Posted on January 25, 2010 at 2:14 am Would you know of any government program or aid that's for credit card debt?

Posted on January 25, 2010 at 2:21 am I'm afraid there's no government help for (individual consumer's) credit card debt ... there are professional debt relief programs though, depending on your financial situation.

Posted on January 25, 2010 at 2:44 am I agree with Roman Citizen, the only debt relief (help) from the government that could get rid of your credit card debt is bankruptcy - but it's not recommended if you don't need the automatic stay provision.

Posted on January 25, 2010 at 2:54 am And why is that? If you owe over $30k of credit card debt you'd be paying it for the rest of your life .. if bankruptcy can get rid of it in ..a short while (?) why not do it?Also what are those debt relief that you're saying? How much would it cost? For how long?

Posted on January 25, 2010 at 2:58 am Filing bankruptcy for unsecured debts such as your credit card debts is being discouraged because of its implication on your credit. A Chapter 7 stays on your credit report for 10 years and a Chapter 13 for 7 years - not to mention it being on your public records for 20 years.You maybe wondering or saying "so what?" - the thing with having those on your credit is, for maybe a year or two, after your discharge, it would be hard for you to obtain a good deal on loans, job hunt, lease, etc. - also, you might not be extended a credit card within a year after your discharge.

Posted on January 25, 2010 at 3:02 am The professional debt relief available for you are credit counseling and debt settlement. You'd find out when/if you file bankruptcy that you'd undergo a mandatory credit counseling anyway - in which, it would be pointed out to you that you have an alternative to bankruptcy - which are:Debt Management Plan - run by credit counseling which aims to negotiate your interest rates so you could get at your principle debt - and be done with payment for hopefully, 3-5 years. This is ideal if you have a steady stream of income for that long a time.Debt Settlement - it negotiates, not your interest rates, but your actual balance. Since your account must be overly delinquent, the debt settlement company is going to try and pull your balance down to more or less half of its original amount - so you could be debt free in a year or three.

Posted on January 25, 2010 at 3:09 am Credit counseling is non-profit but their Debt Management Plan would cost around $25/mo. after the one time set up fee.Debt settlement companies would charge 15% of your total debt amount -spread over 18 months or they will take between 20-25% of the settlement amount.Don't forget to ask about the company's fee  structure  - so you won't be surprised and drop out of the program - once you've learned that your payments for the first few months - are being applied on the service fee - and not on your debt. It does pay to graduate, not only would you be debt free, you'd also save some money.

Posted on January 25, 2010 at 3:15 am You mentioned a credit card debt amount of $30k - that qualifies for a debt settlement program - also if your accounts are past due - if you are interested in getting matched up to the right settlement company - please feel free to fill out a form here at destroydebt.com.It is free of charge.

Posted on January 25, 2010 at 5:18 pm Actually Bankruptcy is just too damaging for too long, possibly even career-wise. Traditional debt settlement programs are excessively costly (end up out of pocket about 80% to 85% of what you originally owed) plus you are not protected from creditors' potential lawsuits once you are delinquent on your payments. Do your research; consider other alternatives. Just google "credit card debt resolution" or "zero credit card debt" and you will find more viable alternatives to resolving your unsecured debt.