Reducing Credit Card Debt

I nearly consolidated my credit cards debts with a debt counseling company that had a monthly charge. my mother, however, told me that there are free services to reduce debt that can even talk down the amount you owe with creditors? where do I find these services?

yea, but you can do that too.
what they do is not pay your creditors for months and then try to get them to settle for less. If thats the route you have to take then just do it yourself and save the fees they charge and put it on the debt.

Remember that if you go with some company to do this for you and they dont pay your creditors then you are still responsible for the debt not the company that is handling it for you. Your creditors will sue you not them.

2007-08-25 20:41:18 by texan

Learn how to reduce your credit card debt faster using the Snowball Method. Visit www.debtopedia.com for more helpful information and to get a ...

What is the best way to reduce credit card debt without getting a loan?

there is this really cool website called Powerpay. It shows you how to pay on your cards the most effective way. Like getting rid of all the smaller debts first or paying of the higher interest rate cards. Check it out it is pretty neat!

2009-06-02 12:10:02 by S.C. Mike

I'm in process of starting an organization to help middle class families get out from under their large amount of credit card debt instead of waiting for the government to help or credit card companies to help. Would you be willing to make a donation to selected families in the PayitForward method to help reduce the large amount of credit card debt?

Our prez elect will help them in Jan or Feb?

2008-12-15 10:17:06 by TReilly73

I was thinking about taking out a personal loan to pay off some of my credit card debt (about 13k). The loan would be at lower interest than my current credit cards. Should I do this, or are there any other suggestions?

If you have great credit you might get the loan if not you won't. If the interest is lower why not?

2008-03-06 05:13:20 by jocundity5

My husband (of 1 year) has a large amount of Credit Card debt, and two of them have just raised the intrest rate. The intrest hike was to due to him co-signing on a car loan for his younger brother, who missed a few payments (paid off in Dec.). He has transferred balances so much in the past , and because of the co-sign nightmare, he is now unable to transfer to get the lower intrest rate. We own a home, but haveonly been in it for 9 months. Any suggesstions?

Cut up the cards and stop spending money on items that are not essential to your continuing to breathe.

If you have more than 2 cars, sell the extras. If you have an ATV or a motorcycle or anything of value of which you do not *need* (read: require to continue working or keep food in your mouth), sell it.

Even if you take a 50% loss on an item, you are better off than keeping the item and paying off the CC debt slower.

If you want an easy method, you won't find one. Your husband screwed you out of the 'easy way' when he went on spending sprees.

Stop going out to dinner, period!

Until those cards are paid off and you are out of debt, consider yourselves grounded from anything except the essentials of staying alive.

Like steak and shrimp? Tough! Buy chicken and canned green beans. There are 1000 different recipes for chicken. That means a new meal every day for three years.

The clothing you currently own should be your entire wardrobe until you are out of debt.

Spending wisely is not only smart, but also the easy road to happiness.

I own a home, 2 cars, a motorcycle and a laundry list of toys (including this PC) and I could live off $1100/mo (including insurance, mortgage and food) if I needed to. How? I pay cash for anything I buy (with the exception of my home, which I placed a large down payment on) and if I cannot pay cash, I save up until I can while still having at least a couple of grand left over for emergencies.

If you bank account if over 3 months of living expenses, you should be putting that towards the cards. There is not one thing in life more expensive than the interest rate of a credit card.

I would say the only exception in life for not paying cash is for a home, as with a healthy down payment (and *only* with a healthy down payment.. 20% or more), you will end up saving money over renting. For anything else, there is no excuse to ever go into debt, as food is cheap, and that is all that is needed to keep you breathing.

Good luck, and buckle down. It will be a tough ride, but you will end up infinitely happier as a result.

2007-01-30 12:39:42 by Tami