If you want to legally get out of credit card debt, you will have to be prepared to negotiate with your lenders. Any and every legal solution which involves payment of less than the full amount to the credit card issuer will require the consent of the other party.
Most of are so scared of approaching our credit card issuers that we simply give this option skip. They find it easier to approach the court and initiate bankruptcy proceedings than negotiate with our lenders.
Of course, the fear is not completely unjustified. Card issuers and lenders have been very rigid and inflexible in the past. So much so that they have completely alienated and antagonized the credit card borrowers. There are numerous instances where card issuers have actually called up the borrower and offered debt settlement deals.
Hence, you certainly can give this option a try before you proceed any further. If the legal solution towards credit card debt elimination does not work, you can always go in for bankruptcy proceeding whenever you want.
Debt consolidation, refinancing and other such solutions are legal solutions but will not result in any reduction in the unsecured card debt. Rather, the amount owed will continue to remain very high. It is only when you get a discount, a substantial discount at that, from your unsecured card issuer will, actually enjoy relief from debt.
To enjoy this discount, you will have to take advantage of the bailout offered by the government to the credit card issuers. Just as the card issuers got relief when they were facing financial trouble, you should too should seek and get relief.
Any and every legal solution will always involve written promises, formal negotiations and a clear-cut demarcation of the responsibilities and the liabilities of both the parties involved. Once the credit card issuer agrees to the 50% discount, it will not be permitted to backtrack on the same. In the same way, once you promise to make repayment on a monthly basis, you will not be given the option of defaulting again.
Since the technicalities and the complexities involved is very high, it makes sense to employ experts and professionals to help you out. Credit card issuers are well versed with the new answers and the technical aspects of the transaction. If you make use of professionals, you too will ensure that you are not at a disadvantage.
If you are over $10k in unsecured debt it would be financially prudent for you to consider a debt settlement. There are organizations that exist called “Free Debt Relief Networks” that are a great place to start in locating legitimate debt settlement companies in your region. They provide free debt help and know where to locate the top performing debt settlement firms.