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How Do You Get Out of Credit Card Debt?

Get Out off Credit Card Debt

A recent Forbes magazine article discusses various methods to get out of troublesome credit card debt. About half of all Americans do not pay off their credit card balance in full each month. This means they will incur penalties such as interest and possibly late charges. More troublesome, these interest rates are very high. More than 75% of Americans report having credit card interest rates of 15% or higher. The article discusses many different methods to get out of credit card debt including balance transfers, personal loans, and eliminating all credit cards by canceling them and paying them off in full.

Balance transfers are quite common and a way for competing banks to acquire the credit card debt of their rivals. Usually a bank will acquire the credit card balance of a rival bank’s customer by offering that customer a 0% interest rate for a period of time. There is usually a fee for balance transfers and in the end the customer must still pay off 100% of the debt owed. Another method discussed is personal loans. This simply involves taking out another loan to pay off all the credit card debt. Usually this loan is at a lower and fixed interest rate made by a bank or through a home loan such as a second mortgage or cash out refinance. Finance guru Dave Ramsey suggests simply paying off each card one at a time.

There is a way however to get out of credit card debt and pay much less than 100% of what is a road, and that is debt settlement. Debt settlement performed by a qualified attorney can often result in paying back only a fraction of the balance owed. If you are burdened by credit card debt that won’t go away, contact a qualified debt settlement attorney today and learn more about this option to eliminate debt.

 

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.