At some point or another almost all of us struggle with debt. The credit card bills keep on piling up, the monthly living expenses we have to be kept up, and then of course there are the little things that can cause debt to suddenly be a larger problem when it wasn’t before. It’s at those times that you may begin to wonder how to settle those credit card debts.
When it comes time to learn how to settle credit card debts, there are options to suit, and there are ways to get rid of the burden of debt fast. If you’ve ever been one of those who had more payments than they did money, then you’ll understand how important it becomes to relieve that debt. In this article I want to give you four methods to get rid of your debts.
Four Options to Settle Credit Card Debts Fast
When it comes to getting rid of that credit card debt, and any other unsecured debt you might have, you really have four options.
*Option 1, Close the Accounts and Pay it Off: Of course one option is to simply close the accounts and negotiate a length of time to pay them off. Unfortunately this option will only work well if you have a smaller amount of debt. Since you’ll still need to keep up the payments, it won’t relieve the burden right away.
*Option 2, Get a Consolidation Loan: For those with a management amount of debt, a consolidation loan is always an option. With this type of program you take out one loan to cover the balances of all of your other debts, and then you lump your monthly payments into one smaller payment. The downside to this is that if you have a large amount of debt, the loan can take years to pay off.
*Option 3, Take Part in a Debt Counseling Program: If option 1 or 2 isn’t suitable then the next idea you should consider is debt counseling, also known as debt settlement. With this type of solution a debt counselor will work with your creditors to negotiate the amounts owing on your credit cards, and you end up owing less so your debts are cleared faster. This type of plan is especially well suited for those who have more than $10,000 in credit card debt.
*Option 4, Declare Bankruptcy: As a final option (and this should be your last resort only), you can declare bankruptcy to get rid of all of your debts. The problem with doing so is that bankruptcy will follow you for years to come. In fact obtaining credit of any sort will be difficult for at least the next 13 years.
Whichever option you choose to get rid of that credit card debt one thing is certain. Once your debts are cleared, you will be free of the burden of those monthly payments and you’ll be free of the stress that a high level of debt brings.
- Post Time: 01-26-16 - By: http://www.rfidang.com