Credit Card Debt Relief

We started a program with "Consumer Credit Counselors" This progarm has us pay the Consumer Credit Counselors, then they pay the credit cards every month. All they do is lower some of the interest rates. They don't negotiate amount owed. The payments are too high for us, so we looked into other alternatives. We found one company that will do it differently for less. They have you pay into an escrow account, and they pay off each credit card individually. They say they negotiate lower balances and interest rates. The payment would be lower and the payoff time cut in half. Does anyone know of any reason we shouldn't do this? Are there any other better ways? WHAT IS THE BEST WAY TO GET CONSUMER DEBT RELIEF with no loans?

I am not saying that debt settlement/negotiation is the wrong way to go. However, it will damage your credit further.

If you choose to settle on your debts, you can do this without paying enormous fees to a debt settlement company. Keep in mind that any forgiven debt of $600 or more is automatically reported to the IRS, in which you would owe taxes on it as a form of income.

If you can continue to make the payments on your current plan, then that is likely the best option for you. If you are having trouble, give your credit counselor a call to discuss possible changes to your account.

2006-08-16 09:02:29 by boxbeatle

thedebtrelief.net |→ There are several legitimate debt relief companies available in the industry, there are a few others who are looking to take ...

My friends husband died leaving her three kids and over $100,000.00 in credit card debt. She has been trying to pay but now is getting threatened with them taking her house. She make just a little over minimum wage on a part time basis and the depression is starting to drag her down.

so far I have done good progress with this:
http://debt-consolidation.50webs.org

2006-10-11 14:20:44 by Cuddly T

Price: $4.99

I'm looking for an alternative to bankruptcy and wanted to see what my options are? I've looked into credit counseling and I don't feel that is the right option for me. I wanted to know what other options are Available for me?

Debt relief is a difficult problem many citizens are now facing. All legitimate debt relief service providers will consult with you for free. http://www.debtreliefreview.com Try visiting multiple debt relief services and inquire about your questions and compare thier answers. You will be able to tell which ones are providing useful advice.

2008-06-16 21:09:37 by Jordan Wilson

Price: $10.95

Has anyone out there gone to any of those companies that offer relief from credit card debt? And if so, what was your experience? I've already done some research and do know this much,, if you haven't been out of work for at least a good year or more the banks won't hold much sympathy for you. That and I know some Companies are just out to scam people who are already down.

Jon,

The only one that is even reputable is consumer credit counseling - a non-profit. The truth is all they do is work inside already existing programs to reduce interest that a consumer can access themselves if they wish.

I highly recommend Dave Ramsey's Total Money Makeover to people because it is the only money management book written for those struggling with money issues and debt.

2009-03-31 10:06:14 by Jon

As I said, if the IMF & World Bank gave a debt relief for the third world, why not our Banks and creadit Co. gave credit Card debt relief (forgiveness) who are paying tax and excessive interest (from 14-21%). This of course, doesn't include the late fee and the penality for not paying.

For example, City Bank has an asset of #60 trillions from the profit they get from us. Bank of America has the same profit while we the middle class are becoming poorer and poorer. Is there a government who is protecting its working and middle class from rip off to death by those greedy credit card companies and Banks? Don't you think we have to do something about it?

The banks and corporations are getting rich off of you. Why would they want to stop?

The government is owned by the same banks and corporations, so they're not gonna help either.

I also agree with the first poster ... Spending money that you don't have is not a good idea. Of course, the only differences between City Bank and a Loan Shark is that City Bank won't beat you up if you don't pay and they have a corporate logo.

I disagree with the 3rd poster. Credit card companies collect a percentage of every purchase from the seller, not just finance rates. So, they make money on everyone who pays it off every month too. And come on... 21% interest rate is Organized Crime territory!

2007-06-14 14:58:59 by LMiserab