Credit card bankruptcy happens when you cannot pay off your monthly debts owing on your credit card. It is very easy these days to get into debt using your credit cards. It is very easy for people to charge many items onto their cards, not worrying about how much they owe until the end of the month when they receive their statement.There are many ways in which you can avoid filing for credit card bankruptcy. The first way is through a debt settlement. This is when you make an agreement with your creditors that you don’t have to repay the full amount that you owe them. This is great because you don’t have to worry anymore if you can’t pay off your monthly bills. There are criteria that you will have to meet in order to do a debt settlement, and this can sometimes get frustrating.Another alternative instead of filing credit card bankruptcy is by getting a debt consolidation loan. You will need to have a house, or other assets to use as collateral. Just remember that you still have to pay this loan back. Although debt consolidation is another good option for you instead of filing for credit card bankruptcy, it is also bad in a way, because you are just digging yourself a deeper hole by borrowing more money that you will later have to repay.It is possible for you to contact your credit card company and ask them if they will give you an interest rate deduction. Some companies are willing to do this for you, but others may not be.