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Tuesday, September 01, 2009

Reduce Credit Card Debt

With the credit crunch still very much with us and employment figures getting worse by the week (despite signs that some aspects of the economy are on the mend) people are naturally wondering about the best ways to reduce credit card debt. This goes for personal debt as well as household debt where people may be tempted into such things as consolidation loans.

Those wishing to reduce credit card debt would do well to consider the number of options available. Firstly there is the obvious one of checking to see if your debt is unenforceable. Because, if it is unenforceable, why are you paying so much every month (possibly to a debt purchasing company who only bought the data - i.e. your contact information - about the delinquent account for pennies on the pound anyway, and not the debt itself, which has been written off by the bank for a nice tax break and an insurance claim!).

So how do you rind out if it is unenforceable? Well, you write to the company 'owning' the account and ask for a good copy of the original credit agreement. If they cannot produce it, or if it does not come up to muster according to the 2006 amendment to the Consumer Credit Act of 1974, then it is unenforceable. Now there's a good way to reduce credit card debt!

Other ways to reduce credit card debt include a consolidation loan and taking out an IVA. Bankruptcy should only be considered in the most desperate of situations.

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