If you are like one of the many Americans who have $ 10,000 or more in debt, then it is time for you to sit down and come up with an action plan fast. Otherwise you may end up paying back that debt in 20 years or more depending whether you are only making minimum payments. Getting out of credit card debt is not an easy task and the more you owe, the harder it looks and when you can only afford the minimum payments or just a little over, you are really making no progress at all and the interest rates are killing you.That's probably why you are trying to find out how to get rid of credit card debt, correct?
What's Best, Bankruptcy vs. Debt Settlement?
There really is not a definite answer to this question. It all depends on your individual situation, your income level and the amount of money that you owe in credit cards and other loans. You can get a debt settlement deal with your creditors that will not force into bankruptcy while there may be cases where people simply need to wipe the slate clean and get a fresh start. Both options have pros can cons and you should talk to one of the many credit card consolidation services and explore your options.
Legally Eliminate Credit Card Debt
By consolidating credit card debt, you can get out of debt fast, sometimes in as little as 12 months but in many cases the typical time frame is 24 to 36 months. This is something that you will discuss with an expert once you chose a debt settlement service. They will make arrangements with your creditors in order for you to pay a monthly fee. The negotiation process means that they will talk to lenders and banks and try to settle what you owe for pennies on the dollar. It is possible to eliminate 50% of what you owe. Your creditor would prefer to get some money back as opposed to nothing if you were to file bankruptcy.