If you want to terminate credit card debt without consolidation, the best way out is to take a do-it-yourself approach.
End credit card debt sans consolidation
Even if some people tend to believe that termination of credit card debt is well-nigh impossible without taking recourse to consolidation, the real picture is different. If you are really keen on getting rid of your credit card debt without consolidation, it is you who should choose your own debt settlement program in what we call a DIY (do-it-yourself) approach. You should keep it in mind that a DIY approach is often considered more acceptable than payments made by others by your creditors.
Debt settlement option
You can follow a process of debt settlement in which you reduce the principal on the unsecured personal debt taking the help of creditor negotiation. As the debt balance is lowered, debt settlement provides you with a way that gives you freedom from debt in a much quicker time. There are many creditors that readily agree to a reduction of the balance by even 50 per cent in their desperation to get back at least a portion of the money due. They hate the prospect of losing the entire amount if you decide to file for bankruptcy. If you want financial stability in your life, termination of credit card debt is an important step in that direction. And debt settlement, not debt consolidation, is a viable strategy to achieve that goal.
There are some companies that offer credit card debt terminating services which enable you to no longer make any direct payments to your creditors. Utilizing such services, you can rather deposit the debt money to a special account. Providers of such settlement services enter into negotiations with your creditors on your behalf trying to fix a reduced payoff amount. Once you deposit sufficient amount of money to the special account to meet your debts, they are automatically paid off.
Bankruptcy: pros and cons
Most people burdened with debt consider bankruptcy as the last resort for terminating credit card debts. They never think of bankruptcy until all other options have been exhausted. However, bankruptcy has both advantages and disadvantages. The positive aspect of bankruptcy lies in the fact that it may bring to an end any legal actions being taken by your creditors that includes foreclosure or repossession. Bankruptcy is also often capable of discharging your debts. One of the main drawbacks of bankruptcy is that it gets included in your public record. You have to surrender control of your assets to the court. If you file bankruptcy, you may be permanently disqualified from some top or sensitive posts. Bankruptcy can also stop you from becoming bonded.
So, other options are open if you want to terminate your credit card debt without consolidation.