Credit Cards
Credit Card Debt; Learn How You Can Manage Or Eliminate Your Credit Card Debt With This Guide On Debt Statistics, Debt Counseling, Debt Consolidation, Debt Reduction, And Credit Card Debt Prevention [K] [i] [n]
Dale K. Goins (Kindle Edition) 2011-11-25
Release date: 2011-11-25
Answers
I see a lot of advertisement from companies that claim they can reduce your credit card debt by 40% to 60%. What is the down side to using them? If they are successfull does it effect your credit rating? What do they charge? What must your situation be for them to be able to be successfull, Broke?
Debt-settlement companies promise that you can get out of your debts for pennies on the dollar. Typically, these outfits demand that you stop paying your creditors and instead send the money to them. After a few months, the debt-settlement company promises to open negotiations with your lenders and use the money you've sent to pay them.
The idea is that after a few months of not getting paid, your creditors will agree to a fraction of what they're owed.
Of course, your credit will be trashed at this point, you'll have paid fat fees to the debt-settlement company, and you may be facing lawsuits from your lenders. That's if you're lucky. If you're not, you'll risk all this, and the debt-settlement company will disappear with your money. If you need more details, read "Debt settlement: A costly escape."
Better alternatives include:
* Credit counselling. Legitimate credit counsellors have debt-management plans that reduce or eliminate the interest rates on your credit card debt.
* Bankruptcy. If you can't pay your debts, you may be better off getting a fresh start through bankruptcy. Your credit rating may recover more quickly, and you'll be able to keep the cash you would have otherwise sent to the debt-settlement company. Consult an experienced bankruptcy attorney who can evaluate your situation and discuss your options
www.letsforgetdebt.com - An excellent informative site and service to help anyone with credit card debt. A step by step video talking about the ...
I need help with paying off my credit card debts. There are so many debt reduction /consolidation agencies that I don't know which one is good/authentic and will give the best rate (discount). For those who had gone through this experience, please advise. Thanks.
I wouldn't use any of them they are rip off artists. They take your money and do nothing, been there done that. Go to Consumer Counseling, in every city or county, it is free, non profit and they don't charge but they will contact all the places you owe money to and get you with lower payments and great ways of getting out of debt !! They are well known by all companies and acknowledge Consumer Credit Counseling as serious and good to work with .
I unfortunately am one of many who has too much credit card debt and due to some past glitches, my interest rates are high. I pay my bills and try to pay as much as I can but can't seem to put a dent in the load. I keep hearing on radio and TV about these "cut your bills in half" credit card relief plans but I am very skeptical of those plans. Any advice....recommendations?
The services you hear about on T.V. will cost you money but is worth it in the long run. They will negotiate with the credit card companies and reduce the amount you owe and stop the recurring interest debt. I'm not sure if they still do this but years ago I went to the Chamber of Commerce in North Carolina and did the same thing for free. I had to bring them all of my credit cards, which they promptly cut up. They then contacted all of my debtors and got them to stop adding interest to my debt. Every week I brought the Chamber an agreed upon amount which they divided up among creditors. My only out of pocket expense was for the credit report, which was about $20 (about 20 years ago). Good luck.
My husband and I have tons of credit card debt - $25,000. One of the cards is connected to our debit account and if we have a negative balance in our debit account it will transfer funds from the credit card. It has become a viscus circle. We cannot afford to make payments on our credit cards, but do so anyways by using our debit account, and when we have a negative balance the CC transfers money (happens 2-3 times a month). We own our home, but have been trying to sell it for the last 6 months with no luck. We cannot afford to make the mortgage payments any more. We are not late on any payments (CC or Mortgage), but we are running out of credit card funds to make our bills. We are basically paying our CC bills with the same CC we're making the payment on...
We need to do something fast. Is debt reduction agencies a good way to go? Any advice on what would be a good one. Have you been in the same situation but got out alive? Please help!
Billie H: Your answer was very helpful......NOOOOOOOOOOT like Borat would say.
I think you need to take a long hard look at yourselves. Dont go with the debt reduction agencies as other have said. Talk to your bank - can you extend your mortgage - its the cheapest money you will ever have -can you up your income, get boarders, a 2 nd job , sell stuff Get real before you loose your home
http://lissiearticles.com/how-to-get-out -of-debt-and-save-money/
If possible, try to get your higher rate balances onto one low rate card. Then use the free introductory period (sometimes up to 12 months) to pay down the principal. Here's a site that features many 0% balance transfer credit card offers: http://www.creditcards.com
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Tips To Obtain Debt Settlement | How to Loans
Composition of debt is a good opportunity to prevent yourself from drowning in debt. Normally, the debt settlement business to be a lawyer, facilitates the process. The company offers solutions to debt, to satisfy the debt. It is suitable for people who can make a single payment for small amounts of what is actually owed. Be debt free is to have peace of mind. However, not everyone favors the negotiation of debt settlement, because that affects your credit score. To be free of debt, it is essential to maintain calm. Look ahead and know the options, resources and planning of actions. To get out of debt, the first thing to do is find more money to put aside to clear the debt or parts of it. When you are unsure of the amount for the liquidation of debt, an appointment with the creditors who owed him some money and make your offer. Often, lenders offer up to 70% of the real debt. If you can be debt free without receiving help from the debt settlement company better. The second step out of debt is to have the cash or cash payment after the closing. This is also an effective way to show sincerity in resolving the credit they have. Lenders are anxious as you that the reduction of debt. If the creditors are too strict with their rules, negotiate with them. What are the other successful people had to begin offering a 10% less than they could afford to settle the debt. And 'natural for providers to increase the amount of the liquidation. So, you can explore the options. If the first step does not work, go looking for other resources that can help you negotiate the debt elimination programs in the form of company debt settlement. Send your proposal and be true to its intention to settle the debt. It 'also important to make them understand the amount of money you can afford to settle the debt. Here is wisdom when it is put everything in writing, including information that the creditor before paying them. Consult an expert has said that the payment be sent by mail or other means that require the signature on the receipt. Require that creditors have the necessary debt settlement documents faxed to you. The document must have the credit card company letterhead, stating that the claim was fully resolved. Monitor to ensure that the loan company has actually received the payment and has been applied to your credit. In general, the cleanliness of your account credit is up to 10 days of entry into force. Another good board of directors of the debt is to classify the debt. Some have claimed the credit card debt, while others accumulate debts of unsecured loans. For credit card debt, the best way to solve it is to transfer the balance from a higher interest rate for an account that offers interest rates lower. Debt, debt management counselors to advise payments whenever you receive a salary for their work. However, it is better when you make an agreement with the lender for this type of debt solution to make it formal officers, and to avoid further charges or interest accrued.
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