• News
  • Apple Pay
  • Venmo
  • Escrow
  • Usaa
  • Escrow
  • Chime
  • Grubhub
  • Student Discount
  • Reviews
  • Credit Card
  • Electronic Benefits Transfer (EBT)
All About Careers
  • Looking for a Job
    • Six Month Certificate Programs
    • Highest paying agriculture jobs
    • Best paying jobs in industrial machinery/components
    • Jobs at 14
    • Jobs that don’t require college
    • Interview
      • Behavioral questions and answers for interviews
      • Technical Interview
      • Sample thank you email after interview
      • You were fired on an application
    • Job Application
      • Kohl’s Job Application
      • Baskin Robbins Hiring Age
      • Subway Hiring Age
      • Target Hiring Age
      • Apply to hobby lobby
    • Job Profiles
      • Physiologist
      • Golf Caddy
      • Environmental Consultant
  • Student Finance
    • Credit Card
      • Maurices Credit Card Payment
      • How can I pay my Verizon bill? Find the easiest ways!
      • How to Pay my TJ Maxx Credit Card?
      • How To Apply For Dicks Sporting Goods Credit Card?
      • How Suddenlink bill can be paid?
      • How to make Furniture Row credit card payment?
      • Bed Bath & Beyond’s Credit Card Payment Process
    • Netspend Atm
    • Trial deposit Amazon Creditbuilder
    • Transfer Money From EDD Card to a Bank Account
    • Credit online shopping
    • Transfer funds with Routing and Account Number
  • Student loans
    • Increase Total Loan Balance
    • Bad Credit Loans Urban BCL
    • Reduce Total Loan Cost
    • Canceling Student Loan Debt
    • Unsubsidized Student Loan
    • Borrow money from a millionaire
    • H&R block Emerald Advance
    • Chevy offer 0 Financing
    • Days Mortgage Approval
    • Mortgage on 1 million
  • Insurance
    • Subscriber Id Insurance Card
    • United American Insurance Provider Portal
    • Unregistered Vehicle with Insurance
    • Home Insurance Claim Adjuster Secret Tactics
    • Agi renters condo insurance
    • Walgreens accepted insurance
    • Dentist that take caresource
    • Redpoint county mutual insurance company
    • Insurance walgreens accepts
    • Cricket wireless insurance claim
  • Social Security
    • Stop paying child support
    • Home depot health check
    • Beat contempt of court for child support
    • Medical Schools that don’t require mcat
    • Social security Recipients Stimulus check
    • Find 401k Social Security Number free
    • Cash Advance Unemployment Benefits
    • Laminate Social Security Card
  • Location
    • BMO Harris
    • Xfinity
    • Spectrum
    • Ice Skating
    • Tattoo Shops
    • Verizon Store
    • UPS store
No Result
View All Result
  • Looking for a Job
    • Six Month Certificate Programs
    • Highest paying agriculture jobs
    • Best paying jobs in industrial machinery/components
    • Jobs at 14
    • Jobs that don’t require college
    • Interview
      • Behavioral questions and answers for interviews
      • Technical Interview
      • Sample thank you email after interview
      • You were fired on an application
    • Job Application
      • Kohl’s Job Application
      • Baskin Robbins Hiring Age
      • Subway Hiring Age
      • Target Hiring Age
      • Apply to hobby lobby
    • Job Profiles
      • Physiologist
      • Golf Caddy
      • Environmental Consultant
  • Student Finance
    • Credit Card
      • Maurices Credit Card Payment
      • How can I pay my Verizon bill? Find the easiest ways!
      • How to Pay my TJ Maxx Credit Card?
      • How To Apply For Dicks Sporting Goods Credit Card?
      • How Suddenlink bill can be paid?
      • How to make Furniture Row credit card payment?
      • Bed Bath & Beyond’s Credit Card Payment Process
    • Netspend Atm
    • Trial deposit Amazon Creditbuilder
    • Transfer Money From EDD Card to a Bank Account
    • Credit online shopping
    • Transfer funds with Routing and Account Number
  • Student loans
    • Increase Total Loan Balance
    • Bad Credit Loans Urban BCL
    • Reduce Total Loan Cost
    • Canceling Student Loan Debt
    • Unsubsidized Student Loan
    • Borrow money from a millionaire
    • H&R block Emerald Advance
    • Chevy offer 0 Financing
    • Days Mortgage Approval
    • Mortgage on 1 million
  • Insurance
    • Subscriber Id Insurance Card
    • United American Insurance Provider Portal
    • Unregistered Vehicle with Insurance
    • Home Insurance Claim Adjuster Secret Tactics
    • Agi renters condo insurance
    • Walgreens accepted insurance
    • Dentist that take caresource
    • Redpoint county mutual insurance company
    • Insurance walgreens accepts
    • Cricket wireless insurance claim
  • Social Security
    • Stop paying child support
    • Home depot health check
    • Beat contempt of court for child support
    • Medical Schools that don’t require mcat
    • Social security Recipients Stimulus check
    • Find 401k Social Security Number free
    • Cash Advance Unemployment Benefits
    • Laminate Social Security Card
  • Location
    • BMO Harris
    • Xfinity
    • Spectrum
    • Ice Skating
    • Tattoo Shops
    • Verizon Store
    • UPS store
No Result
View All Result
All About Careers
No Result
View All Result

