Have you found yourself falling further and further behind on your credit card debts? Do you need help getting out of credit card debt? There are ways to take care of your problem, but they all require discipline, except bankruptcy, which is not even an option. Here is how to get out of credit card debt without bankruptcy.
First, you need to get ahold of a copy of your credit report. This will give you all of your balances, whether they are delinquent or on time, and how old they are. The older ones are the easiest ones to negotiate so we will start there.
Next, take the oldest credit card debt and give the company a call. Tell them you are interested in settling the debt and you can afford to pay 50% of the balance if they are willing to accept this to settle the debt.
If you cannot afford it all at once make sure you tell them that you will make 3 monthly payments or 6 monthly payments. This is your opening offer and they will probably ask you to pay between 60% and 75% of the balance depending on how old it is and whether you are currently paying on it or not.
Get the settlement agreement in writing and make the payments until it is paid off.
Then, you move onto the next oldest one and do it again. Continue to do this and make sure after you pay each one off you get a new copy of your credit report. If it does not show the debt paid off, then write the company and ask them to report it correctly to the credit bureau.
You can also challenge the debt by writing a letter to the credit bureaus yourself and this will force the company to update the debt within 30 days or it will disappear completely.
Continue to do this until all of your debts are paid off and you will be done with the credit card debts. Now you know how to get out of credit card debt.
