The scariest word in the English language for many people is “bankruptcy”.
It brings to mind the basic fear in just about every single person who has ever had a credit card. This is one of those options that only has to happen when you run out of all other options. Luckily for most of us, it never has to get to that point.
Hector Milla Editor of the “Credit Card Debt Counseling” website — http://www.CreditCardDebtCounseling.biz – pointed out;
“…Instead, you just have to be able to use the alternatives and get out of debt before bankruptcy becomes an issue. Are there legal ways to avoid bankruptcy and clear up a debt problem? There are many, especially for people who have some negotiating ability…”
Using debt settlement as an option
Before you ever have to declare yourself as bankrupt, you need to think about a debt settlement program. The interesting thing about these programs is that most people have no idea that they exist. Many individuals just run around complaining about their debts instead of actually pursuing the available options. Settlement allows you to work with your lenders, which is quite an idea. You get to call them or write directly to them in order to initiate a dialogue. In many cases, if you have the ability to pay off a portion of your debt at one time, you will be able to settle for significantly less than you owe.
Are there options that lower your payments?
Some folks think about going bankrupt because they don’t have the money to handle their monthly payments. This can be a huge program, especially when interest rates are bumped up into the 30% range. With that in mind, you have to be looking for those ways to lower your payments. Debt consolidation is one option and it has been known to lower both your monthly payment and your interest rates at the same time. When you start missing payments, you will end up paying big time over the long haul because of the increased rates. Consolidation goes ahead and takes care of the little loans with big rates and provides you with one lower interest loan. The lower payments will give you a chance to dig out of the hole you are in.
“…Legally, there is no reason why you should have to declare bankruptcy over something very small. With proper planning and a good negotiating company on your side, you will be able to get out of debt with these programs…” added H. Milla.
Further information about trusted and reputable companies for credit card debt settlement by visiting; http://www.CreditCardDebtCounseling.biz
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.