How can I get rid of credit card debt is a question that has become more common online and off. With the current economic conditions, more people are being faced with the problem of too much debt. Here are some strategies that can help eliminate credit card debt.
If you have equity in your house, you may be able to refinance or take out a home equity loan against the equity amount. This strategy is risky, because many times people will do this, pay off the credit cards, then start using them again. Now they find themselves worse off, with new credit card debt, and now a home equity loan to pay off. I you can get rid of the cards, this may be a good strategy.
Debt counseling is getting the aid of a third party to set up a repayment plan with your creditors. They can usually stop the finance charges, and get some or all of the fees waived. Many people use this strategy with success.
Debt settlement is similar to debt counseling, but what happens here is that you or a third party negotiates with your creditors to just pay back a percentage of your total and call it even. You can do this yourself, and in fact you can save a lot of money doing the same thing a service will charge you a lot of money for. Be ready though, you will receive phone calls, and letters from creditors. And not just a few. Your phone will probably ring all day long depending on the company. There are ways around this though.
Debt settlement is growing in popularity as more and more people find themselves saying, “how can I get rid of my credit card debt?”