Credit card bankruptcy happens to thousands of people annually and if you’re one of the thousands, you shouldn’t feel bad because you’re not the only one.  If you think bankruptcy is your only option when it comes to your credit cards and your own financial health, you’re wrong!  I’m going to show you a few ways you can clear your debts just by a few phone calls or writing out a few letters.

Debt settlement- Debt settlement is when you agree to a term with the credit card companies.  If you’ve racked up too much debt, you don’t have to pay it all back if you don’t think you can.  For example, let’s say you owe your credit card company $50,000 but you can’t afford to pay it all back.  It would be next to impossible for you to do so over the next 15 years.  Instead, you can call up the companies and work out a plea deal where you can agree upon an amount like $20,000.  This is tactic that is used nationwide and has worked for many.

Consolidate your loans – Let’s say you have your debt spread across 10 credit cards.  Instead of having the debt all over the place, you could consolidate your loans into one payment.  You could either find a credit card that has a high enough limit or you could hire a service that would help you out.  It’s your choice.  Having your debts in one place makes it easier for you to follow and track.

Negotiate with the companies – If you find that you have a very high interest rate on your credit card, you can always ask the companies to lower the rate a little bit.  Explain to them your situation and tell them that even 1% would help.  Trust me, 1% doesn’t sound like a lot but it does add up over the long haul.  Nothing every hurts when you want to lower your rates with the credit card companies.

These are just 3 of the many ways you can get yourself out of debt when you’re dealing with the credit card companies.  As I mentioned above, never be afraid of asking the companies to help you out with your debts.  The worst thing they can say is no.  If you’re not happy with your current card, go out and explore the other ones, there are a thousand other credit cards out there on the market!