New Year always brings in a lot of cheer.
Most people make New Year resolutions.
The start of a new calendar year is always a good time to commence a new venture.
It is also a time to take stock of what has happened in the year that passed by.
You need to make a list of the bad things you did and should not repeat them in the New Year.
How do consider Credit card debt in this perspective? If you have minor debt, a few hundred dollars, it can be managed by consolidation or a relief program without major sacrifices.
However, if it is to the tune of $10,000 or more you may need a debt settlement program or bankruptcy.
A carefully deliberated choice has to be made between the two.
Bankruptcy is a legal procedure and has to be taken very seriously.
It may discharge most of your debt but not all.
Also remember that bankruptcy can NOT discharge debts incurred due to fraud.
If you have maxed the limit on all your cards and now you want to file bankruptcy, it will tantamount to a fraud and not be discharged.
Why not consider debt settlement instead.
It is one of the finest forms of debt relief available to the consumers.
It is an out of court settlement between you and the creditors.
The creditors are offered a one time lump sum payment of about 50 percent of the outstanding amount.
You negotiate to get the balance of amount waived by the credit card company.
This is a advantage to both the parties since the Credit Card company benefits as they recover 50 percent of debt.
You get to legally eliminate balance 50 percent.
Thus it is a win-win deal for both the parties.
So make it your New Year resolution.
Go ahead and get debt relief by opting for a debt settlement.