For many people, once their debts have built up to a point where paying them off over time seems like an unreasonable task, bankruptcy seems like the only option. When your minimum payments become overwhelming, the appeal of bankruptcy and it’s supposed “quick fix” will often seem like a welcome relief.
For some people it is the best option, but for most people there are alternatives. For example, finding a credit counseling organizationthat can help you get started on a debt management plan. Most credit counseling organizations can help you review your options, bankruptcy included.
There is severe long-term impact to your credit when you declare bankruptcy, so it’s not a decision to be taken lightly. Reviewing alternative options before taking the plunge is important. These are three of the options you can review before making your decision.
Call your creditors
There are many ways that credit card companies can reduce your monthly payments, including an interest rate reduction. By calling your creditors and just asking if they can reduce your rates, you have a chance at helping reduce your minimum monthly payments and making your debts more manageable.
Read more about credit card problems
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