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If you are on a fixed income you may be considering that bankruptcy is your only way out of debt. There is a way to eliminate credit card debt without having to resort to bankruptcy. In this short article, get the information you need to know before you make a 7 to 10 year financial mistake. You don’t want to still be in debt after 10 years with the worst credit rating.

This is not about consolidating your debts or using credit counseling. You do not eliminate your debt with credit counseling, you pay back the whole balance. You spread your debt payments over a longer period of time and lower your payment amount. So you can forget about these methods. Even though they are touted as some of the best credit debt cures you can find.

But look at who is promoting these methods. It was the credit card companies who funded the credit counseling companies. So they have a vested interest in getting you into credit counseling.

You are left with debt settlement as a way to clear away your debt problem. With debt negotiation, you negotiate with your creditors and offer a partial payment for the full balance you owe. If you are behind by 3 to 6 months you may be surprised at how willing they are to settle.

With debt settlement, you can wipe out half your credit card debt in 18 months or less. You can get a 50% settlement on a $20,000 balance and save yourself $10,000 for example. Sometimes you can save more or less. But the creditors already know this because so many people are having financial difficulties. People are drowning in debt and unable to keep up with their payments let alone get the balances reduced.

Your creditor would rather take a small loss than a total loss. They still have to make money for their shareholders.

You can do it all by yourself and save the most money. You can settle your own credit card debt and save thousands in debt settlement fees. So read a book, or buy a home study course on how to DIY card debt elimination. This is the best way I’ve read about that can help you eliminate credit card debt without bankruptcy.