Problems need to be solved at the right time before they grow too big and dominate you.
Credit card debt is one huge problem that is bugging most Credit card users.
These users were under a false impression regarding the power of their Credit cards.
They indulged in reckless spending and when it was pay back time they realized that they had no money to do so.
You too may be one of people bugged and debt problems.
There are a very vast number of people out of money and looking for debt relief.
There are film stars and even presidential candidates falling in this category of people.
Some of them are looking for bankruptcy as a solution.
They need to be advised correctly before going in for bankruptcy.
First and foremost is the issue that all debts can not be discharged by bankruptcy.
Acquiring debt without intention to pay it back amounts to fraud.
If you have just blown up the Credit limit on all your Credit cards and now hope to clear it by bankruptcy, be cautioned that things may not work that way.
The arbitrator will never agree to this debt as acquired by fair means.
The second aspect to be seen is the amount of damage that the bankruptcy will do to your credit score.
You will not be in a position to obtain credit at competitive rates of interest for more than a decade.
Compared to this debt settlements will be a far better deal.
You need to make a one time payment to your creditors.
In exchange they will negotiate the net outstanding amount of your debt.
This could be reduced as much as 50 percent of the total amount.
The basic advantage is your Credit will relatively remain unharmed.
So go in for a debt settlement instead of bankruptcy.