My MLM Dream Team

Bankruptcy may be your only option if you happen to be on a fixed income. There is a way to eliminate debt without having to resort to bankruptcy. Find out what you need to get out of debt quickly. You don’t want to have to ruin your credit for 10 years or more and still be in debt.

This is not credit counseling or debt consolidation. You do not eliminate your debt with credit counseling, you pay back the whole balance. In simple terms, you just get a longer time to pay the same debt amount. So you can toss these methods out. Even though they are touted as some of the best credit cures you can find.

But take a look at who is promoting this. It was the credit card companies who funded the credit counseling companies. So they have a big interest in steering you to credit counseling.

So that leaves only debt settlement or debt negotiation as you may know it. Using debt negotiation you reach an agreement to pay about half of what you owe for the whole balance. You would be surprised to see how willing the credit card companies want to settle when you are 6 months past due.

With debt settlement, you can wipe out half your credit card debt in 18 months or less. You can get a 60% settlement on a $50,000 balance and save $20,000 for example. Your mileage may vary. But with so many people struggling to keep up with all their bills, the credit card companies are seeing more and more of this everyday. People are falling behind on their bills.

The creditors lose money when they have to write off or charge off what you owe so they would rather get 50% of the balance instead of recording the full 100% as a loss. They still have shareholders to please.

Best of all you can do it yourself. You could negotiate your own debt settlements and save thousands in fees. So read a book, or buy a home study course on how to DIY credit debt elimination. I’ve found this to be the most effective way to eliminate credit card debt without bankruptcy.