To Eliminate Credit Card Debt Defeat Debt Collectors

March 28th, 2010 | Posted in Credit Card Debt

When people cannot pay their credit card debt, they are overwhelmed. They are susceptible to bad advice from debt service firms and even attorneys. Most attorneys only know one solution to debt . . . bankruptcy. But, all is not lost, because resistance is NOT futile. Debt collectors and collection attorneys work on commission and they would rather spend their time with uninformed consumers who submit to their demands.

Of the several alternatives available, non-payment is THE best alternative when you cannot pay credit card debt. Consider the alternatives:

Non-payment with No Resistance Many individuals are convinced they are helpless and cannot do anything about their financial problems. This group does not respond to debt collection notices or court summonses and each is put at risk by exactly what they may fear the most.

Bankruptcy For obvious reasons bankruptcy is the worst alternative if a consumer only has unsecured credit card debt.

Lump Sum Debt Settlement/Negotiation Credit card accounts charge-off after six months. Each charge-off will be on a credit report for seven years. Will six monthly payments be enough money to settle with? Debts are frequently sold to junk debt buyers after they charge off. Then, it is not worth attempting to settle with the credit card company. Junk debt buyers are best defeated like debt collectors, according to the Credit Card Debt Survival Guide. Many states have been cracking down on debt settlement firms. A reputable firm is hard to find.

Credit Counseling or Debt Management with a Negotiated Reduced Payment Plan These programs have a low success rate, currently under 10 percent according to the Association of Independent Consumer Credit Counseling Agencies.

Non-payment by Resisting Debt Collectors The big, obvious benefit here is a lot of money is saved. According to the Credit Card Debt Survival Guide, you remain in control of your finances after properly educating yourself about the true powerless “ineffective” collection aspect of credit card companies, junk debt buyers, collection agencies and collection attorneys.

Once a debt collector’s empty threat of a credit card debt lawsuit is seen for what it is, consumers realize the debt collector has no real power, and they can eliminate credit card debt.

You are invited to learn more about how to eliminate credit card debt, whether you can afford to pay or not, read theCredit Card Debt Survival Guide. www.credit-card-debt-survival.com