There are millions of people frustrated with the amount of credit card debt they have accumulated over the years, and are wondering how to get out of this mess. The fact is, life in the United States, Canada or Europe is just about impossible to go about without taking on a certain amount of debt. There are many things in life that usually cannot be purchased in cash alone, such as buying a car, house, and other things that cost a significant amount of money. unless of course you go around carrying tons of money or you want to do bank transfers constantly which can get tricky.

The majority of people take on credit cards to help them fund things they necessarily do not have the cash for up front. A lot of times you will see individuals use their credit cards almost like a video game and rack up a ton of debt. For those people out there who have acquired much more debt than you can handle it is wise to try and lower the debt as much as possible or get rid of it completely to prevent future problems.

Those out there looking to learn how to get out of paying credit card debt or are trying to lower the amount owed, it is important to know that once you stop paying and your account closes, they will sell your account to a collection agency that will further try to pursue the debt. These agencies can be much easier to work with than the credit card companies, but your credit score is going to take a hit if you let your account go this far behind. So for those of you with great credit scores and do not want to take the risk of ruining them, you may want to negotiate with your original credit card company first.

If you call up your card company early in the game to let them know you are struggling to make ends meet, sometimes they will have programs which can potentially help you out. If you are honest about your situation and the rep is reasonable they may set you up on a payment plan to help catch up on late payments, or even settle the debt for a percentage of the amount owed. 

The main thing is to communicate with your credit card company or collections agency if it goes this far. The longer you try to avoid the debt, the worse off you will be in the long run.

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, LoanSafe.org. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.