How To Eliminate Credit Card Debt Without Bankruptcy

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The year 2008 was an eye opener for most of us. The frivolous lifestyles and spending sprees of previous years has finally caught up with us along with the high price of such a lifestyle.
Now that we’re here in the aftermath of the global financial meltdown, a lot of us are left with great amounts of credit card debt without the means to actually pay for it.
We’re left to wonder: How do we eliminate credit card debt without bankruptcy?
One way you can do that, is the slow and steady method. By paying the minimums of your credit cards and a little bit more until you can dig yourself out of debt.
You need to look at all your credit cards, total the minimums, and determine which one has the highest interest rate. Allocate a small amount of cash that you can afford to pay every month.
It could be $10 or $100. Pay your minimums but allocate the extra cash to your card with the highest interest rate, since that’s the card that is costing you more.
As you slowly pay that card its minimum gradually decreases. Don’t spend that money; add it to your allocated cash. At first you might be paying $10 after a while $12, then later on $15 and so on.
As time goes on, you’re repaying a greater amount of your debt while actually just paying the same amount as the first month. In no time at all you’d knock that first card clear of debt then it’s off to the next card.
Just follow your routine payments, and you’re going to eliminate credit card debt without bankruptcy in no time.
Another method would be by diplomacy. You can go to your local bank and talk to them how to best to settle your debt with them. Tell them your situation and ask them if there’s a way that you could settle this problem without you filing for bankruptcy.
Usually, banks do not want their customers to go into bankruptcy since in this scenario, there’s a probability that they can only recover part or none of what you owe them.
Be reasonable and talk to the bank properly. They might be able to offer you certain deals that could keep you afloat like lower interest rates.
Working together with the bank, you might be able to eliminate credit card debt without bankruptcy.

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