Credit card debt has engulfed many unsuspecting victims like never before.
It is well known that almost 75 percent Americans have been living from one pay check to the other for quite a few years.
But the worst thing that happened to them was the recession.
The pay checks stopped coming in.
Many people lost their jobs and did not have any other substantial income to pay up their debt.
This combination of factors of the debt culture and recession has seen many people getting buried under an avalanche of debt.
This has set the alarm bells ringing.
Most of the people who realized the seriousness of the situation are looking for debt relief.
If you have made a firm resolve to get rid of your credit card debt you need to make efforts in this direction.
First and foremost stop the debt from growing further.
You can put an immediate stop to all your credit card spend.
This will make sure that the debt does not grow further, of course do not include the interest here.
After that, start looking for eliminating your debt.
Debt settlements are known to the finest form of debt relief.
You have already received calls from your Creditors.
Do not worry about the calls.
Let you debt grow to $10,000.
This will make you eligible for debt settlement.
In the out of court negotiations with your creditors you can get your debt negotiated.
A lot of people have succeeded in obtaining a settlement of 50 percent of the outstanding amount.
The creditors are also very keen to eliminate the debt by all means available to them.
They will agree to negotiate almost half of your debt provided you can pay the balance amount in one lump sum.
Waiting for bankruptcy may be an impractical proposal for you.
If you file bankruptcy your credit score will get scarred for life.
Go in for a debt settlement instead.