Nowadays, credit card bankruptcy is very common because the country has been recently hit by the economic crisis. People kept on using credit cards to fulfill their daily needs and as a result, the burden slowly went on increasing even more than their total monthly income. They came to realize it when they started receiving threatening calls from credit card companies.
Lots of people think that bankruptcy is a very good solution as it will give them immediate relief but they don't know that it will affect their credit history and they may not be able to take any financial support from any other financial institution for the next 6 to 7 years. Although insolvency is a legal way out but now it is not so simple to file it because if you are facing such situation then you will have to hire some lawyer who will charge you huge fees. Secondly, now lots of irritating paper work is involved in this process. As you will have to passing through the time taking process for filing credit card bankruptcy, it you will not be sure that whether you will fall into its criteria to win this case or not.
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So it is recommended to search some other legal ways for the elimination of debts. These ways can be easily searched on the internet because lots of companies are now providing free assistance to guide customers in choosing the right option.
The most commonly used methods for debt elimination are the debt settlement programs and debt consolidation method. These are the only legal ways to eliminate the debt burden.
In the debt consolidation method, you will take one big loan to return other small credit card loans. These loans are secured loans so they are offered on low interest rates and they are normally 2 to 3 year loans. That's how you can avoid credit card bankruptcy through credit card debt consolidation method. The second most commonly used way is the debt settlement program in which you can hire some debt settlement company to negotiate on your behalf with your creditor by using the threat that you are just on the edge of filing bankruptcy. So if you do so then your creditor will get nothing out of it. It is not a very difficult task for your creditor to make reduction of 50 to 60% in the actual outstanding amount. In this way, you can legally avoid going for credit card bankruptcy.
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