Here are a list of statements. If one of these statements applies to you, you may be in need of credit card relief.
. You do not have any money saved up.
. You cannot sleep because you are thinking about the money you owe.
. You make only the minimum payment required by the credit card company
. Debt collectors are constantly calling you.
. Every month you are hesitate to look at the statement because you are afraid of what it might say.
. You do not know how much you owe, you just know it is a lot
. You are using your credit card for necessities, such as groceries, gas, utilities etc. when you should be paying cash.
. The money you owe is adding stress to your marriage.
. Your debit to income ratio is at or close to 20 percent
. You have more than one or two major credit cards.
. You hide your spending and the credit card statements from loved ones and family members
. You are at or close to your credit limit on your credit cards.
. After making a payment to the credit card company, you will go and charge about the same amount.
. When you write a check, you hope you have time to make a deposit at the bank before the check gets there.
. You use your credit cards for cash advances in order to pay other bills.
. You have been turned down for credit.
. You are no longer working, so you have no viable income to lower your debt.
If any of these statements apply to you, you are in desperate need of credit card debt relief. One of the ways to get credit card relief is by debt settlement. The debt settlement programs will negotiate with credit card companies to lower the balance you owe. This is an aggressive approach to credit card relief, and some people are able to reduce the amount they owe by about 50 percent. This is the fastest credit card debit relief option available other than bankruptcy.
Another debt relief method is to work with the credit card companies to lower interest charges. A debtor can feasibly be debt free in 4 or 5 years and will be able to save money even with the high interest rates. It can also be more appropriate for the debtor to pay more than the minimum payment on their credit cards. However they would still be dealing with the high interest rate.
Of course filing Chapter 7 bankruptcy or Chapter 13 bankruptcy should be considered as a last resort. Bankruptcies can stay on your credit report for 7 to 10 years making it difficult to obtain credit afterward. However, if you owe so much money and you do not have an adequate income coming in, a Chapter 7 bankruptcy may be a suitable solution for you.
Chapter 13 bankruptcy is considered the worst credit card relief option for consumers because it has the negative credit implications of a personal bankruptcy, even though you will be paying a substantial amount of the debt owed. Chapter 13 is rarely used for credit cards and is mainly reserved for those with a mortgage or a car note. You should check with your attorney before deciding on filing either one of these bankruptcies.
About the Author:
Ray Subs is a public relations specialist working with InstantLiveCodes.com. To check out their website, visit
www.InstantLiveCodes.com.
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513
Date Published :
Mar 19 2009