How do I Get Rid of Credit Card Debt without Paying?

Applying for several credit cards can lead to bankruptcy if they are not paid promptly

by Luis O., CFA, FRM
17 December, 2022
in Credit Card
How Do I Get Rid of Credit Card Debt Without Paying

We often apply for several credit cards and use them without realizing the amount that must be paid at the end of the month, which can complicate the financial capacity of the creditors of these plastics.

One of the best options is to declare bankruptcy when unable to pay the corresponding installments of the card. There are other alternatives since this frequently happens due to bad habits and not taking into account when spending money.

Contents

Toggle
  • What to do when I can’t pay my credit card?
  • How to get rid of credit card debt without paying?
  • Filing for bankruptcy
    • Chapter 7 
    • Chapter 13 
  • Debt Settlement
  • Debt Forgiveness
  • Other ways to get rid of credit card debt
    • Refinance and consolidate
    • Management Plan

What to do when I can’t pay my credit card?

Before discussing legal solutions to get rid of debts, you should start managing your financial situation and plan and identify unnecessary expenses. You can give up some costs that are not indispensable for living and stop indulging yourself, at least for a while. For example, by paying a subscription to a digital platform or newspaper, you can cancel it and look for another alternative to enjoy that content.

Another option that we offer you from allaboutcareers.com is to cut your expenses through savings, such as not going on vacation to expensive places, walking instead of spending on gas, cab, or bus, or stopping buying unnecessary things, such as clothes, in case your closet already has enough for you to dress casually every day. 

How to get rid of credit card debt without paying?

There are several ways to get rid of credit card debt, which happens more frequently due to the current economic situation. It can also occur because of not having control over spending and not taking into account the interest accumulated for each month without paying, among other variables that can end in a “big depression” for the cardholder.

Check ➤  How to get approved for business credit card

The option that resonates the most among those who cannot pay their credit card debt is to file for bankruptcy, but other strategies could help you to get rid of a credit card debt without paying. 

Filing for bankruptcy

Getting rid of credit card debt without paying is one of the most common options for those who cannot pay their debt. Although it is frowned upon to declare bankruptcy, sometimes it is necessary to resort to this option, although it is not the only one. It may be the last solution to turn to.

What should be kept in mind is that there are two different types of bankruptcy, and it is necessary to know the precise details that distinguish these chapters.

Chapter 7 

Chapter 7 is the quicker alternative, allowing you to eliminate (unsecured) credit card debt through discharge. This discharge, in this chapter, is given by liquidation; that is, the debtor’s property will be sold or seized to pay off his accounts, but this is not all.

If you file for Chapter 7 bankruptcy liquidation, this filing and “blemish” will be recorded on your credit history for the next ten years after you file for bankruptcy.

Chapter 13 

This chapter does not involve the sale or seizure of property, but rather the court offers a repayment plan for the debtor to pay as required. As long as the person pays the debt in full, their property will belong to the borrower, and if it becomes an unsecured debt, it may be discharged over time until the debt is paid in full, and then they will become a creditor of their property again. 

