Any household that has one or more adults that have acquired excessive and unrepayable debts would almost always wilt and buckle under the pressure of being mired in credit card debts. This in turn can force the debtors to consider filing for bankruptcy in a bid to regain their financial status though the bad news is that newer bankruptcy laws are making it harder to eliminate debts of any kind including credit card debts through a bankruptcy petition.
Since bankruptcy can affect your credit ratings over a period of between seven and ten years you will do better by first trying out every other alternative solution to eliminating your credit card debts before taking the extreme step of filing for bankruptcy. Fortunately, anyone, no matter how deeply mired in credit card debts they may be, can eliminate credit card debt without bankruptcy.
No More Credit Card Usage
The first step that needs to be taken in order to eliminate credit card debt without bankruptcy is to absolutely never again use the credit cards in your possession and in addition it is imperative that you always also keep paying the minimum balances every month. By the twin actions of paying off minimum balances and never again using a credit card you will be reducing the outstanding debts while also not increasing your debt through further use of your credit cards.
In fact, to eliminate credit card debt without bankruptcy it is also necessary to add a little extra payment against your credit card debt that is above the minimum balance as only then will you be able to put an end to your credit card debts – over a period of time.
You should also try to negotiate with your credit card company to get them to lower the interest rates on your outstanding balance and if you succeed then you will be in a stronger position to eliminate credit card debt without bankruptcy. You should show the credit card company that your previous repayment history was good and if the credit card company finds this to be true then they will certainly look favorably to reducing your balance and so will helps you to eliminate credit card debt without bankruptcy.
It also pays to learn more about how you can eliminate unsecured credit card debts. This knowledge can prove to be very useful in helping you to raise your credit score and in this way obtain some much needed relief from the stress as well as burden of having to deal with the problem of being snowed under huge credit card debts.