Bankruptcy For Credit Card Debt – Is Bankruptcy the Best Option to Eliminate Credit Card Debt?

bankruptcy credit card debt
by Renegade98

Bankruptcy For Credit Card Debt – Is Bankruptcy the Best Option to Eliminate Credit Card Debt?

The debate whether filing for bankruptcy or trying other debt relief solutions is a better escape from the credit card debts has been going on ever since Credit card came into existence. Bankruptcy debt relief has been an easy way out for thousands of people who are clueless about how to escape from the financial crisis they have trapped themselves into over a considerable period of time. The facts sows that there have been some people who filed for bankruptcy more than once in their lifetime. Bankruptcy may seem to be a very lucrative and viable option to get you instant debt relief and protection from the Credit card companies hounding you for the payment.

However, before you file for bankruptcy it is always best to weigh the pros and cons associated with it. Probably, the biggest drawback of filing bankruptcy is that you are officially declared “Bankrupt” on your Credit Report by the Credit Bureau and it takes 7-10 years to eliminate from your report. During this 10 year long period it becomes impossible for the consumer to qualify and apply for any loans, unsecured credit cards, mortgage or even car loans. Due to this huge incredible problem bankruptcy is recommended only in extreme situations where debt settlement or other debt relief options does not work. Being bankrupt means that now you only have to survive on cash money since no creditor would be generous enough to lend money to a person who had a past record of unable to make the payment. Even the creditors are really concerned about their money which you them as a debt and they normally encourage their customers to go for debt settlement which is a beneficial option for both the sides.

Bankruptcy can only get you a short term relief but in the long run it will prove fairly dear to you.

So before opting for this option to settle your debts it would be great if you look out for other debt relief options other than bankruptcy. The debt settlement process is the option which is doing well for thousands of people in getting them out from the clutches of financial hole in which they are inadvertently stuck.

 

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