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Eliminate Credit Card Debt

Eliminating Credit Card Debt in Towson, MD

Credit cards have posed a great convenience for most of us since it allows us to make purchases without shelling out actual cash. While this can make purchases quite a breeze, if you aren’t careful, you can find yourself buried in credit card debt which could severely impact your credit record. If this is your case, know that you can get in touch with a Towson, MD bankruptcy attorney. 

To define succinctly, credit card debt is a revolving kind of debt that keeps you borrowing monthly provided you can pay for it. Despite its indefinite nature, credit card debt can pile up which can ruin your finances. Credit card debt also does not improve your credit score, and a bad credit score can impact your ability to look for houses and other opportunities. Luckily, with the help of a seasoned Towson,MD bankruptcy attorney, there is always hope to clear things up. 

If you are having troubles regarding your finances, be it with credit card debt or bankruptcy, it is wise to entrust your case with a bankruptcy attorney from The Grafton Firm. A trusted bankruptcy attorney can help you with tips on how to eliminate credit card debt, enabling you to get your life back on track. Schedule an appointment with a bankruptcy attorney from the law firm right now. 

What is Credit Card Debt

how to eliminate credit card debtBefore one can begin to eliminate their credit card debt, it is best to take the process step by step. One can start by familiarizing themselves with the debts accumulated by credit card purchases and the limitations on the liberty of credit card use. Of course, if trapped in this given situation, see to it to enlist the help of a Towson, MD attorney who can help with the steps on how to eliminate credit card debt. 

How Do I Negotiate Credit Card Debt?

It is possible to negotiate regarding credit card debt, usually for interest rates, payments, and settlements of the amount you owe. There are plenty of negotiation options but they vary depending on your situation. Among the popular options include: 

  • Moving Payment Dates
  • Interest Rate Reduction
  • Temporary Payment Reduction 
  • Entering Forbearance Agreements
  • Long-term repayment plans with reduced to no interest
  • Lump-sum for debt settlement.

Negotiations don’t always guarantee that things will go your way. If you aren’t having a hard time with payments, there is a chance you can get a better interest rate. Talk to a bankruptcy attorney regarding negotiating on credit card debts before making any moves yourself. 

Do Creditors Forgive Credit Card Debt?

Credit companies are unlikely to forgive credit card debt however they will accept smaller settlement amounts of the balance due. The company can write off debts but it doesn’t eliminate the debt in totality. The debt is sold to a collector. If you wish to rid of credit card debt, it is recommended that you file for bankruptcy. Take note that bankruptcy is not the same as debt forgiveness. 

That said, the only times a credit company forgives debt is when the credit card company considers you as uncollectible and writes off the debt. What falls under uncollectible? The moment you stop paying off your debts and become a delinquent. 

Another reason that companies provide forgiveness for credit card debt is when you offer a settlement. If you are a delinquent and offer lesser amounts to settle the debt, the company might accept it. Suing is costly which means settling for an amount is the safest route to take. If you are struggling with credit card terms and conditions, get legal help from a reputable Towson, MD lawyer. 

How To Eliminate Credit Card Debt

Now that you’ve grown acquainted with credit card debt, it is time to understand the steps to take to eliminate credit card debt. Credit card debt on your record isn’t a pretty sight to see and can cost you several opportunities. Understand the tips on how to eliminate credit card debt for a fresh start in life. 

Is It Smart to Settle Credit Card Debts?

Debt settlements are offered by for-profit companies that negotiate with your creditors to allow you to settle in order to resolve the debt. Settlement is another term for a lump sum that is less than the amount originally owed. To make lump sum payments, programs ask you to set aside a certain amount every month in savings and then transfer it into an escrow-like account to accumulate enough to pay them off. 

What Are Other Ways to Eliminate Credit Card Debt?

There are other debt-relief options that you can choose from if you wish to eliminate your credit card debt. Negotiating and working with debt companies is just the most usual route. Still, exercise caution before attempting to navigate the world of credit card debt alone. Enlist the help of a reputable Towson, MD lawyer. 

  • Talk to a Company. Talking to your credit card company can help in debt relief. Keep good records of your debts and talk amicably when explaining your situation. Remember that not paying within 180 days will lead to the creditor writing off the debt, causing a huge plummet in your credit score.
  • Consult with a Credit Counselor. Credit counseling organizations can help you with managing money and debts, develop a budget, and guide you towards financial responsibility. If the prospect of credit card debt is too much, enlist the help of a seasoned Towson, MD bankruptcy attorney. 
  • File for Bankruptcy.  Filing for bankruptcy has dire consequences that include lowering credit score, however, it is one of the most recommended ways to eliminate credit card debt. Filing for chapter 13 bankruptcy enables individuals with a steady income to keep their property provided that they have a repayment plan while Chapter 7 involves selling nonexempt property to make money they can use to pay debts. The moment you’ve paid off the debts, then the debt is discharged. Remember to talk to a lawyer regarding bankruptcy if this is the route you wish to take. 

Call Our Towson, MD Bankruptcy Attorney Right Now!

Learning the process of how to eliminate credit card debt is a big step towards getting debt relief in life and moving forward from a financial crisis. However, the processes involved in debt relief may not all be easy to understand, which is why entrusting your case with a seasoned Towson, MD bankruptcy lawyer from the Grafton Firm is the best move possible. An attorney can inform you of the steps you can take in order to break free from the bounds of debt. Schedule an appointment right now. 

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