Credit card debt is one of the things that many Americans seem to struggle with constantly. The average debt spread out over credit card users in the country is at $16,748 per person and the total debt that Americans have on credit cards alone stands at $779 billion. Apart from credit card debt, people are also under a lot of other forms of loans in some way or the other. While it is not always a bad thing, there are times when credit card debt can become overwhelming. Following are some credit card debt solutions that you may opt for.
Credit card debt solutions
Here are a few ways in which you can settle your credit card debt:
Your credit card company is more often than not, likely to make you wait, sit you through long conversations, and give you a hard time. Buckle up and ride out the storm. One of the best ways to negotiate will be to inform the credit card people that you are willing to file for bankruptcy and that you don’t really want the file on your record.
- Offer a lumpsum settlement amount if possible.
- A fresh repayment plan based on your current income. One that works for you and the company at the same time.
- Forbearance Agreements are ones where for a given period of time, your interest rates will be capped, late fees and penalties will be removed, and no payments will be due for a few months. It gives you a few months to gather your finances and get to work on repaying your debts without compounding.
Bankruptcy is the last option. If nothing works and you are unable to pay off your debts, filing for bankruptcy is the only way to get out from under this burden. There are three types of bankruptcy, each with their own draws and drawbacks, but in most cases, you are likely to have your credit card debts discharged. Call our bankruptcy lawyers in Dayton OH for more information.