Youve seen the advertisements online, Wipe out your credit card debt! Terminate Credit Card Debt! Eliminate Credit Card Debt Legally! Can this be true? Is there a way to erase all of your credit card debt, legally, without paying? I havent tried this method personally, but with a little research online, this is what I found:

They Say the Banks Are Responsible

Debt elimination companies allege that when your credit is established and your credit limit is set, the banks are the ones that sign their name and take responsibility for your credit card debt. You can think of this like a co-signer; if you dont pay, they are responsible. They point out that this is why your credit card company can call you, report the debt to creditors, but it is unlikely that they will sue you. If this is true then why doesnt everyone simply ignore their credit card debt and why would these companies take the chance that you will pay them back?

They Say You Can Erase All Debt Because of Hidden Laws

It is also alleged that there are policies, procedures and statutes that banks and other financial institutions are required to follow, legally, that protect you from having to pay. The debt relief companies point out that they know the laws, they have been doing this for years and they understand the loopholes. With their help, you will be able to obtain a clean credit report, and oftentimes even be able to erase the money you owe for this service. Sounds wonderful, right?

They Want You to Buy Their Fix-All Program

What I didnt find in my research, were any companies that were assured enough to offer guarantees. Most want to sell you their sure-fire erase debt legally program, which you must pay for upfront. These super-top-secret programs will help you to become debt free without paying a dimeexcept the dimes you pay for the program and Im betting that there is more money to be paid after you acquire the program.

In the end, I remember two sayings: If it sounds too good to be true, it probably is and, you cant get something for nothing!