The answer to this question is not a simple one. There are several different strategies to getting out of credit card debt. Much of the issue depends on how much credit card debt you have. If the numbers are not overwhelming then the strategy is not as difficult. First, you should call the credit card companies frequently and ask them to lower your APR rates. If you hassle them enough and even threaten to file for bankruptcy they will almost always lower your rates. This will give you time to pay off the debt instead of making costly minimum monthly payments. Another strategy is to use debt consolidators. BE CAREFUL HERE!!!! If you find a company you trust to help you with this look to the better business bureau to see what there raiting is. The answer is almost always an F. This is because these companies actually promise almost nothing in return for you to make large payments to them which go in an “escrow account” and you will likely never see this money again. Each week I have clients come into my office that have used these companies and gotten nowhere. At this point I demand the clients money back and threaten these companies with lawsuits in order to get this money back. Finally, Bankruptcy may be an option. If you have not used a credit card in the last 90 days and file for bankruptcy you will have that debt forgotten forever. Harassing calls will stop after a retainer is signed and once your bankruptcy is complete you will no longer owe this money. It does not even matter how much is owed. My office requires a $500 non-refundable retainer to get started with your case. More money may be owed depending on the complexity of your case but this can be paid in installments. If you would like to schedule a free, in-depth consultation contact my office at 212-244-2882.
How to wipe out credit card debt