Erase Credit Card Debt

Written by Liza Hartung
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If someone could figure out a way to erase credit card debt legally, quickly and without having to file for bankruptcy or some other such thing, they would make a fortune. However, I don't see this happening very soon. Getting into debt is so easy and almost fun for a while. But when those bills start to roll in, things don't seem so fun anymore.

You have several options when you want to erase credit card debt. You can go the slow, less life-damaging way and go with consolidation. It could take years to erase credit card debt this way, but you will learn a lot about your finances this way and will likely be more responsible because of it. However, you can also file for Chapter 7 bankruptcy This is a way to instantly get rid of all obligations to pay your debts.

Erase Credit Card Debt Fast and Legally

You will have to really weigh your options here, however. Yes, you will be eliminating your debt, but you will also be setting yourself up to get awful rates for the next six to ten years. Every time you want to rent, own a new home, buy an appliance or do some home renovation, you will be subject to a credit check, they will see your big red flag, and you will either be turned down or get horrible rates.

If you do decide to file bankruptcy, however, and erase debt that way, there are a few things you will want to avoid. Each creditor can challenge your file. They are more likely to do so if you have suspicious activity with your card. These can be things like increased usage of the card previous to filing, recent use for vacations, exceeding the credit limit, using the card when unemployed or a large balance at the time of filing. Just be aware of what is going on with your debts first.

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