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Page: Credit Card Debt Relief - What Are the Options Available?

Credit Card Debt Relief

Debt relief options available for those struggling with credit card debt

Sign-up bonuses, low introductory interest rates and rewards programs all make credit card offers difficult to resist, but those who fail to read the fine print often find themselves with repayments they can scarcely afford. American debtors are gaining control over their debt, but many are still facing the monetary pitfalls of maxed-out cards with high annual interest rates.

Credit cards are practical inclusions in savvy financial plans as long as payments are maintained. They make spending safe, balance liabilities and often come with rewards that reduce monthly expenses. Those who are stuck in an endless cycle of unaffordable debt have solutions ranging from disciplined budgeting to bankruptcy. Debt relief programs are uniquely applicable to individuals and every consumer needs to choose their solutions according to their circumstances.

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It's easy to get maxed-out on your credit cards, leaving you with a shrinking wallet,
fewer spending money options and increasing credit card debt burden.

Disciplined Pay Downs

Those who can foresee a repayment plan that includes paying down debt according to schedule often find that implementing a stricter budget is sufficient. Such a plan is, however, dependent on realistic thinking. Those who lack the discipline or finances to attempt this option may set themselves up for failure, losing the motivation so important to a successful debt relief plan.

Debt Relief Strategies

There are a few tactical approaches to debt repayment that exploit smaller interest rates or a higher degree of motivation. Snowballing strategies are structured to give debtors a sense of achievement and control so that they do not become disheartened. By stacking credit cards in such a way as to pay off the smallest debts first, accounts can quickly be removed from the list, leaving the debtor with a reducing load. Alternatively, debts are ordered according to interest rates with the aim to reduce principle amounts. This is a more cerebral approach for practical, self-motivated debtors.

Debt Counselors

Debt counselors offer a sense of accountability while negotiating with creditors to secure a fresh plan of action. They assess the financial situation of the debtor, help with budgeting and offer advice about repayment strategies. They may be able to secure reduced rates for lump sum repayments or come up with a lower settlement amount. They also accept monthly payments from debtors, distributing them on their behalf. Because counselors work frequently with professionals in the financial services industry, they are able to act from a point of power, which gives them more influence than what typical consumers have.

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One of the most efficient ways to get credit card relief is to cut your credit card use

Settlement Programs

In principle, debt settlement programs entail arriving at a smaller principle amount, which is paid in one sum. This negates the interest rates that would otherwise accumulate while reducing the harm done to consumer credit reports. This system needs to be approached with absolute certainty that the lump sum is affordable, since those who stop their monthly repayments in an effort to save a lump sum are at risk of judgments that could be collected in the form of fixed and liquid assets. The debt forgiveness that comes with settlements often becomes taxable. It is possible to obtain an exception by declaring insolvency. This is only a possibility for those whose debts exceed the total value of their assets.

Bankruptcy

Bankruptcy is usually the final choice made by those for whom other solutions are not viable. It definitively removes credit card debt through restructuring, elimination or reduction. Chapter 7 bankruptcy involves the cancellation of debt and the potential liquidation of assets. It can be expensive and long-winded and is only offered to those who have not filed for bankruptcy within the previous seven years. Chapter 13 bankruptcy allows debtors to keep their fixed assets and extends the repayment period for debts that are not cancelled. Overburdened debtors who cannot manage these repayments do not qualify for this option.

Unmanageable debt makes future planning impossible, leaving many in a helpless situation that causes anxiety and depression. The mere act of seeking help through nationaldebtrelief.com ends the denial process and helps debtors to live in the solution rather than the problem.

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