When it comes to credit card debt relief, the major media advise us to follow bank party lines.  They run articles on budgeting, cost cutting, debt settlement, debt counseling and bankruptcy. These articles are either written by or quote consumer financial experts and/or attorneys.  According to these experts, the only solution for those of us, who cannot pay their credit card debt, is bankruptcy.

Confronted with the options of bankruptcy or paying the monthly credit card debt, too many consumers, who really cannot pay, sacrifice monthly necessities, even mortgage payments, to pay their unsecured credit card debt. That is because they have been brainwashed by self-serving financial experts and attorneys.  Attorneys have one solution to debt that cannot be repaid.  That would be bankruptcy.  Financial experts would not dare risk their reputation by publicly recommending that consumers who cannot pay all their debts skip their monthly unsecured credit card debt payments.

An attorney writing for a local New Jersey newspaper website first wisely suggests that people with credit card debt problems avoid falling victim to scam companies who guarantee to “erase debt for pennies on the dollar.”  But then, she goes on to offer the typical safe (for her) financial establishment solutions. The first two assume the consumer can afford to make payments.

• Contact the credit card company: to work out a modified payment plan.
• Contact a credit counselor to learn Credit Card 101 budgeting.
• Consider bankruptcy: She even recommends Chapter 13 bankruptcy, advising you will not lose your mortgaged home if you have a stable income. However, if you file a Chapter 7 bankruptcy, she says, you might lose your assets.  [Since the Bankruptcy Reform Act of 2005, if you file Chapter 13 and you have a stable income, you will be subject to a five year payment plan for some unsecured debts including credit cards.  Most states have Homestead Acts that protect a homeowner’s equity during bankruptcy. But, she knows that.]

Unemployment, medical catastrophe, student loans — many people have legitimate reasons for not being able to afford their credit card debts. Credit card indebted consumers, who learn how to properly resist debt collectors and collection attorneys in writing, will fare better by simply not paying their credit card bills, as I did, rather than seeking the legal protection of bankruptcy to do the same thing.  There will be less damage to their credit and no permanent bankruptcy mark on their credit report.

Finding credit card debt relief is a learning experience. Get started with my free 11 Reasons Why You Can Survive the Non-Payment of Credit Card Debt.

List of other related external websites that you may find interesting below. Although I may not agree with all views expressed in the them.

New Underwriting Safeguards in Place in Peer to Peer Lending Via ...
Tips on Using a Credit Card Debt Reduction Calculator
Can you really Legally Erase your credit card debt? - Yahoo! Answers
Lynnette Khalfani-Cox - Wikipedia the free encyclopedia
Money & Main Street Video Archive on CNNMoney.com