credit card debt relief

Have you contacted your credit card companies and tried to get enrolled in a hardship program?

Hi royky,

You will have to provide more details on your debt. Only then somebody will be able to help you in your problem. However, there are various credit card debt relief options -
1. Debt consolidation
2. Debt settlement
3. Debt management and
4. Bankruptcy

Debt consolidation is when you consolidate all your debts into one, so as to reduce the monthly payment. Rather than making several payments toward various credit acrds, you can make a single monthly payment. You can either do it yourself or take help of a debt consolidation company. For Do it Yourself debt consolidation you can transfer balances from high interest credit cards to a low interest one. However, if you can't consolidate your debts on your own, you can get help from a debt consolidation company.

In debt settlement the outstanding debt amount gets lowered, generally by 40-60%. However, it also depends on the credit card company, or the collection agency. A the debt amount gets lowered it becomes much easier to pay off the debt. Another thing taht is to be kept in mind while settling your debts is that it hurts your credit score, as you will have to miss payments to settle your debts.

Debt management is when you join a credit counseling agency, who will help you in managing your debts. This helps in waiving off late fees, reducing interest rates, and monthly payments.

Bankruptcy however, is the last resort. When all other options fail, you may have to file bankruptcy. If none of the above options work for you, only then can you file bankruptcy. It gives you a fresh start. However, it is always better to avoid bankruptcy as much as possible, as it hurts your credit, and ruins your ability to get new loans or credit cards.

Thanks

Sounds like bankruptcy might be a good option for you. It is not as bad as some make it be. If you cant afford debt management payments, you might wanna take advantage of a free consultation with a bankruptcy attorney.