Eliminate Credit Card Debt
Credit card debts are easy to accumulate and hard to eliminate. Since the card owner is asked to pay up only a minimum amount, most credit card owners become complacent once they pay this minimum, quite forgetting that they are accumulating a debt that carries interest at a very high rate, and this debt is compounding. Eventually, they do realize, but may be, by then, it is too late to do anything. This may even lead to bankruptcy filing.
However, there are simple ways of eliminating or reducing credit card debts. One of them is credit repair mortgage. For those who have real estate properties, taking a credit repair mortgage becomes the ideal solution to the credit card debt elimination. Real estate properties appreciate over time and this equity can be cashed for through mortgages. Advantages of credit repair mortgage are: 
1. They are repayable over a long period in equated monthly installments, therefore, the monthly payments are much smaller and affordable, when compared to payments on credit cards and other short term debts
2. Interest on mortgages is much lower than that on credit card debts
3. The interest component in Equated monthly installment of the mortgage loan is allowed as expense for tax purposes. Therefore, interest from EMIs paid in the year may be deducted from the income earned during the year, effectively reducing taxes
4. EMI`s remain constant throughout the term of loan, but the borrower`s income keeps on increasing, making the burden seem lighter as the time goes by
5. Since mortgage loans are repayable over a long period, the value or purchasing power of the amount of EMI at the start of repayment of the loan, and at the end of loan term, is very different. This is because inflation affects the purchasing power of money. Therefore, if cash outflows through EMIs were considered for each and every year, and discounted with corresponding inflation rates, the amount paid to the lender is much lower in value.
This does not mean that only those who possess real estate asset, and can afford to take a credit repair mortgage and can repair their credit card debts. The other alternative for credit card repairs would be to consider liquidation of any of the assets that fetch reasonable amount for clearing the credit card debts, or if possible, to take a simple bank loan on them. Banks give loans on their fixed deposits, and some government securities. Taking loan on government securities purchased to reduce tax burden is advisable, as these are generally long-term securities, and the banks are amenable to grant loans on them.
Bank loans are also cheaper than credit card debts. These loans have to be again paid in equated monthly installment or other payment terms as the bank may decide. Asking bank to offer interest only loans, such that the outstanding is payable only at the end of the term may also help. If this option is also not possible, then possibility of raising debts from cheaper sources, such as friends and relatives may be considered. The loans offered by friends and relatives are essentially interest only loans, i.e., the principal is repayable at the end of the term, which may be extended by mutual consent.
Source/references: How do I get out of credit card debt?
A few credit card companies offer credit cards with little or no interest for a specific period. This is a marketing gimmick, because they recover more than their losses by charging higher rate of interest subsequently. However, this type of offer helps in bringing down credit card dues provided, the borrower holds some securities or bonds, which mature within that interest free period, and the amount from such securities is adequate to clear the outstanding on this new credit card. Pulling out funds from 401K funds is also not a bad idea if this type of debt is to be cleared once and for all.
However, every attempt should be made to cover up the deficit in due course. At times, the credit card company may be open to negotiations, because claiming monies through bankruptcy is a lengthy process, requiring both time and resources. In addition, the credit card company may not recover even as much as what the credit card holder is offering, as there would be liquidator`s charges as well, and the credit card debt being unsecured may not rank very high in priorities. All or combination of any of these options may be used to reduce credit card debts, and bring them down to a more manageable levels or eliminate them altogether.