Feel like your falling for the subtle entices of your credit card? If so then there are some things that you should know before you fall in to credit card bankruptcy instead. Credit card bankruptcy obviously refers to a situation where one does not have sufficient finances to settle their credit card bills. The first step to countering credit card bankruptcy is acceptance and realization. Realize that you have indeed been a spend thrift and accept that something must be done to resolve it. The next step is to crawl out of your broom closet and go about doing something to get yourself out of the mess you’re in without hiding and ignoring the calls from your credit card agencies.

There are a few simple solutions that can help you counter credit card bankruptcy successively. Your first course of action should be to get up the courage and be responsible for your own actions instead of panicking. Call your credit card company immediately and request an easy payment scheme where you can slowly settle off your debts without using the card anymore. Most credit card companies are almost always happy to work with their customers rather than against them. This may not work if you haven’t been a responsible credit card holder in the past.

The next step will be for you to budget out your weekly expenses. Categorize them in to two sections: ‘things that I want’ and ‘things that I need’. Be honest with your self when making this list. Look at all the items on the ‘want’ section and put them on hold for the moment. You have another crisis on your hands. Allocate that money towards settling your credit card bill gradually to get you out of credit card bankruptcy. Also take a rest from the occasional luxuries that you present yourself with for the moment. Do not purchase anything branded or expensive for the time being. Stick to essentials.

Also contemplate if your family or friends can give you a short term loan? If your bill is relatively large, one person might not be able to lend it all to you. The smart thing would be therefore to ask a couple of people for portions of the amount you owe the credit card company. This method though is a short term method of getting out of bankruptcy. Obviously because though now you don’t owe the credit card company, you owe loads of other people. Therefore make paying them back your top priority if you opt for this method. I would advice you though that this should be the very last method that you should contemplate when settling a credit card bankruptcy case.

The next step would be for you to de-clutter your life. Instead of throwing out what you don’t need though, sell it at a rummage or antique sale. EBay is an excellent source as well. Get out of credit card bankruptcy as fast as you can. Trust me, once it’s over with, you’ll feel like a whole new person. Good luck!