If you have credit card debt problems, seeking outside assistance may be your only escape route. Below are the top 5 options debtors often face when dealing with how to eliminate charge card debt.

1. Do Nothing

Ignoring your financial problems is a bad idea. Doing nothing when you reach the point where the only thing you can do is pay the minimum amount due, and are maxed out with your credit cards is a deadly choice.

2. Obtaining a Debt Consolidation Loan

Receiving a debt consolidation loan doesn't often make much sense directly on the surface. You happen to be already experiencing difficulty paying your bills and now you want to get a loan consolidation? The trouble using this type of solution is two-fold. First, you are really not eliminating the problem, you're merely replacing it. Second, you will now have all of that debt cleared and it might be too tempting to start spending again.

Going this route of having a debt consolidation loan requires extreme discipline. Getting a bank loan for debt consolidation is harder than you think. The banks will require adequate collateral and you are therefore risking your own home or other valuable assets to pay the cost of repaying the loan not necessarily related to those assets. However, for anyone who is disciplined, this is usually a viable option.

3. Seeking Debt Management

Another choice that you have to resolve your debt problem is to seek credit counseling. A credit counselor professional may suggest one or more other options together with credit counseling to control your spending. Debt management programs usually take about 5-10 years in order to complete.

There are drawbacks to credit counseling though. In many programs you need to pay them the a monthly payment that is forwarded to your creditors, along with the counseling fee. This may make it even harder to pay your bills and lots of people find it difficult to maintain. Missing just one monthly payment will terminate you from the program, causing you to be back to square one-with a lower credit score than before.

4. Bankruptcy

If you're able to avoid this solution in any way, it is best to discover a different way to conquer your personal credit card debt. The long-term outcomes of filing Chapter 7 bankruptcy in many cases are frustrating at best, and at worst are devastating.

5. Negotiating a Credit card debt settlement

Debt settlement agents negotiate with all your creditors to cover less than the particular amount owed for them. This program may be able to get you out of trouble in about 2-4 years, reduce your monthly payments about 20-60 percent, and eliminate debt collectors from harassing you. However, your credit might be hurt and you may get a lawsuit filed against you for non- payment of this debt. It would be beneficial if you seek a debt negotiating company that provides professional credit repair service in conjunction with attorney consultation.

So, now that you know the basics of debt elimination options, you can handle your consumer credit card debt problems by determining the right program for your unique situation.Good luck!

Author's Bio: 

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