What are the ways of clearing credit card debt without paying?

I have about $50000 in credit card debt and as of now have a excellent credit history. I just got laid off and there is no way i can pay my minimum payments. I know filing for bankruptcy is one option but is there other options. Paying is not an option.|||Only way is to clear your debits and make arrangement with bank to pay it in installments. Or your credit history will get spoiled for issuing of any future credit card or loan.|||Well besides bankruptcy there's a couple other options. You probably might have heard of them but there is debt settlement and debt consolidation. With debt settlement a trained professional negotiates your debt on your behalf. For instance you have $50,000 in credit card debt if successful a debt settlement company could negotiate your debt to around 25,000. In this program you would still wind up paying some of the debt. Every month you would have to pay a certain amount set up by the settlement company.





Debt consolidation is the other option. Debt consolidation essentially rolls up all your debts into one. You still wind up paying the full amount but it's easier to keep keep track of payments. This probably isn't what your looking for, but I thought you should at least know about it. Other than that bankruptcy might be your only option. I really recommend you investigate these other options before you declare bankruptcy. Most of the settlement companies out there offer a free evaluation to get a feel of your situation. It won't hurt to talk to one. There are a lot of sites out there where you can talk to a Debt expert. Here is just one of the many, but they're good at getting in touch with someone quickly http://www.totaldebtrelief.net. I hope this helps good luck.|||Calling them and telling them what happened. They will tank your credit and interest rates are going up, but for a while they may leave you alone. But in a month or two if you are not paying, they are getting ugly.|||No, the new bankruptcy laws have changed that. You will have to pay some of it.





Bankruptcy does not free you of the debt, it only means that you can't be sued for it. They can %26amp; will attempt to get you to pay by other methods. Make no mistake, courts prefer people pay their dues. Consider, also that some debt is exempt from bankruptcy, that may apply to you.





Should you be lucky enough that they forgive some of the debt, the amount forgiven becomes income %26amp; must be declared You still have to pay the taxman.





Think about seeing a financial adviser or a legitimate credit counselor, they can tell you more. There are a lot of options regarding this, you just need more specific advise then the generic information you will get here.|||I had the same problem of debt getting higher %26amp; higher. The reality is credit card companies don鈥檛 want people out of debt, that鈥檚 how they make money with their interests.





Go to ---%26gt; http://www.mb01.com/lnk.asp?o=2488%26amp;c=918273%26amp;a=52701





They help you for free of Ending debt, just Sign Up, they stop them from trapping you by lowering the rates %26amp; ending your debt within a year or two (depending on your situation).





Hope that helps. . .





Best Answer ^_^|||www.debtbills.com . They can help you get out of credit card debt. They have experienced attorneys that will contact your creditors on your behalf. They have been doing it for more than 25 years.