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credit card debt

Credit Card Debt

A large number of Americans carry multiple credit cards at a time. Getting into serious credit card debt trouble with more than one credit card can have a dire effect on your finances and your credit record. Many people can be driven to bankruptcy simply because they take on too much  credit card debt. Without having a proper way to handle credit card debt, dealing with a bankruptcy mark on your credit record for 10 years can become a real possibility.

If Your Credit Card Debt Grows, Stop Using Credit

Bankruptcy can wipe clean some credit card debt, but the tradeoff is your inability to use those credit cards afterwards. Without a source of credit, your credit age will diminish along with your credit score. Having no credit cards can easily put you back to square one in establishing your credit. If you’re on the verge of having to make a decision on bankruptcy, consider paying off your credit cards while not using them at all.

You don’t have to keep using your credit cards if they have accumulated a massive amount of debt. Take into account how much debt you have and see how much income you can dedicate to your credit card balance each month. This way you turn your credit card into a bill just like any other. If the urge to use your credit cards becomes too great, put the card away or slice it in half.

Ask Your Creditors For Advice

One option to attempt is to see what your creditors can do for you. It might not be your first thought, but your credit providers want to see your balance paid as much as you do. Many credit providers are willing to help their customers if they ask. There are many ways a creditor can help you pay off your debts, from changing your payment dates to temporarily suspending interest rates. Different creditors may offer different options or they may not offer any options at all. Anything that they offer, however, will help you avoid credit card bankruptcy.

Seek Professional Help

When debt gets too far out of hand and credit card bankruptcy might seem imminent, seeking professional help may be the best way to deal with your financial obligations. Debt relief companies are well equipped to handle your unsecured debts through a variety of debt relief options. There are a number of companies who offer debt settlement, debt consolidation or credit counseling as an option to deal with your debt. A few of these companies will even give free consultation for your debt needs. It’s worth it to speak to a professional before making a final decision on your debt actions.