Cut Credit Card Debt

http://finance.yahoo.com/banking-budgeti ng/article/104407/4-Steps-to-Cut-Credit- Card-Debt

Not trying to shill yahoo, just thought it was an interesting article. They made a point about how different interest rates can be even between major banks.

Sometimes I've been too lazy to even check that.

HiYa handsome snertie cat..how you been?

2008-02-25 19:52:45 by Jacquot- Un chat furieux

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I know how to cut my credit card debt. I know how to save more money. I know I should change auto insurance companies. Why don't I do this (and millions of other people) and what can I do to make myself do this?

Good question. I looked at the credit card situation when I was a teenager and decided I didn't want to have to pay someone else exorbitant percentage rates in order to spend my own money, so never got one. I'm 54 now, never had a card and am debt free, and have been my whole life.
Get rid of them; their only purpose is to make the lending organizations piles of money.

2008-02-12 06:31:11 by R C

Price: $2.99

I have 2 cards I'm paying off. One has interest rate of 28%, the other about 26.5%. I usually pay more than the minimum, but it seems like it"s not making a dent. I don't use the cards anymore. I would like to pay off the cards faster but the rates kill. what can be done?

Look here. It helped me.

2008-10-05 22:29:32 by MS. B

i just registered in a company and they set up a monthly payment with a total a lot less than my current credit card debt. they asked me to start payment right away also stop to pay credit card bills. after several month they would negotiate with credit card companies and i should not worry about those bills any more. sounds too good to be true?

There is a real risk of being taken to court and having your wages garnished with these types of programs. If you don't want to take that risk, then cancel the program ASAP....and cancel any checking account that you gave them access to debit money from your account.

Debt consolidation is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator....this entire fee goes towards building a settlement account and to the consolidator's fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. You can never predict how your creditors will respond to the deliberate defaulting of your accounts...they might settle at 50%...or they might serve you a summons, take you to court...and if they win, you could be looking at wage garnishment.

None of these “debt consolidation” firms have the power to force your creditors to accept settlements. Your creditors have the right to refuse these terms and take you to court.

A better option is entering a Debt Management Plan (DMP) with a non-profit credit counselor like CCCS (Consumer Credit Counseling Services). They can negotiate lower payments and interest rates. They do not negotiate settlements.

They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program....so don't use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you're enrolled in the CCCS debt management program.... Otherwise, it can be a very good way to deal with your debt.

2009-04-07 17:52:35 by mei

I have $6400 in Credit card debt. Could I have that cut in half or reduced if I pay it all at once. Maybe $5000 if I pay off all of the cards at one time? or something lower?
Can I save money by paying off all of my debt at once?
Can I settle with the Credit Card Company to pay off my cards completely with 40%-60% of the balance?

They'll probably let you pay $6,300 if you insist.

2009-09-29 08:24:49 by jbizdomu