If you are on a fixed monthly income, you may be thinking bankruptcy is the only way out of debt. There is a way to eliminate credit card debt without having to resort to bankruptcy. Find out what you need to get out of debt quickly. You wouldn’t want to be in debt with horrible credit after 10 years.

This is not credit counseling or debt consolidation. You do not eliminate your debt with credit counseling, you pay back the whole balance. They only spread out your payments over time and reduce your interest rates and maybe your payment amounts. So these methods are thrown out. Even though they are touted as some of the best debt cures you can find.

Take a minute to find out who is promoting these programs. It is usually the credit card companies who helped start the major credit counseling companies. So they have a big interest in steering you to credit counseling.

You are left with debt settlement as a way to clear away your debt problem. With debt negotiation, you negotiate with your creditors and offer a partial payment for the full balance you owe. If you are behind by 3 to 6 months you may be surprised at how willing they are to settle.

With debt negotiation, you can erase your credit card debt quickly. You can get a 60% settlement on a $50,000 balance and save $20,000 for example. Your mileage may vary. But the credit card banks already know this because so many people are falling behind on their payments. Millions of people are falling behind on their payments.

The creditors lose money when they have to write off or charge off what you owe so they would rather get 50% of the balance instead of recording the full 100% as a loss. They still have to make money for their shareholders.

You could do everything a company would do for you for yourself. You could negotiate your own debt settlements and save thousands in fees. So read a book, or buy a home study course on how to DIY card debt elimination. This is by far the most effective method for eliminating credit card debt without filing bankruptcy.