Of all the things you can do to resolve your excessive credit card debt, the first thing to do is to stop creating more. I’ve seen more than one person get out of debt briefly, only to fall back into it. Start changing those habits. Regardless of how quickly you change your habits, though, if you have the debt, you want to knock it down. Here are some suggestions.
Excessive Credit Card Debt Can Be Discounted
You may be able to settle debts for a discount. When I collected debts for a living, we often took 50% as payment in full, when we thought it was the best we could do. The point is that if you really can’t handle your payments, you may be better off to borrow from family to settle your debts for 20% to 60% of face value. Credit card companies sometimes take 50% or less as payment in full if they are convinced you are headed towards bankruptcy. (Note: this is still possible, but more difficult now with the new bankruptcy laws.)
Send a nice letter explaining your situation, and how you will get the money for the pay-off. Tell them you’ll most likely be filing for bankruptcy, but would like to settle up with any willing creditors...
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