Eliminating Your Credit Card Debt Without Making Payment - Is It Possible

By Author: J.J. Yong
Total Articles: 962
Comment this article

During economy downturn, many credit card holders wish to escape from their debts as they fail to make their monthly payment on time. Some people have lost their jobs due to retrenchment while some are suffering serious loss from their investments. They have no more extra cash to clear their outstanding balances. Is there any constructive way to "delete" the credit card debt completely?

Seriously speaking, we can't avoid ourselves from this particular debt. We need to face it with full courage. Clearing the outstanding balances is essential. In order to become debt free within short period, it is important for you to apply smart way to eliminate your debts without making payment. Here are some useful steps you may apply in getting rid of your debt issues:

Step 1: Send in your request to your card issuer to request for debt elimination

Contact your bank or card issuer to find out the person in charge of your account. Get the officer's name and address so that you can write in a letter to him or her. The letter I mention here is a financial hardship letter. You need to explain to your creditor the real reason ...
... why you can't afford to pay your monthly credit card bill. For instance, you have a big reduction on your monthly income and your budget is extremely tight. You should then request your creditor to assist you to reduce your total debt. You must show your sincerity since you are asking for solution.

Step 2: Attach the necessary supporting documents to serve as proof

Besides writing the letter, you need to prove your financial situation to your card issuer. Your recent paychecks, bank statements, letter from ex-employer, checking account details, loan statements, etc. serve as strong supporting documents. Hence, you are reminded to submit the copies of these documents to your lender.

Step 3: Wait for the approval from your creditor

After you have furnished your bank or your card issuer with the supporting documents, you need to wait for the reply patiently. Your lender needs some time to view the evidence and consider your financial situation. Normally, the lender will send you a letter to inform you whether your request is approved or rejected. In general, when a person is suffering from financial hardship, most of the creditors agree to reduce their debtors' interest rates or give the debtors a break, normally 6 months period. The debtors are allowed to pay back their debts later and no debt collection action is taken during the particular period. As a debtor, you will be able to reduce your stress temporarily. At the same time, you are given more time to look for cash to pay back your debt.

Last but not the least; you are reminded to be realistic. Do not expect your creditor to "erase" your outstanding balances in full. You can only eliminate partial of your debt without making payment. In fact, reducing partial of your financial obligation is considered a big relief. Be positive and I believe you can clear off all your debts easily.
For more credit card debt elimination resources tips, visit http://CreditCardDebtSolver.com