Credit Card: How to Escape From the Hangman’s Noose?

The card holder thought that he is shrewd enough to get at least half a dozen of credit cards and again happy to avail fat loans against them. The credit card company thought that it gains big money by lending to such generous money spending people.

Income condensed into frustration

Now, his competence to pay back the loan became low as his income had got condensed in course of time and the expenditure and dues were increased. He could not meet the minimum required monthly payments too and thus every card enters into a state of inactivity and the man into frustration and great stress.

The debt grows on its own with charges of interests and fines with out any concern for the card holder. It is like adding more weight to an obese personality. The credit cards swallow the real income of the account holder consistently and threaten about the imminent bankruptcy.

Weak foundation with loose structure

The basic thing is that such money lending programs of banks and credit card companies are established on a weaker foundation. The pyramid formed with a weaker money base started collapsing. It is constructed with money bricks that do not exist. It is an illusion that all the money accrued with higher interests and fines will come back to support the monetary system. Money is lent again to same persons or others on assumption that the money lent to the card holder will come back with more strength.

Castle broke in the air

But, in reality the people are loosing jobs, getting low salaries and face the high price for essentials and luxuries. The castle built in the air is falling down with a thunderous bang. And again, the repayment commitment is based on the hopeless earning capacities. All have happened because the banks and credit card companies lent 9 dollars to the borrower when they can lend only one dollar as loan. All warnings that economists and planners made are ignored conveniently.

Expenditure is a reality

The money spent is factual, but the future income generation is an illusion, fantasy and a day dream. There is simply no way to solve the problem that is created by spending money that you don’t have. There is no way to get back the money that was generated from no where. These assets are intangible and that too remain in suspended animation.

Loose weight to thin out bad debt

However, the total debt accumulated is to be cleared by some means with out affecting the moderate living of the credit card beneficiary. It is not an easy task. It is just like reducing his body weight through a weight loss program. It needs strong determination, discipline and hard work, besides an external helping hand to liquidate the huge amount in a systematic manner.

What is the legal, logical and ethical way to get him out of the debt?
Generally, the credit card companies prefer to proceed either with the help of collection agents or legally in the court of law to collect the money. Both are creating new unexpected expenses and add more debt to the card holder. It is adding fuel to the fire to destroy the prospects of recovery and whole life scene of the borrower.

Open mind - No reservations

Now, everything is well understood by the banks and credit card companies. They are willing to take whatever they can get back. The debt relief is equally a good concept like that of money lending itself.

The credit card company is also willing to accept an idea to recover a reasonable sum of money in short time. It is simply because that the company may loose the debt in entirety if the card holder prefers to file an insolvency petition to declare his bankruptcy. ‘A penny saved is a penny earned’ holds good for these big companies too.
Debt Negotiation Company with unlimited scope

Now the beneficiary has to select and choose a best debt negotiation company that brings debt relief to the consumer. There are well established and experienced companies to look into the job of negotiation and settlement and drawing a scheme to repay the modified debt. These companies have worked hard in the senate house and involved in the creation of suitable laws.

Credit Card Debt Consolidation Program

Based on the acceptable legal procedures, they have evolved suitable and easily acceptable debt settlement programs. They consolidate all the debts under this ‘credit card debt consolidation program’ and clear them by a new loan that is repayable by installments. Every care is taken to waive and abolish the heavy interest burden and arrive at a sum repayable by the victim of the economic crisis. They make it possible by designing a moderately acceptable life style too.

Great Escape from the Hangman’s Noose

You can find new comfortable ways to reduce your debt by ‘credit card debt consolidation program’ and start living free once again. You should be prepared to live with a well controlled life style that saves money to liquidate the debts in a systematic way.

You have just escaped from the hangman’s noose by a better planning. Change is law of life and we know that you will not get entangled once again. You will not try to build a castle in the air with other man’s money when your economy is in doldrums.