Best Way To Pay Off Credit Card Debt

I've heard of companies like cureadebt.com that will settle your credit card debts for 70% of the amount owed. I've also heard of government grants to pay unsecured debt(credit cards), but I don't know where to get the info on them. I'm considering a second mortgage to pay these off with a lower interest rate. Thoughts?

We no longer use credit cards, so the balance only increases because of high interest rates.

Transfer your current credit card balance to an interest free card. This usually gives 9 months to pay off. Make paying off the debt your main priority above everything else. If you have balance at the end of the 9 months on the said card, transfer to another of the same free interest.By the way the credit card should not be used for any more purchases whatever. The sole purpose is to pay over all monies owing

2009-07-27 09:41:27 by The Bees Knees

If you carry a balance on one or more credit cards, you're not alone: according to the Federal Reserve, nearly half of American families do ...

I have about 120,000.00 in my companys ESOP plan. I have about 15,000 worth of credit card debt. Would it be best to consolidate with a equity loan or withdraw money from my stock?

If I were you I would sell the stock to become debt free for 2 reasons.
1. NO loan actually pays of debt. It simply renames the debt.
2. $120,000 is WAY to much to have in any single investment. You need to diversify NOW. Can you say ENRON? If the average Enron employee had their 401(k) in ANY mutual fund, instead of 90% Enron stock, they could have walked away from the collapse with no more impact than losing a job at McDonald's.

Sean T: I will give you the benefit of the doubt and assume you think an ESOP is a tax deferred plan (It isn't). Not 15 min ago I heard Dave Ramsey tell a caller he would be out of debt in 20 min if he had enough money in an ESOP. He routinely tell people the NEVER have ANY funds in individual stocks.

2008-03-26 13:33:01 by Gloria W

I am open to debt consolidation loan or whatever. Whats the best way and who do I need to contact?

1. Stop using your cards
2. Call your creditors and ask them to help you by lowering your interest rates. If they won't then pay on time and try again in a few months.
3. Check into a personal loan to pay them off
4. If you can't get a loan then start with either the smallest balance ( to keep you motivated when you pay it off) or the highest rate card. Try to pay at least double the minimum payment or more until that card is paid off. Pay your other cards on time but only the minimum until the first card is paid off. Then move to the next card with its minimum payment plus the double amount from the first card until it is paid. Then the third card you do the minimum+ the payment amounts from the first two cards and so on.
It will take a long time but you can do it. Keep looking for lower interest options but keep paying a higher amount.
There are several good books at the library on how to get out of debt
I had $17,000 6 years ago today I am debt free and only pay with cash!

2006-11-26 06:31:08 by masonsmommy8901

I had 4 credit cards that i got in college. I have paid off two and i have a balance of $4000 total on the other two. Both have already been submitted to collections in order to improve my credit score should i just pay off the full $4000 or go through a debt repayment program (like in charge) ?

if both have been submitted to collections, then the debt has already been written off by the original creditor...

If you are serious about paying them off, DO NOT PAY THE COLLECTIONS AGENT.

Doing this will make money for them, but, not pay the original creditor, or get the negative line off your credit.

You can try offering something in writing to the original creditor, say half the outstanding balance, in one lump sum, contingent on the creditor agreeing to remove the lines in full from your credit report...

If they go for it, then fine... They don't have to do anything for You once the account is forwarded to collections. Just make sure you always deal with the original creditor, get it in writing, certified mail return receipt, and keep copies of everything. This way if anyone breaks a promise made in writing, then you have a way to sue,

Hope this helps.

Matt

2009-07-14 13:55:02 by Miss K

I have less than $5,000 in credit card debt, but it kind of has me in a bind. It seems I'm only paying off the interest while the actual balance never goes down. I applied online for a personal loan, but was rejected. I was thinking of maybe using a credit consolidation service to help me out. What ones are reputable? Which ones have you personally used and what were your thoughts on them? Any help is greatly appreciated.

There is no magic answer.

Income minus expense.

If you dont have enough money to pay off your bills, you need to earn more, or reduce expenses to pay down your credit.

Credit consolidation isnt going to solve the problem, just create ONE bill out of many PLUS their fees.

Set a goal to have 50% paid off by this time next year. That's only $200 a month.

Good Luck

2008-01-02 12:19:14 by ajlnkb23