Check ➤  How do I become a Credit Repair Specialist?

The Chapter 13 bankruptcy will be exposed on the borrower’s credit report for seven years, while the repayment plan may last 3 to 5 years. 

How Do I Get Rid of Credit Card Debt Without Paying

Debt Settlement

Debt settlement can be a solution to stop paying credit card debts legally. This option is used when the lender agrees to a reduced amount so that the debtor can quickly pay off the credit card debt in full.

However, it takes work to agree to a debt settlement since who would want to get less money than they are owed? For this, you can appeal to a conversation between both parties. In this way, you will be able to reach an agreement without the intervention of a third party. Still, this individual negotiation is not the most likely.

On the other hand, you can hire a skilled debt settlement, although it may cost more if the lender does not agree to this professional negotiation.  

Debt Forgiveness

Another option to get rid of credit card debt without paying is debt forgiveness. This legal procedure involves approaching a lender to accept part or all of the debt, which is rare.

However, you can appeal to the lenders to sign the contract to be responsible for the balance owed. While this is unlikely, you can try calling several lenders and making the proposal, as there is no harm in trying, especially in a desperate situation. Another issue to remember is that if the lender agrees to pay the debt, the IRS will collect taxes as a source of income.

In summary, debt forgiveness means that the debtor cannot be sued because he/she is not responsible for the debt since it falls on the lender, so this debt will not be reflected in the debtor’s credit history. 

Check ➤  What is Authorize.net Test Credit Card Number?

Other ways to get rid of credit card debt

After evaluating the options most often used by those who cannot pay a debt in full, the conclusion is that you cannot get out of credit card debt without paying. However, there are other options for spending less on debt.

Refinance and consolidate

This option requires paying money, but it is an excellent alternative to get out of this debt. One condition is to have a good credit score and credit profile. This is refinancing and consolidation. This means all obligations are transferred from one card to another with a lower interest rate than the one owed. In this way, you will end up paying less, and the payment time will be reduced. 

Management Plan

The management plan includes the advice of a credit agency and the services it provides. This procedure is similar to the previous one since the fee is waived, and the interest rate is lower. The difference between the management plan and refinancing or consolidation is that it is optional to have a good credit profile for the former. At the same time, it is a requirement to have a high credit score for the latter. 

References

  • NerdWallet. How Much Debt Is Too Much Debt? | Awkward Money Questions. YouTube, 13 July 2020, https://www.youtube.com/watch?v=lXx2PB2QFYY. 
  • Turbo. “How to Get Rid of Credit Card Debt Without Paying: 3 Ways Out.” TurboFinance, https://www.facebook.com/TurboFinance-105741038056201, 13 Jan. 2021, https://www.turbofinance.com/how-to-get-rid-of-credit-card-debt-without-paying/.  
  • Zinn, Dori. “Can You Get Out Of Debt Without Paying? | Bankrate.” Bankrate, https://www.bankrate.com/personal-finance/debt/can-you-get-out-of-debt-without-paying/. 
Click to rate!
[Total: 0 Average: 0]

Related Posts:

  • Top 30 Graduate Employers
  • What Jobs can you Get at 14 Years Old? + 20 Companies hiring
  • Does filing Bankruptcy hurt your credit?
  • The best online shopping sites with credit lines
  • Pay with Cash App in store without card (Learn how…
  • Rental Properties that accept Bankruptcies near me •…

+ Categories

  • CANCELING
  • COMPARATIVE
  • INVESTING
  • TOOLS

Recent Posts

  • Guide to CFA Exam Prep and Study Materials
  • Guidelines to Keep Your Children Safe on the Internet
  • How a VPN Can Help in Finding the Ideal Job
  • Climbing the Corporate Ladder: A Guide to Leadership Roles
  • What to Know About Getting Started in Remote Work

Cash App

  • Bank cash app on plaid
  • Apps that pay instantly to cash app
  • Cash app bank name
  • Hack cash app with your name
  • Random person sent me money on cash app
  • Send money on cash app without debit card
  • Transfer money from gift card to cash app
  • Cash app payment completed but not received
  • how to add money to cash app card at walgreens
  • Need a debit card for cash app

