The credit card debt can be cleared by using the settlement or bankruptcy and off course by paying off all the debt. I am not considering the paying back option. To choose any one of the option among the settlement and bankruptcy you should understand the differences between the two. Only then you can decide which option is the best one for you. Below mentioned are some general credit card eliminations tips and differences between the settlement and bankruptcy. The below mentioned points will also explain why the settlement is better.
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In bankruptcy the biggest disadvantage is that your credit score is damaged to all extent. Your credit report will be showing the bankruptcy detail for next seven years to come and no creditor will be willing to give you loan. I agree that even in the settlement credit score will be reduced but it will be much better as compared to bankruptcy one. You can surely threaten your creditor with bankruptcy. This will help you in debt reduction process. Bankruptcy involves many parties ex court, attorney, you and your creditor at least. This increase the complexity of the process. In case of debt settlement theoretically only two parties are involved you and your creditor. You have to invest some of the money as court's and attorney's fees. The outcome of the process depends on the court's judgment. In settlement outcome will always reduce your debt amount. Only variation is the quantity of debt reduction. Bankruptcy will destroy your financial future and this is not the case for settlement. Debt settlement always helps you to rebuild your financial condition. You should always involve the debt relief firms to get the settlement. They will always fetch you good debt reduction. They are experienced and professional in their approach. They will analyze your income to debt ratio and will execute the debt settlement process in the same way with your creditor. They will provide you credit card debt elimination tips which will be very handy and effective for you. If you want debt reduction of 60% or more then it is advisable to hire the legitimate debt relief firm.
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