It's hard not to feel isolated when struggling to pay off credit card debt, and work out debt settlement issues on your own. However, it's important to remember, that you aren't; many families and individuals are suffering from the same issues with debt consolidation as you, whether using the aid of a specialized company, or attempting to settle debts on their own. Responsible financial management is sometimes not enough, and falling behind on payments, and into debt, is much easier than people think; bankruptcy credit counseling is there to help.
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The problem is temptation; credit cards are especially tempting to people who are already in debt, or are low on financial resources for many different reasons. So they apply for credit cards, and use the card as an extra source of income, instead of as a loan that must be consistently repaid. Other credit card customers are tempted to spend irresponsibly, on superfluous items that extend beyond need, into simply impulse buying, and non-essential items. Either way, the outcome is the same; frustration, anxiety, and in some cases, crippling debt.
The two main choices for most people who have credit card debt issues, is either filing for bankruptcy, or using debt settlement services to pay off their debt slowly, and for a fee.
So Which Is Better? Bankruptcy, Or Debt Settlement?
A debt settlement service, or, settling your own debt through the help of your creditors, is the most highly recommended way to efficiently relieve the burden of credit card debt. Mainly, the reasons are because, while it is a long road, it is an ethical decision, as well as a legal one. Most debt settlements service work primarily with unsecured debts such as those accrued through department store cards, medical bill debt, and credit card debt, as a few examples.
Most people choose to use debt settlement services once their debts on any of the above mentioned examples exceed the amount they're able to pay. Different cases vary however, between individuals, and families, based on creditors, collection agencies, and their offers of debt settlement, if indeed they make any. Once an agreement is made, you should follow it religiously, and make payments consistently.
The other option is bankruptcy, usually the last, and least desirable for those suffering from severe financial difficulty. This is because bankruptcy will reflect on their credit score for the next decade. Additionally, applicants are required to attend one or more hearings in Federal Court. Although bankruptcy credit card debt is rather undesirable, sometimes, it's the best option. If you plan to file bankruptcy, be sure to hire an attorney who has plenty of experience in bankruptcy cases. Also, be sure you research the process, and ask your lawyer about anything you don't understand
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