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How I Got Out of Credit Card Debt Easily with Help!

This is a true story of a friend of mine closely related to me how e got out of several credit card debts and personal consumer loans he owed to several financial institutions. I am sure anyone can get out of credit card debt if he or she can apply the same strategy. This should not be difficult for anyone because it is 100 percent manageable and doable. It is not a fabricated story. For the sake of protecting privacy, identity of the main character is kept private. This is how he narrated the story to me. Story is in Indian context and real and can be motivating and applied in similar situations. Here is the practical way of getting out of debt. The story goes like this.

I come from a joint family with 9-5 job in a corporation with $ 1000 per month salary. My father was having several problems and was not in earning position. As soon as I finished my high school, I had big challenges of providing bread and butter to my family of seven members. I got a small job with meager salary. We had a very small house with little market value. Father remained sick of several ailments and I had to look after him also. In the mean time my two sisters grew young to be married soon. In the Indian context, if father is not earning, it becomes responsibility of the brother to look after the obligations. Over time, I gathered six credit cards. The items for which I used my credit cards included mainly household grocery expenditure, traveling, medication, and some time entertainments and cash drawls and sometimes on luxury items.

For complete 4-5 years I continued making minimum payments. A time arrived when I had to pay one minimum payment by taking money from other credit card which is a worst situation.

The creditors started charging penalty and higher interest rates and penalties and a situation arrived when I found myself helpless to make even minimum payments. In the mean time, credit card companies started sending threatening calls and letters and threatening me of the legal action and other consequences.

The situation was totally out of control and I was unable to keep a track of the piling credit card debt so long I was able to make the minimum payments. So long as I made regular minimum payments, the credit card companies felt happy.

This was time I had to find a way to get out of the situation otherwise I would lose my job and face legal action.

I borrowed money from a friend of mine and paid to one credit card in full by negotiating with them to remove the penalty and excess interest. This was of little help.

Thereafter, a great friend of mine came to my rescue. He offered $ 20000 and offered me full help in drawing up a plan to repay all the debt in lieu of a small payment.

Having cash available with me, I contacted all the creditors one by one and negotiated with them to removing penalties and repaid all the debt one by one. Thus, I got out of debt after years of paying interest, penalty and minimum charges.

Moral of the Story

Do not hesitate to take help of friends or relatives when you are in financial trouble. Also, do not hesitate to negotiate with the creditors. Tell them truth while requesting them to lower interest and remove penalty which they are likely to accede.

Remember, there is light after each night and gain after every pain and you will get out of the dark tunnel soon, if you have full faith in yourself and God.

Vivek Kumar is an experienced writer writing articles of public interest for dissemination. You can find more articles like this at on the specific category page. You are permitted to use this article on your blog or website in its original form keeping the links unchanged giving full credit to the writer. The article is protected with Copyright and we regularly search for any misuse.


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