Learn How to Eliminate Credit Card Debt - Not the Impossible Dream

June 26, 2010 - PRLog -- Learning how to eliminate credit card debt is essential for all too many consumers these days. It is not just those who are struggling under massive credit card debts they simply cannot handle but also for the consumer who simply sees the end of credit debt in their life as a pipe dream.

Consumer debt is larger than ever and that of the unsecured credit line has reached 866 billion dollars in the US. Too many consumers are finding in these rough economic times their debt is insupportable and they simply cannot make the payments.

On a bright note, though there are solutions to help eliminate credit card debt. That is right solutions as in more than one method because when it comes to finance, every solution must be custom made for the individual. What follows are two solutions to the possible dream and how to eliminate credit card debt.

Credit Debt Consolidation

The average consumer in the US owns 3.5 credit cards, and in reality, that number is probably higher for those struggling to eliminate credit card debt. Each of those cards carries a different rate of interest but one thing is consistent, the interest rate is usually quite high the average rate in the U.S. for credit is 14.5. Late payments fees and over limit fees on credit and are treated as debts, which also pile up interest. One way to eliminate credit debt is through debt consolidation with a much lower interest rate than credit cards. Most times debts can be repaid in full within 5 - 10 years.

Credit Debt Settlement

Debt settlement may not suit ever person overwhelmed with debts but when the amount is simply too much for the consumer to handle then debt settlement can help them eliminate credit debt. With debt settlement, the consumer or an agent negotiates with credit companies for a settlement amount usually much less than the original. It should be noted that this is not an option for the person who has struggled but been able to keep up with their payments. Settlement negotiations are usually entered into when it becomes apparent to the credit company that the person may default if some agreement is not arranged.

Almost any person can eliminate credit card debt in much less time than they ever believed possible and without having to resort to bankruptcy.

For more information on how to eliminate credit card debt visit http://www.fairdebt.net

For the best debt consolidation advice on the internet visit http://www.fairdebt.net/bestdebtconsolidation/

To learn how to get a free debt consolidation visit http://www.fairdebt.net/freedebtconsolidation/

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The fair debt act was in no way written to stop debt collectors from attempting to collect a debt but instead written to protect the credit consumer from abusive debt collection practices.