Are You Under The Thumb Of Your Credit Card?
Avoid Being The Victim Of The Credit Card Thumb
When you feel trapped by the credit card debt that you have stacked up you may feel like you are being crushed by the credit card companies. At that point getting out from under that debt is all that matters. You feel pressured and desperate. You will do whatever they tell you to do. Stop right there, doing whatever they tell you to do is going a bit too far. There may be another option.
You Have Options
You may be able to negotiate with your credit card companies. They want the debt paid back, you want the debt off your back so find a compromise. In this tough economy many credit card companies understand the financial crisis many folks are in and may be willing to negotiate payment structures, interest rates and even your debt balance. You will not know unless you ask. Try it, call your credit card company and ask for some flexibility.
If the company is unwilling to negotiate a better rate or extend your payment structure your other alternative is to file for bankruptcy. This is not highly recommended for a number of reasons. A bankruptcy will follow you for 7 years. Your financial life will basically come to a screeching halt for those 7 years. You will not be able to get loans or apply for credit cards. Some job applications may even be denied. So be careful when deciding upon whether or not to file for bankruptcy.