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The Author’s Successful Effort to Eliminate Credit Card Debt

I was once someone who could no longer afford to pay his credit card debt, and who could not afford to settle those debts; Someone who worried about credit card debt summonses, someone who was forced to learn how to resist debt collectors and collection attorneys and to eliminate credit card debt out of necessity.

There I was, short of cash from a recent divorce and from declining sales in my business.  Money was tight.  I had child support payments to make.  I found myself living off credit card courtesy checks.  My credit had been good. My card limits were high.  I knew business would improve eventually.  But, as the months passed and the minimum monthly payments became higher, I had to start using credit card courtesy checks just to make minimum payments.  My credit rating began to slip due to my high usage of credit.  My credit limits were reduced.  I missed a payment here and there.  

I had to do something, but what? . . . file for bankruptcy?  I looked into it.  I spoke to a few bankruptcy attorneys.  But, I had a lot of home equity that would disappear with a bankruptcy. 

Being self-employed, I had had customers who avoided paying me in the past, and there was little I could do about recovering those unsecured debts. I had seen companies not paying or getting reduced settlements from their vendors when business was bad.  Perhaps, I could eliminate my credit card debt without filing for bankruptcy by not paying my credit cards.

I was still more or less current, but I would soon have to stop what had come to total a few thousand dollars of assorted minimum monthly payments.

Fortunately, just as my card limits were maxing out, my business improved to the point where I could pay my expenses and child support.  But, I was not making enough money to make those high minimum monthly payments.  So, I took a deep breath, stopped making those payments and expected the worse.  I spent all my spare time reading about resisting credit card debt collection and court summonses on Internet web sites and discussion forums.  For many hours every day over several weeks, I learned about how to eliminate credit card debt by defending against debt collector tactics and collection attorneys if they threatened to sue me.   As a result, over the next 18 months:

  • I never resumed payment of my credit card debts.
  • I received settlement offers from the banks I could not afford to pay.
  • More than one debt collector called to lie to me that a summons was in the mail, and this was my last chance to make a payment to avoid being sued.
  • I was served with two arbitration awards and beat them in court using what I had learned.
  • I replied properly in writing to many debt collectors and junk debt buyers and never heard from them again.
  • I also got those parasites off my credit report. Two and half years after my credit cards charged off, I was approved for a new car loan. My credit would have been ruined for ten years if I had filed bankruptcy. 
  • My credit card debts were bought and sold.  I repelled each new junk debt buyer and their collection agency or attorney with the proper written communications.
  • Now, several years later, I have a much firmer financial foundation, and I can safely say I eliminated tens-of thousands of dollars in credit card debt.

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