Credit card debt is a very serious problem that is affecting more and more people each day; the only good news is that now there are lots of debt relief options that you can use, instead of being forced to file for bankruptcy if you can no longer pay your monthly minimums.
Credit card companies are very worried that they will go out of business, so they are more and more willing to sit down and negotiate with their customers.
It is much more advantageous to let the debtor pay at least part of their debt instead of not getting any of his money back and this is even more convenient because of the stimulus money that a lot of creditors receive.
Debt settlement is a fairly easy process - you negotiate with your creditor and get him to cut fifty or sixty percent off of your debt.
This is done by eliminating annual fees, payment penalties and a lot of accumulated interest, so that you are left with paying largely the same amount that you borrowed in the first place.
You will also have your interest level lowered, so that you will probably be able to finish making your payments in about two or three years, depending on how your income evolves over time and how willing you are to get out of debt.
And even if you may need the services of a debt negotiation company, the small fees involved are worth it, as this type of company will help you with legal issues, counseling and they will also make sure that you will get the best deal possible.
Another advantage of debt settlement is that it has no major dangers associated with it; it will not affect your future ability to take out loans.
And even if your credit score may fall slightly initially, you will find that by simply paying your installments ion time you will get it back up again.
So start now and be debt free in no time at all, without all the hassle involved with bankruptcy.