If you cannot afford to pay your credit card debt and would like to avoid bankruptcy, how can you overcome the burden of too much credit card debt? The answer is simple. Just stop paying that unsecured credit card debt. Focus on more important monthly necessities and secured debt.
If you cannot pay, do not attempt to settle the debt and saddle yourself with more payments. That simply prolongs your financial stress and bad credit.
Yes, bankruptcy does offer you protection from creditors, while this selective, informal bankruptcy does not. But, you can avoid debt collectors with the Fair Debt Collection Practices Act (FDCPA) and local consumer protection laws. That will prevent a ten-year stain of bankruptcy on your credit report. Read more »