Credit Card Debt Solutions - If the Shoe Fits, Wear it Or End Up Barefoot in Broken Glass

 There are many credit card debt solutions but choosing a program that is right for your financial situation can be challenging and have long ranging effects on your life if you choose incorrectly. Further complicated by a depression your choices may seem even fewer but there are answers.


If you have a job but your card debt refuses to go down because of high interest rates and it is not possible to increase your payments then you may be forced to negotiate with the card company to lower your payments and interest rate. Be prepared for their refusal to negotiate. You have been paying and they expect you to keep paying for another 20 years.


You must get their attention by throwing a wrench into their gears. Do not pay a monthly payment and they will begin to hear the grinding sound that indicates something is wrong. Will they listen now or do you need to skip another payment? The wheel that squeaks loudest gets the oil.


When you miss a payment other card companies will quickly see this on your credit report and a situation called "universal default" will occur. All card interest rates will rise and your credit limits will usually be reduced to the amount owed on that card. This is actually part of your solution strategy.


Keep squeaking loudly and continue to harass the card companies until they understand that you are very serious about not only reducing the interest rate but the amount owed also. When the card companies realize that you are in universal default with all your card companies you can begin to whisper in their ear and they will hear you clearly.


If you do not have a job and have missed us fitwear payments then look at the bright side of your situation. You are already ahead of the guy who still has a job and your solution is working perfectly! The bank is going to sell your account information to a debt collection company for about three cents on the dollar if you do pay on your account for six months.


Why not offer 10 cents on the dollar to settle your account? That is seven cents more than the collectors' price and it would seem to be a good business decision on the part of the bank. If the bank refuses your credit card debt solution then you will know exactly why the "bail out" was necessary for those considered too big to fail.


In the worst-case scenario your account will be sold to a collections agency but that is the best of all possible solutions because most collectors are actually smarter than a fifth grader. They understand that a little profit is better than no profit. Wonder if collectors evolve to become Ferengi in the 23 century? Anything is possible!



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