A Warning for Those with Unsecured Credit Card Debt
Are you immersed knee deep in debts and cannot see an escape route out of the labyrinth? Well, debts are a risk when you cannot repay your creditors and they keep pressurizing you through harassing phone calls. You might not be worried about the secured debts as they are secured by a mortgage hence in case of any default this mortgage gets confiscated. But unsecured credit card debts are really troublesome, as they are not secured with collateral. You can opt to pay off these debts by negotiating with your credit card companies but this might not prove to be a wise decision at all times.
Decreasing your expenses and increasing your income will help in speeding up the debt repayment process but managing your expenses and income is the biggest challenge. You can opt for credit counseling in order to consolidate your unsecured debts into one account that allows you to make only one payment each month without a loan. The interest rates on your accounts are reduced and the fees are eliminated enabling you to pay the principal amount of the balance. Another option best suited for unsecured credit card debts is debt settlement wherein the amount of debt is reduced through negotiation with the lenders or creditors.
Bankruptcy is also a method to get rid of all your debts but this method is only sought when there is no other alternative left and it seems that you cannot repay back your debts at any cost. Using credit cards might seem to be the need for the hour but in a long run, they have proved to be troublesome as you cannot see yourself free from its debt even after you have paid more than ten times the outstanding amount you owed.
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