What's the best way to deal with large amounts of credit card debt? From what I know the three ways to deal with it are debt relief companies that negotiate with your credit card companies, bankruptcy and debt consolidation loans and I don't make enough money to qualify for a loan.
The best way, of course, is to offer what we in the USA colloquially refer to as "the bird", especially if you don't have any seizable assets, which you could always just liquefy before they have a chance to if so. Then you just close all your bank accounts and say good-bye and good-riddance to depending on banks or caring about their systems of checks and scores (which I did long ago). It also helps (it's less annoying) to learn to live in such a way that it becomes very difficult for them to contact you. Oh, and secure as much bitcoin and precious metals as you can (and learn to live) by participation in the counter-economy, so they can't "garnish".
Probably not the answer you were looking for, but that's the way I would personally handle it... and then just vow to never sign any kind of contract or take any type of loan or card from a banking institution, ever again, or have any dealings with anyone who insists on running a credit check.
It may seem scary to contemplate such a thing, but I can attest that the increased degree of independence and personal sovereignty is well worth it.
OK thanks xochinla.
Depending on how much credit card debt that you're carrying. Chapter 7 bankruptcy might be at least worth looking into.
If you've got a new car or a motorcycle loan these assets would likely have to be surrendered to the bankruptcy trustee.
I'd also suggest contacting your creditors directly, and state that your contemplating bankruptcy they might be in position to close out and settle your account, or, if nothing else reduce the interest on the total debt.
Get a new card.Max it out with a cash advance.Create a new bank account and deposit the cash into it.Get a bank loan using the new account as equity.Deposit that into your new account then get a bigger loan using your larger balance as equity.Continue this process until you have accumulated about $50 million or so. Open a Cayman Islands anonymous account and deposit the $50 million into it.Book a first-class air ticket to the Cayman Islands.
Up to this point you have done nothing illegal.
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