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1. Don’t ignore the summons. When you get a court summons for credit card debt, pay attention to it — and make a plan of action. In many cases, you’ll have 20 to 30 days to respond to your ...
Bankruptcy. Bankruptcy is a legal process that provides relief from overwhelming debt by liquidating assets or creating a repayment plan. Chapter 7 bankruptcy is ideal for unsecured loans (such as ...
Lump-sum settlement. With this negotiation technique, you offer to settle your outstanding debt in one big payment, albeit for less than your balance. For example, you might owe $4,000 between ...
Bankrate insights. If you have more credit card debt than you can handle, you have some options: Stop paying your credit card bill: If you opt for this approach, the debt is turned over to a ...
That’s where debt forgiveness comes in. Debt forgiveness is when a lender or creditor agrees to wipe out all or part of a debt. You may be able to apply if you have unsecured debts like credit ...
Avoid bogging yourself down with negative emotions of guilt or shame. You got into debt to solve a problem, and putting those charges on your credit card may have been the best solution available ...
Here are some examples from different lenders: Capital One: Call the Capital One personal credit card service line at 1-800-227-4825 to start the settlement process. Citi: Call Citi’s customer ...
2. Test the snowball method. With the snowball method, you pay off your debts from smallest to largest. Getting a debt paid off in the shortest time possible is a good motivator that could help ...