Credit Card Debt Elimination

I do not mean Debt settlement; I meant Debt elimination. I saw some websites mentioning something like UCC1 to turn from Debtor to creditor(????). Looked very promising.

Be careful ... alot are scams. They want thousands of dollars up front and get you into a monthly contract of you paying them fees.

2008-07-08 08:35:22 by webby_34

www.finance101now.com Eliminate credit card debt by accruing more savings than debt. Learn to eliminate credit card debt from a registered ...

I've had a company called CDS contact me about debt consolidation of my credit cards. Does anybody know if they're reputable or a scam?

Consolidartion is combining your debt to one easy payment, usually at a lower rate. They can loan you money at a lower rate than what you owe your creditors and payments are spread over a longer period of time. Check with theBBB first to see if there have been complaints filed on them.

2007-02-06 11:35:17 by cancerking

Price: $14.79

i am a college student living on my own and i have credit card debt that isn't that substantial (one card is $450, the other $285), but because i am paying my own way thru school and have other monetary obligations, it is still stressing me out trying to pay it down. can someone give me some suggestions on the quickest and most effective way to help pay those bills off before the increase (by the way: i already have two jobs, so i am working)

The way that makes the most sense mathematically is to pay off the card with the highest interest first, then pay off the other card. However, money is more than just mathematics... otherwise, every mathematician would be a millionaire! :) Instead, the way we spend or save our money is heavily influenced by psychology. So, the method that is most effective for many people is to pay off the smaller debts first and larger debts later, because there is a psychological boost when you pay off a debt, which motivates you to continue tackling debt. This is called the "debt snowball" technique. I highly recommend the blog "get rich slowly", especially the entries from March 28, 2008 and February 5th, 2008. The blog is at http://getrichslowly.org/blog/

2008-04-11 18:39:19 by rebel_without_a_pause1989

I suppose it depends on how you look at it. First, somebody is making a profit or they would not advertise. Where do they make it?

There is no way of eliminating debt without trying to defraud the lender. If I borrowed $50 from you, under what circumstances would you let it go?

You can declare bankruptcy but that is a pretty painful way of doing it. Buying a house would be out unless you already own one. Interest rates on any new debt would be through the roof. Certain jobs, especially with the government and banking are no longer open to you.

2008-01-18 10:11:11 by CeeMo

if i have settled a $1500 credit card debt directly with the bank for only $454.79, what is the purpose of having me fill out a IRS tax form 1099-c? and how will this negatively or positively affect my taxes and/or credit?

(i owed $1500, they said i could pay $454.79 and i will be forgiven the ramining balance of $1050.. so of course i payed the 454.79 to get out of debt lol..i didnt use a debt elimination company, i got the voucher directly from the bank.)

also, any tips or recommendations you can further give me on this issue? i plan to settle with a few other credit card companies in the same way.

Just remember settling debt rather than paying off in full will still reflect poorly on your credit report. Also the 1099-C is needed because you have to claim the remaining balance of the debt $1050 as income on your tax return.

2008-03-26 12:04:41 by Sekaii