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Most people are in the habit of paying for all daily utilities with credit cards. It is therefore very easy to end up overusing credit cards. This is the reason that most people end up with huge credit card debts. These debts have a very high rate of interest as they are unsecured loans.On the other hand a common debtor has many other loans as well. Hence at times he or she ends up with massive debts. Credit card debts are especially difficult to repay due to their high interest rates. If you feel that you have accumulated huge debts and are unable to repay them, you need not consider bankruptcy as the only alternative.Nowadays, many options like debt settlement, debt consolidations etc. are available for debtors who are burdened with debts. If your income is not sufficient for you to pay the amount of loan installments every month, it is best to consider debt settlement. In this process you can negotiate the loan amount with the creditors and reduce it.In case of unsecured loans like credit card loans, this amount can be reduced by almost 50% of the original amount payable. You can then repay the negotiated amount as a lump sum or in equated monthly installments. The interest rate on this amount payable can also be negotiated and reduced. The debtors can also request the creditors to waive off the late payment and non payment penalty charges levied on them.You can reduce the burden of debt further by opting for other methods along with debt settlement. You can opt for debt consolidation under which process several loans are paid off with a single one. Repaying the loan becomes more manageable with this process as there is only one installment to be paid every month instead of several. The interest rate on this consolidated loan is also lower than the collective interest to be paid on several loans. The amount payable can be further reduced by converting the unsecured loans into secured ones. The interest rate on secured loans is much lower than that on unsecured loans.For the millions of Americans who are at least $10 k in unsecured debt, it would be financially prudent to consider the debt settlement option. Creditors are very worried about collecting their debts and legitimate debt settlement companies know exactly what methods to use to get your creditors to agree to eliminate a certain percentage of your unsecured debt. To locate legitimate debt settlement companies in your state check out the following link:Free Debt Advice(http://www.freedebtsettlementsolutions.com/) Article Tags: Credit Card, Debt Settlement, Amount Payable, Interest Rate
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