debt. However, most people cannot go for Chapter 7 and they are left with Chapter 13. This implies asking the court to pay the debt in a longer period of time, but it also implies having the money to pay it each month. When choosing bankruptcy you need to choose carefully because it is a tricky process.

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