Hullo. I need help on my debt situation. I total $53k on all my credit card debts and I have just lost my job so I don;t know if I can still be able to pay them, at least anytime soon. i want to know, does credit card debt go away? and how long would it take? i really can't make any payments on it right at the moment and it might take long before i can get a job again. Peace

Hi there,

Credit card debt never really "goes away", but it can be discharged through the bankruptcy process.

not really it goes away but it can be done ...yes, but it will destroy your credit to do it (bankruptcy)

The posters are correct it does not just go away. You are obligated to pay your just debts, but at what cost or percentage?

Run away as fast as you can from debt settlement and debt consolidation programs. There is a better solution.

First of all traditional debt settlement has well over a 70% failure rate, mainly because they provide you no protection from the creditors. They offer to settle your debts for average of 50%, they charge you 15% of your debt as a fee, then you pay income tax on the cancelled debt. When all is said and done you are back to at least 85% of what you started with in costs out of pocket. What did that accomplish for you? All during that agonizing 4 or more year process your credit is in the tank, precluding you from moving on with any of your financial goals. That's a long time to be exposed to lawsuits.

In debt consolidation you are trading an unsecured credit card debt for a secured debt backed by an asset such as your home. That is the worst possible financial blunder ever offered in the credit industry. Could cost you your home.

Why not empower yourself with a unique program that enables you to pay off those accounts for 10 cents to 20 cents on the dollar? That's right 80% to 90% off on the balances your creditors say that you owe. You can be debt free in about 18 months, be protected from creditor liability lawsuits, saving you many thousands $$$ in out of pocket costs, no tax consequences and your credit will be restored at the end of the process. Do your research. Just Google "credit card debt resolution" or "zero credit card debt" and you will find the ultimate solution.

You may also be able to make an application to the court to suspend the bailiff’s action. Your local CAB or an advice agency will be able to advise you on how this can be done. If you cannot suspend the bailiff’s action, it may not be too late to make an offer to the bailiff to repay the debt over a period of time.

Here is the rule of thumb:

If you owe more in CREDIT CARD debt than you make in one year in annual salary, chances are over 90% that you will NEVER pay them off.

If that is the case with you...then file for bankruptcy...just bite the bullet and file for Chapter 7 and get rid of them...yes, it will hurt for 3 to 4 years, and just use it as a lesson to never go that far with them again.

Credit card is the nice way to make easy payment even in the situation when you do not have money. But if we get habitual to use it the debt goes on increasing. Yes, the debt can be paid but it is good to have limited use of this card.

If you are under the high credit card debt then filing bankruptcy will be the right option for you.Bankruptcy law has a provision from which creditors are no longer able to contact with you and give you harassment.