subject: Credit Card Debts - How To Avoid Paying Back Credit Card Debt While Avoiding Bankruptcy [print this page] Is it possible to escape all your credit card debts without making any repayment? Sure it is possible. All you have to do is declare bankruptcy. You simply have to approach the court and admit your inability to repay your debts. The court shall take control of all your assets and liabilities and will settle the same. This will free you from the responsibility of repaying your debts. Of course, this is a gross oversimplification of the entire process. In exchange, your credit history will indicate that you had filed for bankruptcy for a period of ten years. Needless to say, the solution is so problematic that people prefer tackling the problem of excessive debt using other remedies.
The recession and the collapse of various financial institutions have brought forth another solution to get rid of credit card debt without making any repayment. All you have to do was employ a professional credit card debt settlement company that shall intercede with lenders on your behalf and negotiate a settlement. You will get a waiver ranging from thirty percent to seventy percent of the original amount owed. The remaining amount must be repaid in full. However, you can always invest the money saved in high return yielding investments to earn and repay the credit card account.
You can also opt for consolidation loans at a later date and reduce the amount payable to credit card issuer even further. Of course, this is not as easy as it sounds. You cannot negotiate with credit card issuers again and again. You have to play upon their fears that non acceptance of your offer may lead to a bankruptcy. However, it should not sound as if you are threatening or blackmailing your credit card issuer.
This sensitive task of negotiating with your creditors should be given to professionals only. It is not something that you can do on a part time basis every day after work. You will have to meet your creditors as and when they request a meeting. Many meetings may take place before the waiver is finalized. The best and most professional settlement agencies can be found on the World Wide Web. The most fraudulent agencies too can be found online. The trick is to use the right debt networks to find the right professional.
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.
