Dealing With Credit Card Debt

I want to pay off some major credit card debt and I have seen advertisements on TV before and never bothered to write them down.

Any good suggestions websites that will work with a person in helping me pay them off.

Thanks.

Do not waste your money. Save the money you'll pay in fees to pay off your bills. You can do it yourself.

Ive been repairing my credit for two years now and have almost perfect credit. Use this website to educate yourself.

www.creditboards.com/forums

2007-09-25 17:30:36 by utfan67

www.letsforgetdebt.com - An excellent informative site and service to help anyone with credit card debt. A step by step video talking about the ...

My curcimstances:

I'm 21, a new mom, full time student, and full time pharmacy tech. I don't make a lot...considering my fixed expenses such as rent, utilities, and child care. But I have almost $6,000 in credit card debt as well as miscellaneous debts; which I accumulated throughout my pregnancy becuase I was unable to work and keep up with payments.

I don't have lot to give, and even if I do pay a little it's only paying some of the late charges that I have racked up. I have had settlement offers from the companies, however they want me to pay the full amount which I am not capable of doing at this point.

What do I do? Is there something I am missing....or is credit card debt a never ending battle for those who can't pay off the settlement offers?

Stay away from debt counseling companies. You can usually get everything they get yourself. Try paying minimums on everything except your smallest bill and attack it with a passion. When it's paid off, go to the next smallest. Are you in a church? It's not the reason to go but church families can help with childcare and other needs. They can also be a hugh emotional support while you dig your way out of this hole. For more information, go to daveramsey.com.

2007-08-20 12:43:33 by learningbusiness

I just recieved a call from a law office who told me that they have a bill from a credit card company from 1994 that is from me. They said if I do not pay the full amount immediately then I will be served with a warrant for court and be charged with Mellicioius Intent to Fraud. Can I do something to stop this. I cannot pay the full amount. I had no idea that I even had this bill since it has been so long!
Jon H.

If the last time you paid on the account was in 1994, they are trying to collect on a time barred debt. There is no state that has a credit card collecting SOL for that many years

Also, per the FTC, using threats to get you to pay is ILLEGAL !!!!!

FDCPA
§ 806. Harassment or abuse [15 USC 1692d]
§ 807. False or misleading representations [15 USC 1692e]
§ 808. Unfair practices [15 USC 1692f]

Unfortunately if you don't have anything in writing or on tape, there isn't much you can do about it as far as suing.

You might file complaints with the BBB, FTC, the AG's in your state and their state and the state bar association in their state. (in fact it probably wouldn't be a bad idea to contact their state bar association to find out if they even have a license to practice under the name they gave you)

Write down every detail that you "truely" remember. Who you spoke with, when they called (date & time) What was said. etc.
Don't add anything to it that was not said.

Order your credit reports to make sure they are not reporting. If they are and the debt was from 1994, you can sue them for re-aging.

If they are reporting, file disputes with the CRA's

Find out exactly when your last payment/charge was on that account. Look in my profile for the SOL link to check the SOL in your state.

Send the law office (if they are a law office) a debt validation letter.
Send everything certified mail return receipt.

After you receive a response or 35 days have passed since they signed the green card from the cert. mail (whichever comes first) and if it has been that long ago, send them a SOL letter.

You might click on my profile and do some reading on the links I have listed - to the FDCPA, FCRA, etc.
Learn your rights and learn how to use them.

2007-03-26 11:23:05 by JessyH.

Price: $3.99

It depends on whether this is an active, current credit card or a defaulted credit card debt. If it's an active account, the credit card company is unlikely to agree to a settlement for less unless you have some permanent change of finances, like medical disability. If you are able to negotiate a settlement, it will be noted on your credit report as a charge off/settled -- a negative. You will also receive a 1099 for the forgiven portion which will have to be included on your income tax return.

If this is defaulted credit card debt, make sure to get the settlement in writing BEFORE you pay a penny. Do not give collectors direct access to your bank account. Generally, if the debt is over 3 years old, offer 25%; 2 or 3 years old, offer 50%; less than 2 years, offer 75%. Lump sum gets the best deals. Payment plans have to be very short term.

Paying off defaulted accounts will not improve your score. The damage is done and will remain the balance of the 7 year reporting period, whether paid or not. However, creditors look at your entire credti report, not just the score. Paid old debt always looks better.

2009-05-21 14:37:38 by Grampa B

Just had a major surgery and racked up some major credit card debt while being out of work. Just looking to see where I could start now that I am going back to work.

If you are able, take out a home equity loan. Pay off the credit card bills with the proceeds. Then pay off the home equity loan as quickly as possible. This is a win-win situation. You get the credit card bills paid off, plus the interest on the home equity loan is a tax deduction.

Or, you could line up the credit card bills by 1)interest rate, 2)highest amount owed to lowest amount owed, or 3)lowest amount owed to highest amount owed. Whatever way you line them up, start paying them off.
I preferred the lowest amount owed to the highest amount owed. I paid the most money to the lowest balance, then paid the remaining bills just above the minimum required. As the lowest bill was paid off, I then applied that same amount plus the minimum to the next highest bill. As that bill was paid off, I then applied that amount plus the minimum to the next bill, etc.
Now Susie Orman would disagree with this method, but I found great satisfaction in seeing the bills disappear more quickly than if I had paid off the highest interest rate bill (regardless of balance) or the highest balance bill first. Plus, I think when you have big bills hanging over your head, you need to see progress as quickly as possible. It really gives you a boost to see those bills drop off the face of the earth.

Good luck!

2007-05-05 12:40:50 by metro7