Legally Eliminate Credit Card Debt

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How to legally eliminate credit card debt? Well, you have a lot of ways of doing so!

Cut down on your spending and use the extra money to pay for your credit card statements. This means no dining out and cutting back on unnecessary entertainment pleasures. Make a budget and actually follow it.

Believe it or not, you can ask your credit card companies if they can lower your interest rates. Although the chances are against you, it doesn't hurt to try, as many times the companies lower the rates for you. They are making a ton off of you anyways.

Talk to credit counseling agencies depending on how bad your situation is. Whichever one you deal with you want to make sure that they are non-profit, linked to either the Association of Independent Consumer Credit Counseling Agencies or the National Foundation for Credit Counselors, and is on good terms with the BBB. The bankruptcy process starts in a credit counseling agency. When dealing with these agencies you have to be very weary of those, which have very high upfront fees.

Use secured loans to pay off your cards. This comes in the form of a home equity loan, home equity line of credit, and a cash out refinance.

If your financial situation is pretty bad, consider going into Chapter 13 bankruptcy to help you legally eliminate credit card debt. You'll be assigned a payment plan with very favorable terms and your credit score will take a serious beating. Chapter 7 is when all of your debt is forgiven and your assets are auctioned off.