Drowning in Credit Card Debt? The One Thing You Can Do to Eliminate it That is Totally Legal

Are you drowning in credit card debt? Every time the phone rings, does fear come over you over the possibility that it could be a credit card company, or worse, a debt collector wanting their money?

This was me a couple of years ago. It got so bad that the minimum payments on my credit cards (plus other debt like my mortgage and my car payment) was higher than my monthly income! I was not just living in fear, I was not living at all! I was seriously stuck inside my house because I could not go anywhere because I could not afford it! I actually looked forward to going to work, because at least when I was there, there were other things to keep my mind busy, and I did not have to think about this mountain of debt that was controlling my life.

At this point, I was pretty desperate. I even thought about filing for bankruptcy, but that would have really made a mess of my life, because it stays on your credit report for 10 years after. Instead, I found out about debt settlement, which is a much better option. This allows you to not have to pay all of the money that you owe. For instance, if you owe $10,000, a debt settlement company will often arrange it so you only have to pay $3,000 to $4,000. Why would the credit card companies want to do this? Well, they are struggling big time these days, and they need to retrieve every dollar they can get. You would be surprised how willing to negotiate they are.