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It is a little-known fact (that they would rather you did not know) that banks and credit card companies have contracts which in many cases are unenforceable. This means that it is often possible to simply eliminate bank loan and credit card debts with a single letter.
Most people think that banks lend money they have on deposit from savers and investors, but they'd be wrong. (Google "web of debt") for a detailed explanation of how banks conjure money out of thin air by means of what's known as the fractional banking system.
If the debt has got as far as the debt collection agencies, there is likely to have been some unpleasant letters and phone calls. These people rely on making you feel guilty and that you have some obligation to them. In many cases this is simply not true. When asked to prove their right to ask for the money (as long as this is done in the correct legal fashion), they will usually simply go away. They have easier targets to chase.
This may all sound a bit technical and far away from the needs of someone in the grips of lenders and collection agencies chasing a debt, but you need to know this to get free of them.
There are lots of companies offering ways to get out of debt involving paying off the largest interest cards first, taking out consolidation loans, taking a loan secured on property and so on, but these only prolong the agony and are no use to anyone already swamped with debt they cannot pay. To many of these people it may seem that bakruptcy is the only way out, but it does not have to be that way.
Some lawyers offer a service taking advantage of of their knowledge of contract law to beat the banks and there have been some successful court cases, but this comes at a cost.
A low cost solution using the same method has recently been launched by CollectionAgentKiller (dot com). Examples are shown of success against collection agencies after a single letter was sent.
Hope this helps
[[User:81.140.41.197|81.140.41.197]] 08:26, 29 Aug 2009 (UTC)
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What's the easiest way for getting rid of a credit card debt?
The easiest way to get rid of a credit card debt is to take stock of finances. Some other easy ways to get rid of a credit card debt are to cash in investments, create a plan, file for bankruptcy and many more.
Where is a good credit card debt located in California?
It can be very difficult to get rid of debt entirely. For help, you can visit http://www.creditcarddebt.org/california.html for credit card debt reduction information.
Do you contact the credit bureaus to get rid of your debt?
Yes, but only if you do not legally owe the debt. And if that were the case, it would be easier to go straight to the creditor to have them remove it from your credit report. If you legitimately owe the money, then it becomes much more difficult to get rid of this information, since legally it can remain on your credit history for 7 years, and sometimes longer.
Getting Rid of Your Credit Cards Can Be a Blessing?
If you currently have a credit card, it may be time that you got rid of it. It is not necessarily a good idea to keep credit cards, especially if you are in debt and trying to get out. Credit cards should only be used in emergency situations when an unexpected expense comes up. Other than that, you should not be using your card to go grocery shopping with or to buy yourself a shirt at the local store. In order to stay out of debt, it is a wise idea to get rid of any credit card that you may have.
Where can I got to get rid of my credit card debt?
It is always easy to think just because you pay off your debt your credit score goes up, but that is not true at all. Many credit companies don't tell people that are suffering with credit debt or any debt that it not because your in debt that brings your credit down there are MANY hidden fees that are not been removed so, there's where I come in and tell you the truth don't pay the debt. It's not going to help you out. Get in contact with an expert. If you need more information contact me at 786-792-2002
How can I avoid to pay off credit debt?
Credit card debt is hard to get rid of. for those far into debt there are really only two options, consolidating credit where a company essentially pays off your debt then you pay them with a monthly payment, or bankruptcy. Both are hard to do and costly but the best options for anyone with debt.
How can you get rid of bad credit?
Get a credit card, max it out and put all the money on black. Double your money, keep doing this till you have enough to clear your debt. Easy.
What are some tips to get rid of credit card debt?
There are a number of tips that can be used to get rid of credit card debt. One must first list all debts and pay more than the minimum. Make sure that payments are not late and try to negotiate a lower interest rate. If one is in serious financial trouble one might consider consulting a credit counselor.
What is the first step one should take to get rid of credit card debt?
The first thing you should do to get rid of credit card debt is to pay off as much of it as you can. Use any savings you have first to pay it off and then sell anything of worth that you have but no longer use. Then make sure that you pay off as much of the bill as you can each month.
How to get rid of debit credit card debt?
Credit card debt doesn't go away easily or fast. It takes much effort and a lot of patience. Patience is the most important. You cannot spend any un-necessary purchases on credit or debit. Things like electronics or appliances should be avoided until debt is little or none at all.
Paying Off Your Credit Card Bill?
Many people wonder, How can I ever pay my credit card bill? Perhaps they have amassed thousands of dollars in credit card debt and just feel overwhelmed by such debt. This is completely understandable, and there are many legitimate reasons a person may amass incredible amounts of credit card debt. A person may not intend to amass so much debt, but he or she may be a student in grad school and simply need to use credit cards to get by on a daily basis. Paying a credit card bill does not have to be overwhelming. Rather, a person can take a very methodical approach to eliminating credit card debt. First, a person should seek to pay off credit cards with the lowest balances on them possible. Getting rid of these credit cards will make a person's burden feel a lot lighter. A person should then get rid of the balances on cards that have high interest rates. Getting rid of balances on cards with high interest rates is critical for those people that may be paying large amounts of money in interest fees.
In BC if you are on Disability assistance and cannot make payments on a 4800 credit card debt using it for groceries and bills and are mentally ill what are your best options?
Its totally up to you if you want to use your credit cards. I am on disability and you will not get anything from the gov't for credit card debt no matter what you use them on. They supposedly give you enough money for groceries so you cannot say that you caused the debt buying groceries or anything else for that matter.You are on your own. good luck, i know how hard it is to get rid of credit card debt.
