Legally eliminate credit card debt - Find Out How

June 11, 2010 - PRLog -- With the state of the economy right now many people are staring debt in the face. This is a terrifying prospect and if you do not sort it out it can cost you your home. The economy has ground to a halt and jobs are being lost all over.

What can you do to legally eliminate credit card debt?

If this happens to you and the debt is unsecured you have several things you can do. Many people just keep making the minimum payments on what they owe. This is a big mistake because all you are doing is paying the interest and at that rate even a small $2000 debt can take ten years to pay and cost you up to $20,000.

Another option is debt consolidation. This works by taking all your debts and putting them into one big loan or consolidating them. The amount you pay and the interest is determined by your credit score and the amount of debt and your income.

The problem with this is obvious. If you have a poor credit score you are going to get hit harder and it is those who need this the most who will pay more. The other problem you have to examine carefully is this. If your debt is very high you have to ensure the consolidated loan is affordable and this is why this is not the best solution to legally eliminate credit card debt.

Debt settlement is another option and if you have big debts this may be the best option for you. As long as your debt is unsecured you will probably be able to take advantage of this and eliminate your debts legally and wipe them out for good.

The settlement process works by working out how much you can afford to pay then the settlement company negotiating with your lenders to reduce what you owe below this amount so you can afford to meet your payments.

Debt settlement has clearly help thousands of people out of the endless despair caused by debt and if the situation is one you face the most important thing you can do right now is to get help and advice on what to do next. Do not wait until it is too late to get help. Take action to legally eliminate credit card debt at http://www.eliminatecreditcarddebthq.com/