{How to Eliminate Debt|How to get rid of Debt|How to Get Rid of Debts|How to eliminate credit card debt|How to get rid of credit card debt}

{Everyone's debt situation is unique and determining what will work best for you begins with categorizing your debt.|Each person's debt situation is unequaled to anyone else and realizing what will be the best program for you starts with classifying your debt.|Everyone's debt circumstances are different and figuring out what methods work best for you starts with sorting out your debt.} {Whether your debt is secured or unsecured significantly effects the measures you can take to eliminate debt.|There are a variety of ways you can handle and eliminate credit card debt.  The nature of your debt - secured or unsecured - may play a big part in determining what means are available to you.|If you want to eliminate credit card debt, you should determine whether your debt is unsecured or secured, because it significantly effects your options.}

{Secured debt is a loan which is "secured" by property.|A loan which is secured by property is a secured debt.|A secured debt is a type of loan which uses your property for collateral.} {Simply put, if the bank can come and take something from you if you don't pay|Simply said, the bank is allowed to take away from you a property you own if you don`t pay.|In other words, this occurs when the bank can claim some belonging of yours if you do not repay them.} {(ie; home, car)|(ie; house, auto)
|(for example, your vehicle and homestead)} {then the debt is secured.|then the liability is protected.|so the debt will be secure.}

{Unsecured debt is the most common type of debt and is typically in the form of credit card debt.|Of the many kinds of debt, unsecured is most frequently found and usually in the shape of credit cards.|Unprotected Debt Is Found To Be The Most Normal Type Of Debt Which Is Typically In The Form Of A Credit Card Debt.}

{Eliminating Unsecured Debt

The three most common ways to eliminate unsecured debt are
1.|Getting rid of unsecured debt
There are 3 primary ways to get rid of unsecured debt, and they are
I.)|There are three ways to get rid of unsecured debt, they are:
1.}{paying as agreed
2.|paying as decided
2.|making payments as agreed upon
2).}{bankruptcy
3.|insolvency
Three.|going bankrupt
3.}{reaching a settlement with the creditor for less than the balance due – also known as debt settlement or debt negotiation

Bankruptcy is rarely a viable option.|There are methods of resolution like debt settlement and negotiation.  These involve paying a percentage of the amount actually owed.  So you can see that bankruptcy is not a necessary solution.|Reach to negotiation and settle the debt amount...this is How to Eliminate debt.} {Due to the changes to the Bankruptcy Law in 2004 by the Bush administration, estimates are that less than 10% of people who file for bankruptcy are successfully discharging any debt.|Because of the alterations to the Bankruptcy Law in 2004 by the Bush government, guesses are that fewer than 10 percent of people who file for insolvency are effectively releasing any money owing.|The Bush administration changed the Bankruptcy Law in the year 2004, due to which it is estimated that less than 10% of people filing bankruptcy are able to discharge any debt successfully.}  {Most have to pay it back now under Chapter 13.|Under Chapter 13, it has to be paid back by most, now.|Chapter 13 requires that the majority of people pay it back.} 

{Credit Counseling and Debt Consolidation services typically focus on eliminating your debt by settling with your creditor for less than the balance due.|Credit Counseling and Debt Consolidation services  focus on how to eliminate debt by debt settlement and debt negotiation with your creditor for less than the balance due.|Consolidating or counseling focus on the elimination of debt by coming to a set amount with your creditor, that is less than what you actually owe.} {These services are typically owned by large banks and credit companies and typically charge a fee.|The services you can use to eliminate your debt are often owned by banks and credit card companies and they usually charge you a fee.|These services are basically owned by large banks and credit companies and they always charge a fee.} {The good news is, this is something you can do on your own.|However, this is something that can be done on your own, so that's good news.|The upside is that you can do this without assistance.}

{Settle For Less than the Balance Due

The key to a successful settlement is leverage.|Settle For a Lower Price than What is Currently Owed

