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SpinDistribute.com Article Directory

The following article was published in our article directory on July 28, 2010.
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Using The Bankruptcy Option To Reduce Your Credit Card Debts

Article Category: Finances

Author Name: Steven Giles

When you are trying to get out of credit card debt, occasionally desperate times call for desperate measures. There is a string of alternatives the majority of folks go through in attempting to come across ways to drive that credit card debt problem down and get it under control. At the outset just trying to pay them off month to month would seem reasonable. But since the sum unpaid mount up, more resourceful measures are regularly tried.

It is as you take that next stage of leveraging debt against debt that you know things are getting out of control. This is when you commence having to pay off one credit card with another. Now there are motives to do this such as moving debt from a high interest account to an alternative that is doing business more advantageously for you. However you have to watch those 'deals" as often there are transfer payments or other unknown expenses to sneak up on you. And if the lesser rate is a "limited time offer", the benefit of the lower interest rate for a few months might not be worth the extra fees. And if that new credit card carrier then jacks your costs up higher than they had been on the old creditor, you are worse off than before.

When the credit card debt then begins to grow to be a real crisis the nextlevel starts to take advantage of your assets. You can take out a second mortgage and get a pretty good rate that is controlled because that is what they called a 'secured loan" which means you are using the equity of your home as guarantee to combat the credit card debt. But these sorts of loans are dangerous as if you did fail to pay on them, you might lose your home.

When the credit card debt begins to get serious once more, even in spite of all these serious actions you have taken, you can get pretty scared. Plus you can get angry because there is no question that the credit card firms seem to do all they can to keep you ensnared in this debt as long as they can. And why shouldn't they after all? They make a lot of money off of your credit card debt. And they don't have to do anything to keep it rolling in.

This is why when it comes to making a decision between just starting to default on the credit card debt, it might be time to pull out the stops and go after the credit card companies to put a finish to the escalating bill. However you can put a stop to it by calling them directly and not being scared to play the ultimate card, the "B" card - bankruptcy.

Now, declaring bankruptcy has become more complicated since the present administration in control of our government made it harder for regular folks like you and I to make use of this tool to stop the continual growth of our credit debt. But it still is possible to employ bankruptcy and if you do, the credit card companies could lose all of that wealth. And they know it too. Now you don't want to threaten bankruptcy unless it actually is a possibility for you. But if it is and you call the credit card firms and let them understand this is your next step, you unexpectedly have all types of power with them.

When the credit card firms know you are serious about going that route, if you tell them you would like to make a deal to pay off some of the credit card debt you owe, they might be very amenable to reducing your credit card debt by half or more. And if you can get that kind of deal from each credit card company you have a loan from and you can get them to lower your interest rate to make your ability to pay more realistic, you might be able to evade the bankruptcy entirely. And if that is the result, you did a good job of showing the Bankruptcy card but never needing to play it.

Keywords: debt consolidation,credit card repayments,debt consolidation or bankruptcy,bankruptcy,credit card debt

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