Don't File Bankruptcy! - How to Avoid Filing Bankruptcy While Still Eliminating 70% of Your Debt

It is really not easy to think patiently and firmly when in trouble, especially under debt. The monetary problems have a realm beyond its own; it impacts not only your financial domain but strains everything around, your family, your social circle, your work. Once all of them come under this pressure, the stress does not let you think right. Still, refrain from bankruptcy; it is more of an emotional decision from heart than a financial decision from head. So what are the other options to handle your debt? Well, negotiation is the key word and your savior.

If you are clear even with the basics of finance, call up your credit card company and try to negotiate on your debt. Make sure you talk to someone of authority instead of just a customer representative and explain your financial condition. They might be willing to waive off the outstanding balance and lower the APR. How would you feel eliminating your debt paying only $4000 for a sum of $10000? That really happens and if you do not believe my words, start browsing on internet and search for words/phrases like debt settlement, debt relief, eliminate debt etc. You will find hundreds of sites offering debt relief network and solutions, read the reviews posted by their customers.

There are several debt settlement companies with all details available online. You might have to answer some of their questions like below, before they proceed on debt counseling.How much unsecured debt do you owe
How many credit cards do you own total financial asset.How much you think you will be able to pay for the unsecured debt.How long would you need to pay?

Typically the debt settlement companies would advise you to stop paying credit card bill for the next three or six months to accumulate enough for debt negotiation. They would try to consolidate your debt if it is from multiple credit card companies to make a better deal for negotiation. This time is utilized to explain your financial condition, and the money to pay the debt. The debt settlement companies negotiate with the credit card companies on your behalf to get a waiver up to 70 percent.

Once the creditors agree and sign off the negotiation, you can pay that amount and get out of debt in two to three years. So you can very well see that debt settlement not only helped you avoid bankruptcy but helped you pay lot less, in a single payment (instead of paying to several credit card companies separately), less APR and in a time period of just 2-3 years. Had you been paying the minimum amount of the debt, it might have taken 30 years or so. Do not waste any more time, as this offer may be temporary, get rid off your debt as soon as possible.