If you happen to be on a fixed income a bankruptcy filing would be your likely scenario out of debt. There is a way to eliminate your credit card debt without having to resort to bankruptcy. Discover the information you need before you file bankruptcy and ruin your credit for 10 years. You don’t want to have to ruin your credit for 10 years or more and still be in debt.

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. In simple terms, you just get a longer time to pay the same debt amount. So you can forget about these methods. Even though they are touted as some of the best debt cures you can find.

But take a look at who is promoting this. The banks started the credit counseling organizations out there. Getting you into credit counseling is a big concern of theirs due to this.

This leaves debt settlement as the best way to wipe out your debts without using bankruptcy. Using debt settlement you negotiate and offer a 40-60% payment for your full balance. Your creditors will be more willing to negotiate when you are 3 to 6 months behind on your payments.

With debt settlement, you can wipe out half your credit card debt in 18 months or less. You can get a 40% settlement on a $10,000 balance and save yourself $6,000 for example. You can save more or less depending on your creditors. But the credit card companies already realize this because so many people are having financial problems. People are falling behind on their bills.

Your creditor would rather take a small loss than a total loss. They have to please their investors.

You can do it all by yourself and save the most money. You can settle all your credit card debts on your own and save an extra 15% off your debt. So read a book, or buy a home study course on how to DIY card debt elimination. This is the best method I’ve found to help you eliminate debt.