One common term for consolidating credit card debt is balance transfer. In effect, the balance from one or more of your credit cards is transferred to another card. I just don’t get credit card debt. It doesn’t make sense to me. When you are in college, student credit card debt is easy to accrue and can be very challenging to deal with. Because of the many credit card offers for students, student debt is on the rise and has never been higher.
Why pay your debts for stuff you racked up? File "bankruptcy" and keep the stuff - like the big boy bankers do - and the government will bail you out. That’s simple. You are likely not one of the big boy bankers. If you were, you would have an army of lawyers fight the other army of lawyers.
If You’re Serious
If you're really serious about getting out of credit card debt, you have to put a freeze on spending -- Now! Don’t use the excuse, “I don’t carry cash”, or" to "save money" on an awesome sale. It is not unusual after a divorce for one spouse to fail to pay off a joint credit card debt which predates the divorce. If appropriate steps weren't taken to cut off liability, sometimes a joint account will remain open with both spouses liable for the new charges, even though the new charges are made after divorce. With debt elimination, you can legally discharge every cent of their credit card debt-all without taking out additional loans, subsidies, or government intervention. This sort of personal bailout can be an alternative to bankruptcy and a means for consumers to regain their financial footing.
If you are going to work with a counselor to reduce your credit card debt, it would be wise is to work with a reputable nonprofit credit counselor. You can reduce your credit card debt and start living free once again. A debt-free future requires action! When it comes to managing financial matters, one of the components that most people have to deal with is the issue of credit card debt. It is not unusual for an individual to leave behind some amount of credit card debt at the time of death.
In the end, living with credit card or unsecured debt only compounds the problem if you have secured debt already. Personal debt is a burden around the neck of most people. If the burden is drowning you and your family, it is wise to take the appropriate steps to remove the weight. With focused determination, a battle plan, and budget, you chances of surviving are much better. Remember; make larger payments, faster and watch your debt shrink.