If you have excessive credit card debt you may have considered filing for Bankruptcy.
And that may be the best solution for you. But it may not be.
You may not need to take out bankruptcy, especially right now in the current economic climate.
You may be able to negotiate a settlement with your credit card company. If you cannot pay a lump sum to settle the debt you may still be able to negotiate a better payment schedule that you can work with.
However, do not expect to avoid credit report problems. Your credit report and credit score will still take a hit. It is inevitable if you are struggling to pay your outstanding debts but it may not affect it as much as a bankruptcy, which will stay on your credit report between 7 and 10 years.
Moneywise: Bankruptcy not the only way.
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