How To Get Rid of Credit Card Debt? Reduce Payments?

Unless you have a rich uncle willing to give you the money, there really are only 2 ways to get rid of your credit card debt by reducing your debt payments make your payment more manageable. The first is through a debt management service (also often called credit counseling). These services will consolidate your credit card bills into a single monthly payment and they work directly with the credit card companies to reduce your rates and fees. Basically they put you on a disciplined spending plan that will get you out of debt over a period of time (depending on your income situation) as long as you stick with their program.

The second way to get rid of credit card debt and reduce your payments is a more drastic solution yet it will get you out of debt faster. It is by using a debt settlement service. The debt settlement process will actually reduce the amount you owe by up to 60% (not just savings on the rates and fees like with debt management program). Your payments instantly drop based on what you can afford and you make a single monthly payment into a trust. Only when that trust account builds up enough money to pay off your debts one at a time, do the credit card companies get paid. I expain the debt settlement process in more detail here.

Those are the only 2 tactics to actually reduce what you pay month to month unless you have a home with equity you can use to consolidate your debts (or a rich uncle:).