Credit Card Debt Solution

I have several credit cards - all of which I have paid timely & slightly above the minimun - Now, I get this BOMBSHELL that increases my minimum from 2% to 5% on the largest balance card I have. Granted the interest rate is a mere 3.9% but the difference in the minimum is HUGE. I see & don't trust so many advertisements & gimmicks - I just don't know what to do. Any help would be appreciated!!

My credit is great now, but there was a time that it was horrible, and I mean HORRIBLEI did not use a credit card debt solution from any credit restoration companies. I did it all on my own.

Step1-Cut up all CCs
Step 2-Get a repayment plan w/ every creditor you have. Citibank dropped my interest rate to 0% during my repayment period. BOA dropped it to 2%.
Step3-Pay as much as you can, not just the minimum amount. Paying only the minimum amount is what got me into so much trouble in the first place. I made every payment on time, but did not pay what I knew I could. It ended up getting me into a lot of trouble.
Step4-Do no apply for any new lines of credit until all debt is paid off. Each inquiry will ding your credit report.


Good luck!

2009-07-04 11:37:04 by confused

www.coastalcreditsolutions.com our mission is to provide consumers like yourself a personalized unbiased financial analysis and then match you ...

I owe 10 grands including all of my credit cards, I don't make a lot of money at this moment and think about appealing to credit card debt problem solution, should I do that or no???
I'm stressing out and agitated by it.

What is the difficulty in resorting to both the options? If you do not make any payment, the credit will go up with the penalties mounting up. The credit card is a menacing hound that will not leave you in peace even in your grave. I wonder who invented credit card. I wish all responsible governments abolish credit card system, for it is a drain on the economy of the individuals,.

2008-05-28 14:11:44 by Jon K

Price: $9.99

What is the best solution for credit card debt?
I am way in over my head, I have 6 credit cards and I'm over $40,000 in debt. I have tried to take out a loan at the bank to consolidate but i got turned down. I need HELP!

You have heard it before. Pay minimum on all your cards. Take the smallest amount you ouh on one and double or triple the payment. When it is payed off cancel that credit card. Then take on the next in line. Put the money you were paying on the one you just paid off and apply it plus the payment you were making on that card. The hard part is the first card, after that it begins to gain speed. The main thing is not to use the cards any more, leave them at home. If you do not have them you can not use them. And to cancel them as soon as you make that last payment.

2008-07-10 16:57:57 by Twin father

Price: $4.99

This is a tad embarrassing, but coming from a lower middle class family and having to almost fully put myself through undergrad and law school, I have racked up a significant amount of credit card debt. I barely make my monthly payment and cannot seem to save any money. My question is if anyone has used those companies that claim to reduce your debt and if so what was the result? thank you.

Greetings,

Many, many of these are NOT legit. I used to work for a bankruptcy law firm and we saw plenty of clients who tried to "help themselves" by going to one of these firms and wound up getting ripped off and further in debt.

The worst of them do the following: Tell you that you must pay them $xxx per month and they will "reduce your debt" and then serve as a debt management company distributing your payment to creditors. What they ACTUALLY do is never even contact a single creditor, make off with the first 3 or 4 months worth of payments you've made to them and disappear into thin air. Our state's attorney general has been chasing after a gaggle of these companies for years, but they come and go like mist in the night and it is extremely difficult to nab the bad actors behind them.

The very very best of them (and there are VERY few of these) might manage to reduce your INTEREST RATE that you are paying to around 10%. Then they will collect the money from you and distribute it to creditors, adding monthly fee on top of that.

There is NO - repeat - NO credit card company (regardless of what anyone else might say) that will "reduce" the total principal owed as part of a payment plan. At BEST they will reduce the INTEREST RATE you are paying (which can make a difference). You don't need a "credit card solution company" to negotiate this for you -- if your credit card company is willing to do this at all, you can just as easily negotiate it yourself.

Also ... all these credit card solutions that urge you to "consolidate" your debts -- the main point to remember is: You can't borrow your way out of debt.

Either you can pay the debts you owe or you can't. If you can't, bankruptcy may be the solution (note: student loans cannot be discharged in bankruptcy).

Good Luck!

2009-01-26 12:01:33 by TR

There are many companies providing these services for the reasonable prices.
If you are not aware that, credit card companies will lower the amount you have to pay when they find that you are in trouble to repay the entire amount. You can negotiate to the credit card company and reduce the amount.
If you have debts in different banks or credit cards, you can consolidate by paying the high interest rates loans first using the low interest rates loans. These are some of the ways to get a relief from credit card debt.

2009-11-10 02:21:01 by sar