How do you get out of credit card debt?

The best way to get out of credit card debt is to pay-off your debt. If you can't do so, then making larger than the minimum required payments would be the next best thing.

If you are making minimum payments, then there's a few things you can do. First, you can validate your debt.

This means that you make a written request to your creditors or the collection agencies, if any, and you request that they send you documentation proving that the account is yours.

By law (Fair Debt Collection Practices Act), debt collectors must send you a copy of the original contract and an accounting of how they came to the figure that they say that you owe them. If they cannot, or will not do this, then they must have the account deleted and you will not be responsible to pay them back anything.

Since debts are sold and resold to other debt purchasers, some debt collectors cannot locate the original contract.

Another strategy is to contact your creditors and ask them to lower your interest rate. You would be surprised how many creditors are doing so. Due to the financial crises, many people are struggling to pay their credit card and other unsecured debt.

Last, if you defaulted on an old debt , you may not have to pay it back. How old? well, it varies from state to state but it's usually between 3-5 years since the last default date. Credit card debt has what's known as a Statute of Limitations, that means there is a certain amount of time the debt collectors have in order to collect an old debt. If the SOL has expired, you are no longer responsible for that debt.

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