It is presume you have borrowed hundred dollars from your friend. Do you thing you can escape the liability without affecting your social relations? Sure, you can always refuse to repay the debt.
However, that would be the end of the friendship right? In case of credit card issuers, there are no personal relations involved. It is just a legal relationship. You are required by law to repay the debt because you have borrowed from the credit card company. You probably have filed a written promise that you will repave it back in full.
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However, what if you are not in a position to do so? What if you just do not have sufficient cash in hand? One option available is to approach the court and request the court to discharge you from your liability. However, no credit card company will be interested in lending money to you once you have filed for bankruptcy.
You will have to pay a very high rate of interest and you will have to provide guarantors for each and every transaction you make. Apart from this, we will also have to suffer social embarrassment. On the positive side, it is legal solution and nobody will take you to a court of law and punish you for not repaying the debt.
As on date, there is another solution which is as effective as a bankruptcy but is a lot better than any other solution. That solution is known as debt settlement. As the name suggests, you settle your debts by getting in touch with your lender and requesting the credit card company to give you fifty to seventy percent discount.
You promise you repay the balance amount in a prompt manner. Since you will be entering into written contract with your credit card company, you can rest assured that the contract will be legal. Further, your credit score and credit history will not be severely affected because you have repaid at least a part of the amount owe. Finally, you can escape all the embarrassing consequences of bankruptcy.
Apart from these two solutions, there are many other debt relief solutions in market. However, none of them actually eliminated debt. They simply help you manage your debts better by postponing the repayment tenure or reducing the interest rate. As far as legal solutions are concerned, it either has to be bankruptcy or settlement.
If you are interested in bringing your debts under control, just loan to the World Wide Web and check out debt relief options. You can find bankruptcy attorneys and debt settlement service providers online.
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