Non repayment of debt may lead to legal action and repossession of all your assets.
This is the rule as far as secured debts are concerned.
However, what about unsecured debts like credit card debts? You are not bound to provide any asset to your card issuer as security.
Your card issuer relies upon your future income and lends money on the basis of your credits score and credit history.
In such a scenario, what options do you have if you find yourself unable to repay credit card debt on time? It may sound impossible but the truth is that you can escape your credit card debt without replaying even a single dollar.
All you have to do is make use of the right debt settlement company to aggressively negotiate a waiver of your loan.
At the most, you may have to make a nominal payment for a full and final settlement.
Those individuals who are completely submerged in debt and have no option but to declare bankruptcy to escape their debts can make use of this option to get rid of their credit card dues without making any repayment.
Credit card issuers are prepared to waive your loans for the following reasons: -The first and the most important reason is that the government is backing them and is guaranteeing their survival.
This has been done by the presence of huge amount of stimulus funds in the market.
-Secondly, the recession is one of the worst in recent history and has come at a very wrong time.
Hike in oil prices coupled with bursting of the housing bubble and large number of foreclosure and bankruptcies have occurred together.
Individuals are suffering a lot due to unemployment and lowering of wages.
-Consumer awareness has reached an all time high with the World Wide Web containing many web sites that specialize in providing debt relief information.
Finding the right service provider to secure debt relief has never been this easy.
There is has increased your chances of convincing your credit card issuer to waive your dues and opt for a partial or nominal repayment.