If you are struggling to pay off your credit card dues and your debt load is proving to be unbearable you are not alone. Many people today are facing the problem of credit card debts.
The convenience of credit tempts us to become extravagant and spend beyond our means and as a result, we see many people struggling under large debts. The good news is that there are options to help you overcome your financial difficulties.
If you do have huge credit card dues to be taken care of, you may have considered filing for bankruptcy or getting debt settlement services.
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Bankruptcy vs. settlement credit card debt/debt settlement services
Debt settlement is a legal and an ethical way to discharge your debts. Settlements are only available on unsecured debts like, department store cards, medical bills, credit card debts etc. People usually go for debt settlements when their dues go beyond their limit of affordability. However, every debt settlement case is different. It depends on your creditors, on what grounds they would like to settle your debts or if they are open to agree to some kind of debt settlement. Once your creditors agree on a specific debt settlement procedure, you need make your payments accordingly. Going for debt settlement saves you a significant amount of time and money that you might have wasted over the years paying back your credit card dues.
On the other hand, bankruptcy is often the last option for most people going through financial distress, because bankruptcy will show on their credit report for the next 10 years. Applying for bankruptcy requires the applicant to attend at least one hearing in the Federal Court if not more. It is not a very desirable option but in some cases, filing for bankruptcy is the best thing to do in order to get you out of your debts. If you do decide to apply for bankruptcy, it is advisable for you to hire an attorney with plenty of experience in successfully dealing with such cases and therefore, is likely to provide you with the right kind of help to overcome your financial problem in the most efficient way possible.
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