Posted on July 31, 2009 at 4:07 am hello, what are the ways to clear credit card debts?

Posted on July 31, 2009 at 4:13 am Hi! Here are some ways to clear your credit card debts:Gather all your credit card bills, find out which ones have large balances, which ones have high interest rates and then eliminate them first. If you can afford to pay them off do so, otherwise try to negotiate with the creditors.You can opt not to pay the balances on your credit card debts for more than 90 days. Of course the creditors would call you to remind you to pay..if you really cannot pay and the account goes into collections, don't be alarmed, it may be the best time for you to bargain with the creditors.If you don't want to deal with them, you may also try to hire the services of credit counseling and debt settlement companies.

Posted on July 31, 2009 at 4:18 am Oh..I didn't know that I can do that..I've always thought that something would happen if I don't pay if they ask me to--repeatedly over the phone. Like them sending men to my house to collect..Debt settlement is interesting, how much are they charging? And what are their ways? Would debt settlement help me clear my credit card debts?

Posted on July 31, 2009 at 4:31 am Expect to pay the debt settlement company around $1,500 spread over 12-18 months.How they work? Most debt settlement companies have a requirement of $10,000 worth of unsecured debt (credit cards, personal loans and medical bills). The debt settlement company would try to negotiate your debt down to up to 75% less its balance.A typical debt settlement company would also ask you to pay 15-25% of your total debt amount in exchange for them lowering what you'd pay the creditors and making sure that your creditors report your debt as "settled" or "paid."

Posted on July 31, 2009 at 5:07 am You may also try credit counseling or bankruptcy (although this should be the very last resort) as they can be considered ways to clear debt too.Anyway, about debt settlement services, just make sure that you've checked the company's profile and reputation with The Association of Settlement Companies (TASC) website  www.tascsite.org and the Better Business Bureau (BBB) http://www.bbb.org to avoid being scammed.Or you can fill out one of the forms here at destroydebt.com and get matched up to the right company.

Posted on July 31, 2009 at 2:47 pm Something to add to the list of ways to clear credit card debts- you can sell any assets of value you have and use the proceeds from the sale to pay off your debt. Or, you could ask a friend or family member for a personal loan. If you want, you can also fill out a form on DestroyDebt.Com for a free consultation to find out what appraoch to clear your credit card debt may be suitable for someone in your shoes.

Posted on August 2, 2009 at 10:26 am Okay - about filling out the form here - I have and have not received any call or what so ever. The best way to clear your credit card debt - set up a plan and stick to it.  Tryi to get your balances down so you don't keep getting dinged with overlimit fees and DO not use them anymore.  Also, read each and every correspondence you receive.  The credit card companies are less inclined to work with consumers due to the recent legislation passed by our government.  They will get what they can and when they can until they are forced to comply with the new law.  So consumer beware. There are several spreadsheets available free to help you set up the plan.  Here is the trick though - YOU are the KEY.  You will need to change your behavior of using the credit cards and learn to live within your means.  It can be done, but with sacrifice and time.  

Posted on August 4, 2009 at 1:50 am isn't bankruptcy one way of doing this too?

Posted on August 4, 2009 at 3:26 am Bankruptcy is one of the ways to clear credit card debts, but bear in mind that it doesn't really cause you more good in the long term. Depending on which chapter of bankruptcy that you file for, it will remain on your credit report for 7-10 years. Besides, you'll still have to go thru a credit counselor, and they'll inform of your possible alternatives aside from bankruptcy.

Posted on August 4, 2009 at 3:51 am What if I borrow against my home equity? I mean it's convenient and already there, sitting and doing nothing. I may be able to put it to good use, still