MasterCard, Visa, American Express, and Discover. You may have one or all of them in your wallet. You may even have multiples of each card issued by various credit card companies. At one time, you saw these cards as a form of financial security - but now, these cards have become the evil tools of your financial demise. No matter what your initial agreement was with those card companies, there is a way to legally eliminate unsecured debt, although you cannot eliminate all of the debt.

What you cannot do is refuse to pay any of the debt, or make partial monthly payments on your accounts. This can only result in threatening phone calls and letters, detrimental information being added to your credit report, increased debt due to increased interest, late fees, and penalties, and potential lawsuits. You had an agreement to pay the card purchases that you made back to the credit card company, and the credit company will hold you to that agreement - unless they make a new agreement with you.

A new agreement comes in the form of a debt settlement. In this market, the card companies are more than happy to reach a settlement with you for the debt that you owe, allowing you to pay less than you owe without late fees or penalties, and once the settlement is reached, and the terms are fulfilled, you will be completely free of the debt. The amount of debt that will be eliminated varies from person to person, and from credit card company to credit Company, but the average is 60%.

You can eliminate the debts that you have piled up on all of your cards using debt settlements, with the help of a debt settlement company - and then, you can do away with those evil tools of financial demise, eliminating them from your wallet as well.