Get Out of Credit Card Debt - Ways to Wipe Out Credit Card Debt Without Paying it Back
If you are struggling to get out of debt, you are not alone, there are thousand others, and when the problem is large scale, the economists and the financial scholars can not sit back without a solution.
It is true the wave of recession devastated the economy and shook the core sectors violently.
The impact of recession did not leave any segment of the society unaffected, right from the corporate giants, the financial institutions to the common mass, all suffered the blow of financial disaster.
The immediate measures taken by the US government in response to the financial loss is worth appreciation.
The federal stimulus package released billions of dollars to restore the falling segments of economy and ensured a hope to revive the market.
In turn the common mass under the burden of massive debt also got support from various debt relief solutions, either profit or non-profit organizations.
It is interesting to see the banks and credit card companies participating willingly to waive off the debt and help the debtors pay off the debt.
They have come up with a lot of schemes and offers such as low APR for a few billing cycles, to encourage debtors pay off the debt, within their capability.
Both the creditors as well as the debtors can take advantage of this situation.
The credit card companies aim to reduce the increasing number of delinquent accounts and the debtors aim to pay off the balance debt after waiver and start afresh.
•Debt settlement is a common way to negotiate with the credit card companies to waive a portion of debt in order to repay the balance.
It can be done either directly or indirectly with the help of a professional and the total debt be reduced up to 40-50 percent.
•Debt management is yet another plan to pay off the debt over a period of 5 years or less at a lower interest rate and get rid off it eventually.
•Debt consolidation aims at using the equities from your home loan to pay off the unsecured debt.
•Credit counseling is one of the safest ways to eliminate significant portion of debt without letting the credit score being affected.
The ultimate aim is wipe off the unsecured debt and gain back the financial freedom.
It is true the wave of recession devastated the economy and shook the core sectors violently.
The impact of recession did not leave any segment of the society unaffected, right from the corporate giants, the financial institutions to the common mass, all suffered the blow of financial disaster.
The immediate measures taken by the US government in response to the financial loss is worth appreciation.
The federal stimulus package released billions of dollars to restore the falling segments of economy and ensured a hope to revive the market.
In turn the common mass under the burden of massive debt also got support from various debt relief solutions, either profit or non-profit organizations.
It is interesting to see the banks and credit card companies participating willingly to waive off the debt and help the debtors pay off the debt.
They have come up with a lot of schemes and offers such as low APR for a few billing cycles, to encourage debtors pay off the debt, within their capability.
Both the creditors as well as the debtors can take advantage of this situation.
The credit card companies aim to reduce the increasing number of delinquent accounts and the debtors aim to pay off the balance debt after waiver and start afresh.
•Debt settlement is a common way to negotiate with the credit card companies to waive a portion of debt in order to repay the balance.
It can be done either directly or indirectly with the help of a professional and the total debt be reduced up to 40-50 percent.
•Debt management is yet another plan to pay off the debt over a period of 5 years or less at a lower interest rate and get rid off it eventually.
•Debt consolidation aims at using the equities from your home loan to pay off the unsecured debt.
•Credit counseling is one of the safest ways to eliminate significant portion of debt without letting the credit score being affected.
The ultimate aim is wipe off the unsecured debt and gain back the financial freedom.
