If you are really in a bad financial situation and unable to clear your bills even after using the available bill elimination methods, try to negotiate credit card settlement with your creditors to solve your problems fast. Many people find themselves in hot water when they are unable to make the required monthly payments due to accumulation of bills. In this elimination method, both the debtor and creditor come together and agree on the amount of bill to be paid in full and, the lest of the money is forgiven.
Sometimes, your creditors will not accept this method especially if you have only missed a few payments. However, if you have failed several payments and preparing to file for bankruptcy, your lender will definitely agree. Creditors will prefer this method since since they are guaranteed of getting some of their money back unlike bankruptcy where they will loose all the bills since most credit card companies are unsecured. In order to qualify for this method, you must have enough savings since majority of the lenders will demand an immediate full payment of the agreed amount.
You could also negotiate a payment plan with your lenders if the above method does not work for you. Similar to the above method, most creditors will opt a payment plan if you have failed many monthly payments and, if your financial situation continues to deteriorate. They will prefer to prolong the payment term and get paid slowly rather than loose all the money. Call your lenders and kindly ask them to lower your monthly payment and interest rate. Request them to remove charges such as penalty to minimize your total bills.
However, once your bills are forgiven, they will be termed as an income and you will there continue to pay tax. You could also search for professional help online to have proper guidance and, also avoid being misled by bill elimination companies. Counselors will assist you in choosing the right method that will suit case. Whichever method you go for, devote yourself and complete all the bills since there is no other shortcut to your freedom.