Declaring bankruptcy to get out of a sticky financial situation is legal but the effect it brings to you and your credit record can be detrimental. Yes, it is true that after filing bankruptcy you will be free from any obligations to pay but some people lose their homes and their credibility. Filing bankruptcy will stay on your credit history for the next 10 years. Although having credit card can make shopping and paying bills easy, once mishandled will be the downfall of many. If you are unable to manage your several bills and are constantly being harassed by creditors, stop before filing bankruptcy! There are several ways to eliminate credit card debt without bankruptcy.
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If you want to eliminate your debt, you have to sit down and take an honest look at your actual loan inventory against your income inventory. Determine how you are to pay your loan with the availability of funds after other necessity bills are paid. Be realistic on making decisions regarding the length of time you can pay your debts based on your income. If you think you cannot afford paying all these debts all at the same time, there are several things you can do.
1. Contact a debt negotiating company. If you are unsure how to eliminate credit card debt without the need to file bankruptcy, approach a debt negotiating company to help you. There are several companies in the market where you can go to but be aware that some are out to get money from you. You can check with your bank or lawyer for a reliable company that will offer you advice without having to pay them. With a debt management program, you can significantly reduce your bills 70% and be debt free in just a couple of years.
2. Take advantage of 0 APR credit card. The easiest way to be debt free is to grab the 0% interest offer. Most credit cards offering 0% on balance transfer has an introductory period of 18 months to 24 months. With this, you can consolidate all your current bills into one single amount and pay it back before the introductory period ends minus interest charges.
3. You can also eliminate debt without filing bankruptcy if you apply for a home mortgage loan. Interest rates right now are at its lowest and getting this is easier because your home secures the loan amount.
There are better options to solve your credit card problems other than filing bankruptcy. You just have to do research on credit card companies and the offers they give so you can choose the right course to take on.
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