The art of misuse of credit cards has entangled many in the webs of debts. You may have looked out for options, even considered filing bankruptcy, but to no effect. If you want to come out of this dire financial crisis without having to face the ill effects of bankruptcy, here are some things to consider: If you are sinking deeper and deeper in debt and are unable to find a suitable fix, look for all the possible options available that you have not considered before. With the increasing number of defaulters in the financial market the institutions too face uncertainty with money lending. Both the debtors and creditors work to get out of this tremendous pressure of debt payments and collection. Declaring bankruptcy can be a popular way to get rid of this financial trauma. However it results in lowering your credit score and that can be disadvantageous for securing future loans. In order to avoid such problems it is better that you work on eliminating your unsecured debts. According to various programs of the federal government, there is a continuous inflow of money for the firms lending money. You can get into debt settlement with these banks and negotiate your debts and interest rates for an affordable amount. You can look for interest free personal loans from friends or relatives to pay off other unsecured high interest debts. You can also settle your debts directly with the creditors by convincing them for debt settlement. The process will help in reducing your unsecured debts upto 60% from the original amount and avoid bankruptcy at the same time. Debt settlement unlike bankruptcy will also save your credit score from being drowned. As such you can be entitled for future loans easily. If you have multiple unsecured debts to repay like credit card loan, home loan etc., it may be a difficult task to deal with the creditors. The creditors will keep on harassing with threats and abusive actions to retrieve the lend amount. To avoid these situations you can seek help from a professional debt settlement firm. The firm can appoint an bankruptcy attorney who will work specifically to eliminate your unsecured debts so you avoid filing bankruptcy. They can also guide you with a budget plan that would help you spend wisely. Reckless spending or overspending can increase your already existing debt burden. There are some primary steps that you need to take. List all the financial aid that you are taking and calculate the total amount of debt that you have for each month. This can help you to know your financial standing and you can plan likewise. You can also look for some alternative sources of income to pay off your unsecured debts. If you can supplement your income with some other sources, eliminating unsecured debts can be easier. If you file bankruptcy your credit score will be hampered to a great extent and the restoration process will also be difficult. As such it advised that you opt for bankruptcy filing only when all other options fail.