How can i eliminate my credit card debt legally?
If your credit-card debt is in the thousands, you’re far from alone. According to the Nilson Report, the average credit-card debt for households with at least one card hit $10,679 at the end of 2008. There is good news, though; there are ways to legally eliminate this debt. Now for the bad news: It won’t be easy, it might not be quick and it might hurt your credit score.BankruptcyBy declaring either Chapter 7 or Chapter 13 bankruptcy, you will legally eliminate your credit-card debt. However, you should consider both of these options only as a last resort. That’s because bankruptcy destroys the health of your credit report. A bankruptcy stays on your credit report for 10 years. You’ll find it difficult to obtain mortgage or car loans with a bankruptcy on your record. When you do find a lender that is willing to loan you money, it will undoubtedly charge you sky-high interest rates. In a Chapter 7 bankruptcy, your debts, including your credit-card debt, are wiped out. However, you may l
