There are many ways to eliminate major credit card debt legally.
Some of these methods are easy and won't hurt your credit.
Others are more complicated and may damage your credit.
Read over these methods carefully and decide which one is best for you.
Method #1 - Pay Off Your Debt This is the most obvious solution.
If you can come up with a plan that works and stick to it, then this is a great way to pay off your debts.
The best way to do this is to first take inventory of your expenses and then come up with a solid X year plan to pay off your debt.
Finally, stick to this plan until you're debt free.
Method #2 - Filing Bankruptcy Another legal way to eliminate debt is to file for bankruptcy.
This will effectively wipe out all your debts immediately.
Unfortunately, this method has the highest repercussions on your credit rating.
Your bankruptcy will stay on your credit report for 7 years, during which it'll be nearly impossible to get credit.
Method #3 - Debt Settlement Finally, you can settle your debt.
Settling your debt is a great way to eliminate major credit card debt without destroying your credit.
Instead of defaulting on your credit cards or filing for bankruptcy, most banks would prefer it if you just paid off a portion of your loan.
They'll often be very willing to work with you.
Depending on your situation, you can usually get up to 70% of your credit card debt eliminated.
Banks know that if you file bankruptcy, they'll get nothing back, so they'd rather take the 30% instead.
With debt settlement, you can be debt free in as little as 12 - 36 months.
Debt settlement does have an impact on your credit, but not nearly to the degree that bankruptcy or defaulting would.
These are some of your options for eliminating major credit card debt legally.
Choose the one that suits you best and stick to it!