Leverage is the secret to a triumphant settlement.} {If a bank thinks they can get more out of you, they will not settle.|If banks feel they can squeeze more from you, they won't agree to a settlement.|A bank will not complete a settlement if they think they can get more money from you.} {This means that you may have to go months without making any payments.|Not having to make payments for months may be the way you will have to go.|This means that you may have to go months without making any payments.
} {This will reflect poorly on your credit report and affect your credit score, but it is a necessary to obtain a good settlement.|Your credit score will be affected and that will also be reflected on your credit report, so what you have to do is to make a good debt settlement. |You can obtain a good settlement, but it will look poorly on your credit report and negatively affect your credit score.}

{During the time you are not making payments to the credit card company they will constantly attempt to contact you to discuss it.|During this period, you will not be making payments to your credit card company but they will be trying to contact you to discuss the situation.|When you are not making the payments to the credit card company they would be all the time trying to get in touch with you to discuss it.} {This is best dealt with from the very beginning by sending them a letter requesting that they only contact you in writing.|This is ideally dealt with from the start by sending a letter asking that they contact you only in writing.|The best thing to do with creditors is to send them a letter requesting they only contact you in writing so they don't contact you by phone.} {Also, it is very important that you familiarize yourself with your rights under the Fair Debt Collections Practices Act and the Fair Credit Reporting Act.|Moreover, it’s extremely essential that you have yourself acquainted with your privileges below the two acts naming Fair Credit Reporting Act and the Fair Debt Collections Practices Act.|It is also crucial that you know your rights in regards to the Fair Debt Collections Practices Act, as well as the Fair Credit Reporting Act.} {Collections representatives often behave in unscrupulous ways and knowing your rights is your key to fighting back.|Knowing what your rights are is the key when dealing with unscrupulous collection representatives.|Knowing your rights is your key to fighting collections representatives who often conduct themselves in roguish ways.}

{Once you have sufficient leverage against the company it is time to attempt a settlement.|When once you have acquired sufficient leverage against the company then it is time to try a settlement.|You should attempt to make a settlement once you have sufficient leverage.} {A realistic goal would be to settle the debt for between 35%-50% of the balance.|A rational objective would be to resolve the debt in 35 percent to 50 percent of the balance.|You should realistically expect to settle the debt for between 35%-50% because it's much more likely.} {Contact the bank or credit card company directly and they will likely transfer you to their collections department.|You'll probably be transferred to the collections department if you contact the bank or credit card directly.|If you need to talk to the collections department all you have to do is call the bank or credit card company and they can connect you with them.} {Once in touch with the collections representative simply let them know you wish to resolve the debt.|When you talk with the collection agent, you should tell them what you plan to do to take care of your debt.|When you talk with the collections representative communicate to them that you are ready to pay off the debt.} {Typically, they will make you an offer to settle for 65%-80% of the balance before you ever make an offer to pay.|Usually, they will present you with an offer to settle for 65%-80% of the balance before you ever propose an offer.|A typical scenario is that they will offer to settle for an amount ranging from 65% to 80% of your balance before you ever make a payment offer. } {Let them know what you do have; an initial offer of 15%-25% of the balance is reasonable.|You must let them know what you have; the initial offer could be 15%-25% of the balance is quite reasonable.|Show them what you found out and make sure they understand why an initial offer of 15%-25% of the balance is fair.} {They may tell you no or tell you that they have to speak with their manager but continue the negotiation as necessary to settle within the range that you desire.|You may be told the answer is no or that they need to speak with their manager, but don't back down in the negotiation to settle within your desired range.|You may be told that they have to consult their manager but you must continue the negotiations until you have reached the range that you desire.}

{Some credit companies are more apt to settle than others.|Some credit companies are easier to deal with when trying to settle credit card debt than other companies.|There are some creditors which are more inclined to reconcile than others.} {For instance, American Express can be a very difficult company to settle with for less than 60%.|For example, trying to settle for less than 60% with American Express is very hard to do.|For example, resolving anything with American Express for less than 60% is hard to do.} {Search the internet for information on your particular bank or credit card company to see how others have fared.|You can easily rate your credit card company or bank against others simply by browsing the internet.|Check the internet for information regarding your specific credit card or bank company and see how others have progressed.}