Credit cards are a very convenient method of making all kinds of things affordable, but after a while you may find yourself in a lot of debt without having anticipated it.
This happens because credit cards have a lot of interest and fees that all tend to accumulate very fast without you even realizing it.
But nowadays, you can use different debt relief methods in order to manage or even eliminate your debt.
Debt settlement is probably the most effective method for dealing with credit card debt, as it works on the very source of your debt - the interest.
By negotiating with your creditor, you can get him to eliminate forty to sixty percent off your debt by cutting things like annual fees, payment penalties, accumulated interest and other costs.
The reason for which a creditor would agree to such a deal is simple: he represents a business and his ultimate goal is to continue staying afloat, even through the current economic crisis.
If many people file for bankruptcy, creditors all around the nation would have to do so as well, because bankruptcy doesn't actually repay any of your debt, leaving the creditor high and dry.
Settlement is designed for large debts, of over ten thousand dollars whose accumulators can no longer pay on a monthly basis because of the constant increase in their debt, but who would like to pay off at least part of their debt.
In comparison with bankruptcy, settling has very little risk - it will not go on any financial records, be them short or long term and they will not affect your future ability to take out loans and credit.
Even your creditor will be left largely untouched: it may fluctuate initially, but paying your installments on time will soon stabilize it.
All in all, bankruptcy is no longer an option, not if you can qualify for settlement.
This method is much better, both for your personal situation as for the national economy as a whole because it maintains the fragile balance of the economy until we will be able to get it back on track.