Doordash

  • Doordash background check take
  • Free food on doordash
  • Make $500 a week with doordash
  • Doordash close
  • How old do you have to be to doordash
  • Chick fil a pickup

Paypal

  • Convert amazon gift card to paypal
  • Transfer visa gift card balance to paypal
  • Make $1000 per day
  • Split payment on paypal
  • Paypal pay in 4 refund
  • How old do you have to be to have a paypal
  • Buy money order online with paypal
  • Increase paypal credit limit

Zelle

  • Chime have zelle
  • Use zelle without a bank account
  • Ally zelle limit
  • Zelle with a credit card
  • Huntington bank have zelle
  • Varo work with zelle

Finance

  • Tjmaxx credit card payment synchrony
  • Kay jewelers credit card login
  • How much does facebook pay for views
  • Free atm for netspend
  • Afterpay declined
  • Does quiktrip have money orders?
  • Bank of america atm check deposit limit

 

Careers

  • APPRENTICESHIPS
  • CAREER INDUSTRY
  • CAREER PATH
  • COLLEGE
  • COURSES
  • COVER LETTER
  • DEGREE
  • INTERNSHIPS
  • POSTGRADUATE
  • RANKINGS
  • REVIEWS
  • SCHOLARSHIPS
  • SELF EMPLOYMENT
  • STUDENT DISCOUNT
  • UCAS
  • UNIVERSITY
  • WORK EXPERIENCE
  • ABOUT US
  • TERMS & CONDITIONS
  • PRIVACY POLICY & GDPR
  • COOKIE POLICY
  • DISCLAIMER
  • JOBS

Contact us: office@allaboutcareers.com

No Result
View All Result
  • Looking for a Job
    • Six Month Certificate Programs
    • Highest paying agriculture jobs
    • Best paying jobs in industrial machinery/components
    • Jobs at 14
    • Jobs that don’t require college
    • Interview
      • Behavioral questions and answers for interviews
      • Technical Interview
      • Sample thank you email after interview
      • You were fired on an application
    • Job Application
      • Kohl’s Job Application
      • Baskin Robbins Hiring Age
      • Subway Hiring Age
      • Target Hiring Age
      • Apply to hobby lobby
    • Job Profiles
      • Physiologist
      • Golf Caddy
      • Environmental Consultant
  • Student Finance
    • Credit Card
      • Maurices Credit Card Payment
      • How can I pay my Verizon bill? Find the easiest ways!
      • How to Pay my TJ Maxx Credit Card?
      • How To Apply For Dicks Sporting Goods Credit Card?
      • How Suddenlink bill can be paid?
      • How to make Furniture Row credit card payment?
      • Bed Bath & Beyond’s Credit Card Payment Process
    • Netspend Atm
    • Trial deposit Amazon Creditbuilder
    • Transfer Money From EDD Card to a Bank Account
    • Credit online shopping
    • Transfer funds with Routing and Account Number
  • Student loans
    • Increase Total Loan Balance
    • Bad Credit Loans Urban BCL
    • Reduce Total Loan Cost
    • Canceling Student Loan Debt
    • Unsubsidized Student Loan
    • Borrow money from a millionaire
    • H&R block Emerald Advance
    • Chevy offer 0 Financing
    • Days Mortgage Approval
    • Mortgage on 1 million
  • Insurance
    • Subscriber Id Insurance Card
    • United American Insurance Provider Portal
    • Unregistered Vehicle with Insurance
    • Home Insurance Claim Adjuster Secret Tactics
    • Agi renters condo insurance
    • Walgreens accepted insurance
    • Dentist that take caresource
    • Redpoint county mutual insurance company
    • Insurance walgreens accepts
    • Cricket wireless insurance claim
  • Social Security
    • Stop paying child support
    • Home depot health check
    • Beat contempt of court for child support
    • Medical Schools that don’t require mcat
    • Social security Recipients Stimulus check
    • Find 401k Social Security Number free
    • Cash Advance Unemployment Benefits
    • Laminate Social Security Card
  • Location
    • BMO Harris
    • Xfinity
    • Spectrum
    • Ice Skating
    • Tattoo Shops
    • Verizon Store
    • UPS store

Contact us: office@allaboutcareers.com

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok