Many consumers who amassed big credit card debt have cut them up and are no longer using them. That's a type of credit card debt elimination. But for those who have unpaid debt and are looking to get out from under it, there are several debt resolution methods available.

Debt settlement and debt management are two programs available to consumers. Each has its own set of qualifications, but both work in a similar manner. Working with a good debt resolution company, a distinct plan is worked out. Most consumers at this stage have missed payments or are already behind. The plan works in that the consumer stops making payments completely. The money that would have gone to creditors is placed in a special, insured account. When the money has amassed to a large enough level, the debt resolution company goes to work. Their expert negotiators contact the creditors and a new principle balance is settled on. Generally, this can be from 15-50% off the original debt. Money is then taken from the account, and the new balance is settled. In the meanwhile, debt collectors stop calling. Creditors know that a consumer is working with a resolution company, and they'd rather see that continue than the consumer declare bankruptcy.

While the idea of just stopping payment may sound frightening, remember that it is a good negotiation tactic. When the creditor stops seeing payment come in on an account, they become very aware that the consumer could default. If they understand that a debt resolution company is working with the consumer, they know they have a chance of recovering a portion of the principle. This is one reason that most consumers are unsuccessful if they try to accomplish this type of negotiation on their own. Creditors don't take it seriously nor is there an account to back up the attempt.

Debt resolution companies do charge fees, and they are very upfront about them. There will be no surprises for the consumer once the contract is signed. Everything is very ordered and mechanical once a plan has been tailored for individual circumstances. Included in these fees are the negotiators, the management of the insured account, and even advocates in case of debt collector harassment. Essentially, they take over and allow the consumer to move forward with their lives.

Credit card debt elimination is possible. It just takes a good plan.