subject: Eliminate Credit Card Debt - How To Legally Avoid Repaying Credit Card Debt [print this page] Is it possible to escape your debts without repaying it in full? One legal option that is often used by individuals who have passed the point of no return is bankruptcy. When a person files for bankruptcy, he or she admits inability to repay all debts in full. A court appointed official takes over the finances of the individual. The assets are liquidated and the liabilities are repaid to the maximum extent possible. On the face of it, this legal solution seems like a great option. However, the consequences of bankruptcy are so harmful that people often seek alternate legal remedies to escape repayment of their credit card debt.
Instead, one should opt for debt settlement. Debt settlement will eliminate credit card debt without any repayment. Lenders are wary of precipitating another round of bankruptcies. That is the reason why they are offering generous waivers to borrowers. This means that you can pay of your ten thousand dollar credit card debt by paying just three thousand dollars in full.
Earlier, the card issuers insisted on repayment of the remaining balance owed in lump sum. As on date, you can get one to two years to repay the loan. This means that you may have to pay just $125 per month and your credit card debt will be down to zero in just twenty four months. Of course, you need not completely repay your credit card debt. You can always get another credit card to manage your expenses in a sensible manner.
This procedure, called debt settlement, is completely legal. The lender and the borrower enter into a written contract whereby the waiver is formalized and the time table for repayment of the remaining amount is also specified.
We also have the option of using the money saved to earn more income and repay the credit card debt out of the extra income earned. This means that you would have reduced your $10000 credit card debt to zero without spending even a single cent from your pocket. The combination of waiver and future income earned from the money saved is enough to get rid of all your debt problems.
If you are over $10,000 in unsecured debt it would be wise to utilize a debt relief network instead of going directly to a debt settlement company. Using a debt relief network guarantees that the debt settlement company you choose has been certified and has established success in negotiating settlements. They are free to use and a good starting point to begin your debt relief process.
