Credit Card Debt Relief – Credit Card Debt Settlement – New Era Debt Solutions
How do you get credit card debt relief? For many the answer is credit card debt settlement. But is that the option that is best? It’s important to make sure of your options and make the best decision based on your financial realities. All of these options listed below do bring credit card debt relief but some will have quite a few more pitfalls than credit card debt settlement.
- Debt consolidation loans that are not themselves tied to credit cards make sense for some. But typically, in order to get a decent interest rate the loan would need to be secured. Low interest unsecured credit accounts do exist, but are only offered to people without credit or income issues. Many people consider consolidation loans to be the worst way to get rid of credit card debts. Why? Because although the payments may be lower, the loan would be stretched over years and the eventual money paid for the original debt will be quite a lot higher.
- Every borrower knows that the last and worst option for eliminating credit card debt is Chapter 7 bankruptcy protection. The 2005 congressional alteration of the United States bankruptcy code makes this option even less appealing than it previously was. The Internal Revenue Service was heavily involved in the passage of this legislation, so you can be sure it isn’t meant to benefit the debtor.
- Debt settlement may seem similar to Consumer Credit Counseling, but the differences between these two options are very significant. The companies that work on debt settlement actually work on behalf of the debtors and not on behalf of the credit card companies. This makes professional credit card debt settlement rise to the top as the most viable option for persons who qualify.
Upon reviewing your options, you may decide that credit card debt relief is best obtained through a professional debt settlement company. If you have over $10,000 in unsecured debt, we recommend that you research companies that are qualified to negotiate a debt settlement for you. Due to the recession and the overwhelming number of people in debt, creditors are left with no choice but to agree to debt settlement deals.