For nearly two decades Americans were given unlimited access to high interest credit lines and now many of them are trapped under massive balances.
If you have massive credit card debts and feel like bankruptcy is your only option, think again.
There are legal ways to settle bad credit card debt and here we explore the most popular methods.
Debt settlement is seen as a legitimate alternative to filing bankruptcy.
It is ideal for consumers and small businesses that are struggling to pay their credit card bills and don't want to file bankruptcy.
Those that qualify will be able to eliminate 40-60% of their unsecured credit debt balances with the help of a legitimate settlement company.
While this debt relief option will negatively affect your credit score in the short term, that is a tradeoff to be able to eliminate 40-60% of your credit card debts.
This used to be a very risky option for getting out of credit card debt but it isn't really that risky anymore thanks to new federal laws.
These laws ban debt settlement companies from collecting upfront fees.
Now they must actually live up to their word and negotiate a successful settlement deal in order to get paid.
These new federal laws go a long way in making debt settlement one of the better and more affordable options out their.
If they don't negotiate a successful settlement deal and eliminate at least 35% of your balance, you don't have to pay a dime.