Millions of Americans have increased their credit card debt in the past few months due to the difficult economic situation that we are living.
A lot of those people have fallen behind on their payments and they are thinking on the best ways of reducing credit card debt and put a stop to harassing phone calls and threatening letters.
There is not a worse feeling than being pressured economically, knowing that you have financial responsibilities and not being able to meet them.
Millions lose their sleep over this very topic and statistics show that a large percentage of divorces are caused by economic stress in the household rather than infidelity or any other intimate affair.
There are many different ways to get out debt, some of them are: 1.
Bankruptcy.
This should be your last resort and contrary to popular myths, you will not lose your house of creditors won't garnish your wages, not typically at least.
No one will know but you that you've done it, so don't fear the stigma of being a deadbeat, millions file for bankruptcy each year and if after careful consideration you decide that this is your best option, then find a lawyer to help you with your situation.
2.
Debt consolidation.
If you consider that bankruptcy is not for you and you have tried to negotiate directly with your creditors without any luck, then you can consider debt consolidation.
In this case, you stop paying bills and a middle person helps you negotiate your debt with your creditor on penny on the dollar.
This option will also impact your credit score negatively.
There are other ways on reducing credit card debt like government grants, making a plan and contacting creditors directly, and many others.