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2010-08-25 05:13:45
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Article by Jane Richards |
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When people are struggling with their debts, they normally look to bankruptcy as a way out. People have gotten used to using this program as a way out of difficult financial situations since it can completely eliminate financial obligations. You can eliminate credit card debt without bankruptcy and get out of debt for good.
There is a downside to using bankruptcy as a way out of sticky situations like this. This program has a way of misfiring on you and even the economy. For one, filing bankruptcy is like emblazoning a big cross against your name for the reference of other companies. You will lose your good credit score and may not have access to other credit lines for around ten years or so. Even after that you will not get credit because you cannot show any previous good credit and there are other ways to eliminate credit card debt fast.
At the same time, filing for bankruptcy can affect you adversely, especially if the accumulated amount being declared for the program is considerable. and you have secured debts. These have to be paid off first and you have to pay lawyers fees as well and this can cost you a lot more than you think.
Instead of bankruptcy, you can opt to go for debt settlement. Debt settlement is a good choice especially when you owe huge amounts. Under this program, you get to reduce up to 50% from the total amount owed. Though your credit score may have to take a hit, this slump is temporary and will be lifted off once the full reduced amount have been paid off. For anyone in a lot of debt your credit score should be the last of your worries and taking steps to eliminate credit card debt fast should be your first concern.
when you are considering the credit relief options available to you, think about the repercussions of the choice you will make before settling for either one. For most people getting professional help should be the first step. Doing this can get you out of a mountain of debt quickly and help you stay out of it for good. Stop loving off credit and get debt help now.
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