So, you have used your credit card irresponsibly and now are thinking of bankruptcy. This is something that is very common in America today. However, one thing that is uncommon is for a student to be thinking on these lines. Credit card issuers pulled out all their stops to earn more profits.
They even sold credit cards to students who had absolutely no idea how to manage their finances properly. These cards were often offered as freebies in student festivals and college gatherings. The end result was that large number of individuals without any steady income had the ability to get debt.
Today, there are many students who have thousands of dollars owed to credit card issuers. For a person with zero income, this can seem like an insurmountable task.
Well, you are not alone in this problem. There are many adults who have lost their job and are struck in the same position as you are. Hence, if you are a student who is facing runaway credit card debt, you should make use of those service providers offering relief for adults as well.
The sensible option is to get in touch with your credit card issuer and lenders and opt for settlement. What does settlement involve? You will be given a waiver ranging from 40% to 70% of the original amount owed along with an installment facility.
Since you will be employed very soon, you have the option of requesting a small waiver and a long installment tenure. In any case, if you employ the services of a settlement company, you will get more than adequate guidance and advice in this regard.
However, do not make the mistake of tackling this entire process on your own. If your parents have not been informed of your credit card debt till date, it is high time you did so.
A settlement will have a negative effect on your credit score. Further, there are many fraudulent companies could charge thousands of fees up front and leave you in the lurch. It is your duty and responsibility to escape such companies.
Rather than trying to solve the problem on your own, it is high time you make use of resources - personal as well as virtual to identify the right settlement company. Only then will you successfully manage your debt problem. You can overcome the same with minimum impact on your credit score and your finances.
Source by S. Suresh