How to Legally Eliminate Credit Card Debt Without Bankruptcy or Credit Counseling

Mon Jan 28, 2008 8:40am EST

* Reuters is not responsible for the content in this press release.

How to Legally Eliminate Credit Card Debt Without Bankruptcy or Credit

    NEW YORK, Jan. 28 /PRNewswire/ -- Twice a day, someone walks into the
office of consumer lawyer Michael Mack, overwhelmed by credit card debt, with
the belief that the only way out is through bankruptcy or credit counseling.
However, an overlooked legal strategy exists that is a legitimate alternative
to bankruptcy and credit counseling.
    "What credit card companies and debt collectors don't want you to know is
that most of your debt can be legally eliminated without filing bankruptcy or
being stuck in a never-ending payment plan," says Mack, who used to represent
banks and credit card companies before helping consumers.
    Bankruptcy and credit counseling are both options that generally have a
negative long-term effect on a person's credit report. And, because of new
bankruptcy laws, many consumers are forced to pay back their credit card debt
through a five-year payment plan. What most people don't know, however, is
that it is possible to settle debt for a fraction of what you owe, without
declaring bankruptcy or ruining your credit.
    Those consumers who find themselves deep in debt must be proactive and
learn about laws and practical strategies that can protect them against
aggressive creditors. "Most consumers in debt can avoid bankruptcy by working
out a compromise with the credit card company," says Mack, who is also known
as "The Credit Man" (, and is author of the book "How
to Instantly Eliminate Credit Card Debt: Without Bankruptcy or Credit
Counseling" (Microdebt, 2006). Mack goes on to say that "Most consumers don't
realize they have real power. People can settle debt for pennies on the dollar
and, in some cases, eliminate their debt completely without paying anything
    How can this be so? The "dirty little secret," according to Mack, is that
many creditors, when pushed, can't prove that the debt is legally owed, and
there are laws that protect consumers.
    "They won't freely admit that they have a real problem, so if you, the
consumer, know what to say, who to say it to and when to say it, you can get
the creditor to make huge concessions which can save you from financial
disaster," Mack says.
    Over the last 10 years, Mack has successfully wiped out more than 125
million dollars in consumer debt for thousands of consumers: "Credit card debt
affects people of all ages and all professions. And many of these people would
have ended up in bankruptcy court if they had not discovered a legal
alternative. Very few people know this solution exists."
    Cher Murphy
    (703) 323-5976


Cher Murphy of, +1-703-323-5976,
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.