For some reason many people are under the impression that they can only consolidate their unsecured credit card debt if they own a home with a home equity loan or debt consolidation loan. But this is not the case. There are many reasons why you would not want to borrow more money to pay off your unsecured credit cards.
The biggest reason is that you are trading unsecured debt for secured debt – your home. You can walk away from your credit card debts without paying them and you will have some consequences. But you cannot once you consolidate them under a home equity loan because you can and many people do lose their homes. That does not sound like a good trade off.
Yes, the thought of a large reduction of your monthly credit card payments sounds like a good idea but not at the risk of losing your home.
It is still very possible to get out of credit card debt when you don’t own a home. You can eliminate your credit card debt legally for pennies on the dollar and you will need nothing more than a notebook, phone, and fax access.
This is do it yourself debt settlement and it is based off of what most American consumers like to do anyways – haggle for the best price to get a bargain. The big Visa and MasterCard companies like Chase, Citibank, Discover, and Bank of America don’t really want you to know that you can get a massive reduction on your debts if you go 5 to 6 months without making a payment to them and then offering a settlement offer right before you accounts charge off and the banks have to declare a loss on your account.
Can you imagine yourself out of credit card debt within 6 months from now? This is very possible with do it yourself debt elimination programs.
Sure, you could try a debt consolidation program or credit counseling or even filing Chapter 13 personal bankruptcy but know that the failure statistics are quite high for all 3 of these debt elimination methods. Your debts are still likely to be there 2 to 3 years down the road when you cannot continue on your selected program for one reason or another – such as job loss, unexpected medical bill or tax bill from the IRS.
You don’t have to wait 2 to 3 years to get some much needed credit card debt relief. You could be credit card debt free in the next 6 months – that’s 180 days.
Go to your favorite search engine and type in “do it yourself debt settlement” and read more about this proven debt elimination method. And that’s how to get out of credit card debt when you don’t own a home.
