How to Reduce Credit Card Debt - You Can Now Get 50% of Your Debt Erased!

The recession has allowed more and more Americans to discharge 50% of their past due balances on charge cards. Did you aware that may take over 20 years to pay down a $10,000 balance on a credit card? Many US citizens, because they have been educated by the credit corporations don't understand how to reduce credit card debt.

Here are 3 sad facts about credit cards.

Fact 1: $10,000 can turn into $30-$40,000 and a trip to bankruptcy court if one is not careful, this may all be avoided.

Fact 2: These cards were never designed to be paid off in charge companies do not want to learn how to reduce credit card debt.

Fact 3: Owning a CC is a primary step towards bankruptcy, as 95% of all bankruptcies resulted from card debt.

95% of all bankruptcies are result of past due balances owed to card institutions that can never be paid off. the average American consumer will carry up to $10,000 in unsecured CC debt that they would never be able to pay off in this lifetime. Another fact about CC debt is a simple $1000 charge will take you 25 years to pay off a 12.5% interest rate if you only make the minimum payment. Financial institutions keep everyone in the dark about this through creative advertising.

The average American is not aware of how to reduce credit card debt as they have received an intense education from their financial institution on how to charge their way into poverty. This does not have to be. There are no private companies that have begun to work with the public that have released a free information that would show any American consumer had cut their debt in half.

How to Avoid Getting Sued Over Old Credit Card Debt

If you have old credit card debt that you never paid and it is a large amount then it is possible that at a later time you may get a summons to appear in court. It is possible to get sued when you have not paid a certain bill but you can take steps that will help you to avoid finding yourself in a courtroom.

First you always want to negotiate any old credit card debt that you have because this debt gets bought up by other companies. These companies will try any means necessary to collect the debt from you. In many cases these companies will be willing to settle the old debt for a fraction of its original amount. You have to remember that they have bought the debt for pennies on the dollar and anything they can recover is profit for them.

It is easy to ignore the debt when you do not have the money to pay for it. It is possible that this old debt will come back to haunt you until the statue of limitations runs out.