How I paid $52,000 in credit card debt in 6 months

by John
(Mamaroneck, NY)

Over the course of many years, I found myself sinking in $52,000 of credit card debt. Like many of you, I thought I did not have many options, other than filing for bankruptcy or maybe signing up with one of those debt settlement companies you hear advertised all over the radio. Alternatively, one can try paying off credit card debts with home equity loans. Of course, you can create a budget that pays off the debt within several years. After exploring all these options, I turned them all down.

For me, bankruptcy was not an option. I was severely in debt, but was not willing to throw in the towel. Debt settlement companies have a consumer failure rate of over 50% and consumers typically end up worst off than they were before joining these companies. Therefore, debt settlement companies was not an option for me either. Nor was I going to pay-off my credit card debt with a home equity loan, as this merely shifted my debt from one area to another, and this approach typically leaves you in a worst position than before. I know, because I have made this mistake in the past. What happens is that you charge up your credit cards, all over again, soon after you pay them off with a home equity line. You then find yourself in a deeper, financial hole. So, this was not an option for me either.

I therefore tried the snowball approach: That is, paying off the smallest debt first, roll that debt payment into the next higher debt payment, and so on, until all debts are paid off. I did this for about a year, but lost the discipline necessary to make this approach work
for me, and I was right back into debt. I then learned that I was not alone with this experience. 45% of consumers who attempt the snowball approach fail, for one reason or another.

Then, after doing considerable more research, I discovered that you can negotiate with the credit card companies and only pay 25 cents on the dollar owed, all by yourself. You can do this within a time span of six months and get yourself out of debt, quickly. There are, however, several bends in the road you need to watch out for:
1) Collection Companies may come after you
2) Collection companies may file law suits against you
3) You may end up with judgments against you
4) Your credit report will be negatively impacted.

Therefore, eliminating credit debt in six months is possible, but it is not without obstacles. These obstacles, however, can easily be overcome. I know, because I have gone through the process, and have came out the other side, in good shape.

Because of my experience, I am in the process of releasing a book I wrote called, "Get Your Life Back in Six Months - Eliminate Credit Card". Information about my book can be found here: However, the book is not yet published, as this writing, January 17, 2011. It should be available within the next month.

In the mean time, if you are sinking in credit card debt and need help, please pay me a visit, as I may be able offer some advice. You can post any questions you may have on my blog and I will respond.

Best of luck to you all and I do look forward to hearing from some you. Stay debt FREE!!


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Feb 26, 2014
by: Jennifer

I'm glad to hear that you succeeded! Congratulations. I think everyone reading these pages need to realize that what works for one doesn't always work for someone else. I actually enjoyed the snowball plan, but that's just me.

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