How do you legally get rid of credit card debt?

It is a little-known fact (that they would rather you did not know) that banks and credit card companies have contracts which in many cases are unenforceable. This means that it is often possible to simply eliminate bank loan and credit card debts with a single letter.

Most people think that banks lend money they have on deposit from savers and investors, but they'd be wrong. (google "web of debt") for a detailed explanation of how banks conjure money out of thin air by means of what's known as the fractional banking system.

If the debt has got as far as the debt collection agencies, there is likely to have been some unpleasant letters and phone calls. These people rely on making you feel guilty and that you have some obligation to them. In many cases this is simply not true. When asked to prove their right to ask for the money (as long as this is done in the correct legal fashion), they will usually simply go away. They have easier targets to chase.

This may all sound a bit technical and far away from the needs of someone in the grips of lenders and collection agencies chasing a debt, but you need to know this to get free of them.

There are lots of companies offering ways to get out of debt involving paying off the largest interest cards first, taking out consolidation loans, taking a loan secured on property and so on, but these only prolong the agony and are no use to anyone already swamped with debt they cannot pay. To many of these people it may seem that bakruptcy is the only way out, but it does not have to be that way.

Some lawyers offer a service taking advantage of of their knowledge of contract law to beat the banks and there have been some successful court cases, but this comes at a cost.

A low cost solution using the same method has recently been launched by CollectionAgentKiller (dot com). Examples are shown of success against collection agencies after a single letter was sent.

Hope this helps

[[User:81.140.41.197|81.140.41.197]] 08:26, 29 Aug 2009 (UTC)