With toughening economic times, the need to take up debts has never been more critical. One of the most common forms of debt in recent days is credit card debt. The problem with such obligations is that they are not easy to get rid of and it can be a long process.
People who have no idea how much money they spend on their cards usually incur crippling credit card debt. They just use them to buy things that they do not need. When you do not pay your bills regularly, the number of interest payments increase, making it harder for you to clear off your debts.
But can you get out of credit card debt? Should you pay everything before being cleared off, or should you try to avoid paying all the charges? This article will give you some answers to these questions.
Is It possible to Get Cleared of Credit Card debt Without Paying Anything?
A credit card debt is an agreement between you and the card issuer in which you agree to pay back the amount you owe after a certain period. If you fail to pay the agreed amount, the bank will charge you extra interest. In addition, if you do not repay the entire amount within the stipulated time, the bank may also cancel your card.
It means that there is no way you can escape from paying back your debts. However, there are ways through which you can reduce the amount you owe.
For example, you can stop using your credit card altogether. By doing so, you will save yourself from incurring any additional fees. You can also apply for a lower limit card. It will help you to control the amount you spend on your card. You can also consider consolidating your debts into one single loan. It will enable you to pay less than you would otherwise have paid.
Another thing you can do is to ask your creditors to accept partial payments. It is because partial payment helps you to keep your balance low. If you cannot afford to pay off your debts right away, then you can always negotiate with your creditors to allow you to pay only a part of the total amount owed.
You can also look at other options like bankruptcy. But before you go ahead with such a step, you should consult a lawyer and financial advisor.
You can also contact a debt consolidation company for credit card debt help. These companies offer to consolidate your debts into one single monthly repayment plan. It enables you to pay less than you would otherwise have had to pay.
Generally speaking though, you cannot get out of a credit card debt without paying something toward it. The good news is that you can always rely on FreedomDebtRelief to help you clear off your debts. With our services, we will work with your creditors to solve your problems. We will help you set up a convenient repayment schedule, and our team of experts will ensure that you can clear your debts quickly and easily.
Should You Consider Filing for Bankruptcy?
Bankruptcy is a legal process that allows individuals to declare themselves insolvent. Bankruptcy is generally used to resolve financial difficulties caused by medical expenses, divorce, loss of job, etc. Individuals who file for bankruptcy are required to disclose all their assets and liabilities.
The main advantage of filing for bankruptcy is that it relieves you from worrying about repaying your debts. Another benefit of declaring bankruptcy is that it gives you a fresh start in life.
However, filing for bankruptcy does come with its disadvantages. One disadvantage is that you could lose many of your possessions and properties. Another disadvantage is that you may be denied access to credit cards or loans for a period of up to seven years.
When filing for bankruptcy, you should discuss this option with a qualified professional.
What Other Options Do You Have?
If you are struggling to repay your debts, you need to think about other options apart from filing for bankruptcy. Some of these include:
- Selling your assets
- Repaying what you can afford
- Consolidate debts into one single loan
- Negotiate with creditors
- Consult an expert
Keep in mind that none of these options are guaranteed to work. They just give you more chances to succeed.
If you want to learn more about how Freedom Debt Relief can help you, call us today!
How to Get Rid of Credit Card Debt Without Going Through Bankruptcy – Tips & Tricks
Credit cards are great tools when they are used responsibly. However, if you use them irresponsibly, you could get into serious trouble. Many people have been in debt due to irresponsible spending habits. According to the Federal Reserve, Americans carry $1 trillion in consumer debt. While most people don’t realize it, credit card debt is prevalent among adults.
It’s important to understand that credit card debt has nothing to do with bad luck. Instead, it’s often the result of poor planning and lack of discipline. If you’re currently dealing with high-interest rates, late fees, and interest charges, then you probably know exactly why you’re so deep in debt.
It’s time to take action and stop living paycheck to paycheck. Here are ten tips that can help you get rid of credit card debt fast:
Stop Using Credit Cards For Nonessentials
Before you even consider using a credit card, make sure you need it. Many people buy things that they don’t need because they deserve something nice. When you use a credit card, you’ll only end up paying for items that you didn’t need anyway.
Make Sure That You Are Making Your Payments On Time
Late payments will add additional fees to your account, which means that you’ll pay more money than necessary. If you find yourself missing payments, contact your lender immediately.
Keep Track Of All The Fees And Interest Rates Associated With Your Account
This way, you’ll be able to see what kind of interest rate you’re being charged on your balance. By knowing what your current rate is, you’ll be able to determine whether or not you can afford to continue making payments.
Don’t Use Your Credit Card To Buy Items That Aren’t Necessary
If you decide to purchase something with your credit card, make sure it’s something you genuinely need. Buying things that aren’t necessary will only lead to more problems down the road.
Consider Refinancing Your Debt
If you’ve found yourself in over your head financially, then refinancing may be the best solution. It involves taking out another loan to cover all of your existing debts.
Pay your bill in full monthly
Once you get your credit card debt settled, whether through consolidations, debt settlement, or by whatever other means you choose, do not allow it to build up again. Get into the habit of paying your credit card bills in full each month. Doing so will boost your credit rating and spare you interest charges.
Getting out of debt isn’t easy. However, there are some simple steps that you can follow to ensure that you stay out of debt. By following these tips, you’ll be well on your way to becoming debt-free!