Credit card debt is one of those things that at first seems to be a good thing, until you are buried in thousands of dollars and you can barely make your minimum payments.
Sure, it is very fun at first when you are signing for your purchases and it feels like it's free money to purchase stuff, but the reality is that most people do not have the proper skills and knowledge to manage their credit properly and before they even realize it, they have accumulated thousands and thousands of dollars in credit card debt.
This hit particularly hard when people are faced with loss of income due to a medical emergency or job loss.
Suddenly they feel like falling into a very deep hole without any hope of ever coming back out.
If this is your situation and you already owe more than $10,000 then it is time to figure out a plan of attack.
Making minimum payments will not get you debt free and you will pay for many years before you can call yourself debt free.
When you owe $10,000 or more, find a debt settlement company that can help you negotiate with your creditors.
These companies have experience in getting you debt free in 12 to 36 months by negotiating with your creditors directly and reaching a settlement agreement.
Usually this can be 40 to 60 percent of your original debt.
In other words, if you owe $10,000, you could end up paying $4,000 - $6,000 in a fixed monthly payment.
This will not ruin your credit like a bankruptcy and it will help you get your finances under control.