Times are tough, you know that already. You may be drowning in debt with no real way of getting out of it. What you need is debt relief. It pays to know how to get rid of your credit card debt. There are several ways to go about doing this. Take a moment to read the rest of this article and get some tips to help you see the light at the end of the debt tunnel.

If you keep struggling to pay the minimums, you can keep paying your debts for 20 years or more. By that time you will have paid two to three times what you originally borrowed. That's like paying $3,000 for a $1,000 television set. If this does not sound appealing to you then you should find a better way to pay off your bills.

Eliminate My Credit Card Debt

Of the two ways to actually get your credit card balances reduced, bankruptcy and debt settlement are the most effective. With bankruptcy you may not qualify for Chapter 7 which is full liquidation. You may have to file Chapter 13 which comes with a 5 year repayment plan. You still have to pay back most of what you owe. And you get the bonus of ruining your credit for 7 to 10 years or more.

Debt settlement is a step before you file bankruptcy. You will still have your credit rating dinged but it will not be a matter of public record. Your credit score is not a matter of public record.

With debt negotiation, you offer a payment for less than the full balance and the creditor agrees to settle your account. Do you believe a creditor will let you pay only 40 to 60% of what you owe? It is right to be skeptical. The banks have not promoted any kind of settlement program in the news. Of course they would not do this. They do not tell you that you can settle your account and eliminate your debt.

But you can either get over your skepticism or you can stay in debt. The choice is yours. Settle your debts on your own and you can save 40 to 60% on your balances and be debt free in 12 to 18 months instead of staying in debt for the next 20 years.