How to Get Help with Credit Cards

Credit cards have enticed many people into unsustainable debt. The attractive yet dangerous offer of acquiring goods and services immediately and paying for them later, has made many overlook the high interest rates charged on credit card debt. Those who are deep in credit card debt have a few simple ways of getting out of it.

One of the most viable options is to hire the services of a debt settlement company. These companies employ the services of financial advisers who are able to calculate your total debt and advice on possible solutions to provide relief. They also negotiate reduction of interest rates with creditors and better terms of payments such as longer repayment period. Most of these companies are available online. You will need to identify a credible one, which meets your specific requirements and is able to help you get out of debt. Ask your friends and family to recommend to you a good debt settlement company. Carry all your financial records to the debt settlement company, as they will be instrumental in formulation a strategy to get you out of debt.

The other option is to visit your creditors and negotiate the terms of payment by yourself. You will need to demonstrate your ability to pay the debt. Obtaining a part time job and disposing off personal assets will help to convince them of your seriousness. All the money obtained from sale of personal assets and windfall amounts received should go to settle debt. Drawing up a budget that includes the debt payment plan and following it through diligently will also show your commitment to getting out of debt. Your diligence may prompt them to relieve you some portion of debt.

Alternatively, you can take a loan from your 401k, pay up the entire credit card debt and remain with only one loan to pay up. Ensure that the interest rates of the loan you take from other sources are manageable, as you do not want to get deeper into debt. Approach your family and close friends or even your employer. Make a request for an interest free cash loan and indicate how you will pay and when you intend to so. Ensure you are faithful to repay the loan as you have agreed with them

People who have credit card debt in excess of 10,000 US Dollars are eligible for up to 60% relief of unsecured debt. You need to contact a credit card debt relief service, that will advise on the procedure to take to enjoy such a benefit. However, you have to demonstrate that you are incapable of paying off the debt and therefore seek to obtain relief.

Your last option should be bankruptcy. Consider this option only when all other avenues fail. This option provides two solutions: the debtor may obtain substantial debt relief or alternatively have the debt renegotiated on terms that are beneficial to both the debtor and the creditor. However, the adverse implications of a bankruptcy will remain on your record for a stated period, making it impossible to get credit during that period.

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