Like it or not, credit cards are a necessary part of living in modern America. If you rely on them, you leave yourself open to the risk of becoming inundated with high interest debt (credit card companies are banking on this happening so they can make huge profits). If you never use credit cards, you cut yourself off from a way to build a good credit score, which is essential if you want to make high profile purchases like buying a car or house. Although both situations aren’t ideal, the first one often carries devastating consequences, and it’s unfortunately the one most Americans find themselves in.

Happy man enjoying the rain of money

If you’re in a situation where paying your monthly credit card bill has become difficult or even impossible, you’re probably asking yourself if there’s a way you can find credit card debt forgiveness. You can. Although there are several different forms of debt relief, there are only two types of debt forgiveness: bankruptcy and debt settlement. Both methods of debt reduction are capable of reducing the total amount that you owe your creditors. As you search for ways to reduce your debts and get your financial future back on track, you’ll want to learn more about the process of debt forgiveness and what it means for your future.


Filing For Bankruptcy

Bankruptcy can absolve you of your debts if you qualify for chapter 7 (if you only qualify for a chapter 13, you may end up paying all your debts back on a court-administered payment plan), but it’s a process that comes packed with various difficult and sometimes unpredictable consequences. Filing for bankruptcy potentially gives creditors permission to take your car, home and other valuable possessions away from you to help repay your outstanding debts. Most people know that part, but what isn’t talked about nearly as much is the massive hit your credit score will take should you decide to file for bankruptcy. A healthy credit score is essential for your fiscal future, and bankruptcy can threaten your financial standing. If you file bankruptcy and obtain a discharge from the bankruptcy court, your credit card debt may be wiped out entirely, but after bankruptcy,  the debt itself still exists even though you aren’t responsible for it anymore. The discharge eliminates only your obligation to repay it. This isn’t to say you’ll get off that easy. If you file bankruptcy, your credit report will reflect the bankruptcy for up to ten years. It’s not at all uncommon for a person to be unable to find an apartment because of their bankruptcy history. And remember, if you only qualify for a chapter 13 bankruptcy, you have the negative stigma of having filed bankruptcy as well as a court administered payback plan for what could be the full amount of debt. *If considering bankruptcy please speak with an attorney as CuraDebt Systems, LLC is not a law firm and does not provide legal advice.


A Second Option

So, what’s the other option? Contracting a professional debt settlement company to negotiate with creditors on your behalf is a way to find credit card debt forgivenesswithout the same drastic consequences as bankruptcy. Here’s how it works: Experienced debt settlement negotiators like the ones at CuraDebt will use their leverage with your creditors to negotiate reductions on your debt. This leverage and negotiating power comes from various facts. One being that the CuraDebt negotiators handle the debt of thousands of clients, and credit card companies would much rather get some form of payment from you than nothing if you file for bankruptcy. In addition, there are contacts from the 15+ years of experience negotiating debts. Finally, much like an advanced surgery degree, skill goes into play when deciding what to settle, when to do it, what offers to accept, which not to accept, how to organize financials, how to prepare a hardship letter and more. Debt settlement is a process that could save you a huge amount of money, and rescue you from not only credit card debt but also and other unsecured debts. While debt settlement is not a “free lunch”, it is a very viable solution that millions of people use every year.


The Bottom Line

No matter what you decide to do, it’s vital that you address your credit card debtnow. Debt from credit cards is designed to grow at a sometimes rapid pace. Unlike certain other forms of debt relief, debt settlement can hugely improve your financial standing by giving you real debt forgiveness right now. Don’t waste another day worrying about how you’ll pay your next credit card bill or worrying about not going anywhere and still paying minimum payments. CuraDebt has over 15 years of proven experience, and we’ll help reach a solution on  your debts so that you can live with the peace of mind you deserve. We are one of the top rated companies in the industry. Call our expert and experienced counselors at 877-850-3328  or click here for a free consultation today.


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