File bankruptcy or chargeoff Christmas credit card debt and other unsecured bills. If you've exhausted all solutions for meeting your financial obligations, it may be in your best interest to file bankruptcy. Although bankruptcy is much the same as simply not repaying debt, it's a legal chargeoff procedure. Both options; however, will have a severe negative impact on your credit score and will make it difficult to obtain new credit at favorable terms. Instead of charging off Christmas debt, consider a debt settlement agreement.
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