Getting Help With Staggering Credit Card Debt

When you first received your shiny unsigned cards, you had the best of intentions with respect to responsible use of your credit. You were going to pay off the cards every time you used them, you were not going to live beyond your means, and you most certainly did not intend to add more and more credit cards to your wallet. In the last few years you most likely have lived up to your promises, but this was hardly sufficient to make up for some of the early credit card use mistakes, and if your financial circumstances have changed as well, you may actually now find yourself on the edge of bankruptcy.

If you are encountering the stress of mounting credit card indebtedness and if you find yourself at a loss how to pay all of your bills and not fall back on credit for your everyday expenses, you need help. Fortunately, there are quite a large number of organizations that are specifically geared to helping debtors in need of a hand up. It does not matter if you are battling sudden medical bills, a loss of income, or simply came to grips with the fact that for a long time you have been living beyond your means. Help is available for all.

Perhaps the most commonly sought out form of assistance is that from a debt negotiator. These trained professionals will provide debt settlement services to clients, and while negotiating with creditors, they have the debtor clients’ best interests at heart. Unlike bankruptcy, credit card debt settlement has the power to keep your credit profile and rating largely intact, while at the same time drastically reducing the amount of money that is owed. What is more, monthly payments are cut down, and the debt is scheduled for complete repayment in three to five short years.

Credit card debt counselors also have the knowledge to get credit card interest rates greatly decreased, and furthermore offer valuable advise how to become and remain debt free. The restructuring of the credit card debt has the power to make the retention of valuable assets, such as a home, much more likely, since the freed up funds can now be allocated to paying the mortgage and other expenses. Of course, debt settlement agencies cannot get started on your amount of indebtedness until you contact them.

This is a viable alternative to bankruptcy, and if you are currently contemplating filing for a Chapter 7 or Chapter 13, it might be a worthwhile idea to contact a debt settlement agency first. Remember that after the recent crackdown on bankruptcy rules the repayment requirements have been strengthened, and while in years past there might have been a virtually instant clean slate, it is now entirely possible to file for bankruptcy, be required to repay the debt over a period of time, and still end up with the adverse bankruptcy notation on your credit file. Check out all of your options prior to making such an impactful decision.