If you've been giving it a lot of thought and still you've reached no solution on how to reduce your burdensome credit card debt, you will be happy to find out that there is still hope. There are two most popular ways for consumers to reduce debt: filling bankruptcy and debt settlement (debt negotiation).
Before you resort to filling bankruptcy you should know that it can severely affect your financial situation, even more than struggling to pay off your credit card bills on time. Why does that happen? Because your credit might be badly hit; your credit score can go down by 200-250 points and this stays on your credit report for years to come, making it next to impossible for you to qualify for future loans within all this amount of time. Sometimes, filling bankruptcy can even lead to losing your property!
The alternative to filling bankruptcy is negotiating the debt. How exactly does this system work? The process itself is easy to understand: the credit card customers must resort to a professional company specialized in debt settlements to negotiate with the credit card firm. You must make sure this consultant is 100% reliable and with realistic goals, as the reduction you will get for your debt depends entirely on the negotiating skills of the settlement company you hire. If your debt is too high, it is better to contact a debt relief network instead of calling the relief company directly. This network will make sure that the debt settlement company you hire is certified and has strong negotiation power, proven in their previous successful projects.
If you are a loan taker and plan to resort to any of the two solutions mentioned above, keep in mind this one extremely important aspect: information is your best friend. Do NOT fill bankruptcy if you're not aware of the consequences. Do NOT try to negotiate with the credit card company unless you are a well informed, experienced negotiator and do NOT hire a settlement company before gathering as much information about it as possible (preferably from other customers' recommendations, not from the internet). If you are misinformed, you can always lose a way higher amount of money than you can imagine.