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Credit Card Debt Reduction Services
Yolanda Said:What can I do about my huge credit card debt?
Based on the amount of your debt ($30,000), the fact that you are not working, and the fact that you have no funds to make monthly payments, here is what I would suggest...
A debt settlement (or debt negotiation) company will work on your behalf to reduce the actual amount of debt that your creditors are willing to accept in order to dismiss your debt. Once you hire them the also deal directly with your creditors and get them off your back.
No more 20 phone calls a day.
Once you begin this process you stop making payments on your debts immediately. (although it sounds like you are not making payments right now anyway) This of course is not could for your credit but again, this type of program is for people like yourself who are already in deep debt and likely have a poor credit score.
Reductions in debt of 50% to 90% are not uncommon. In fact here are two actual debt settlement letters that were received on behalf of client by a company I recommend. One client had their debt reduced from over $32,000 down to $3,500. Here is the link http://www.debt-elimination-guide.com/de…
Debt settlement companies typically charge a percentage of the amount they reduce your debt by. This is good for the client because it motivates the settlement company to get as big of a discount as possible.
There are other options of course, and you can read more about them here... http://www.debt-elimination-guide.com/de…
Good Luck Joca
Rodney Said:Credit Card Debt Reduction Plans?
We Answered: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.
Adam Said:What's a good way to get out of credit card debt?
We Answered:Your Best Tool for Debt Reduction
If you want to get rid of the huge piles of credit card debts and dues, the first step is to look for the right debt consolidation program for credit card debt. It is always a great idea to ask for debt consolidation quotes from various companies offering debt help and choose the one you think is the best for you. When you choose to avail a free debt consolidation help, you also get the valuable services of professionals who are experts in offering credit card debt consolidation with a good program for becoming debt free and overall financial management.
The Credit card debt consolidation program also enables you to repay credit card debt in small, convenient and affordable monthly payments. You can even have an extended duration of up to six years to ease your financial burden. You can opt for debt management help in numerous fashions. It is not necessary to opt for an expensive process. Rather you can select a debt help plan that costs a little or even free. Bad credit debt consolidation is also becoming increasingly accepted today as a natural response to the high level of debt.
If you have developed a spendthrift nature by using your credit cards, in the end, you might get caught up with mounting debts and outstanding credit bills that could cause multiple problems including affecting your credit rating. This is where a Credit card debt consolidation program comes to your rescue. These debt elimination programs are good ways to eliminate credit card blues. Get all information about it at: http://www.credit-card-gallery.com/artic…
Lillie Said:Credit card debt: is it best to pay as money comes in or monthly?
We Answered:Credit card debt consolidation management programs are good ways to eliminate card blues. These companies can help you with a contingency plan when you are under constant pressure of clearing dues as soon as possible or the pile of debt keeps mounting up. Its no denying the fact that making payments at one go is not as easy as it said. This becomes even more difficult if you do not enjoy a good credit rating, thanks to long overdue bills. This is where you need the services of professionals who hold expertise in consolidating debt and loans with a multi pronged program for debt reduction and financial management.
Companies offering credit card debt consolidation services have staff or skilled representatives and managers who help you in alleviating your problems. These companies and professionals offer one or combination of the following for easing your debt burden and setting you free from the hassles of harassing collection calls:
# Representatives help by negotiating with all your individual creditors on your behalf to reduce or minimize payment follow-ups and collection calls till such time they devise a settlement plan for you. Read more from: http://www.credit-card-gallery.com/credi…
Bernice Said:What is the best way to get rid of credit card debt?
We Answered:The amount of people throughout the United States who find themselves in debt continues to rise. For you, raising a child while being a college student made your financial a difficult one. For most, however, debt is the result of extraneous spending, poor money management, or both.
Below is a list of ten tips to getting out of debt. Some are easier to follow than others, but all are designed to help alleviate the problem - so take comfort in the fact that you can solve your debt, though it will be a tough process...
Ten peices of advice from allbusiness.com:
1. Create a realistic monthly budget for your expenses. List all monthly bills and necessities and make sure they are covered by your monthly income. Allow only the money remaining after the bills are paid to be spent elsewhere. Stay within your budget guidelines.
2. Pay off the balance on the credit card with the highest interest rate first (unless the balance on any card exceed 50 percent of your credit limit). First, pay all balances to below 50 percent of the card limit because balances above this level cause your credit score to diminish. Then pay off the balance on the credit card with the highest interest rate. If the account was opened within the past year and you have additional older accounts, close it after it is paid off. Next month do the same with the card that has the next highest interest rates. Continue until you reach the credit card with the most favorable terms (i.e., low interest rates). Use this as your preferred account. You need only four open accounts to establish a positive credit history.
3. Learn to use cash instead of credit cards. Have one primary credit card and use it only for emergencies or major necessities, such as a new refrigerator if the current one stops working. Put your credit card in a safe place, not available for everyday use. Also, do not accept increases on your credit card limit above an amount you can easily pay off in three months.
4. Use direct deposit for your paychecks. Also have a limit on how much you will allow yourself to withdraw each week and month.
5. Cut down on your discretionary expenses. This includes dining out, overusing your cell phone, and other such unnecessary expenses.
6. Evaluate your living situation. Your housing costs should be no more than 33 percent of your household income, including mortgage payments, property tax, and both property and homeowner's insurance. You can shop around for lower insurance rates, refinance your home mortgage, and look for more economical utility plans.
7. Avoid borrowing money to get out of debt, especially consolidation loans. Many people think this is a way of helping them get out of debt. However, consolidation loans are simply a means of combining debt. You could end up losing everything because you’ve tied it all up in one loan. If you must borrow, see if a friend or family member can lend you money, since the interest rates should be low or nonexistent.
8. Contact your creditors and try to work out repayment plans. Many creditors are willing to work with you in a manner that will help them get their money without having to resort to debt collectors.
9. Become a savvy shopper. Look for deals, bargains, and savings. You’d be surprised at how much you can save if you take the time to shop around. Check out the price comparison Web sites such as Shopping.com and BizRate.com.
10. Look for extra ways to make some money. From part-time work to a garage sale to taking in a boarder, there are many ways to bring in some additional income.
If all else fails, seek out help from a debt reduction specialist or counselors [see link below] who can help you formulate a plan for getting out of debt and staying out. Just make sure that you check out the service in advance. Many companies are simply taking advantage of people in debt and charging them high service charges.
For MSN Money's take on credit card debt, follow this link-
For more advice, these are also helpful allbusiness.com links-
Should I Borrow Money to Get out of Debt: http://www.allbusiness.com/3915481-1.htm…
To Get Matched with a Relief Specialist:
Good luck in climbing out of debt. Try to modify your personal finance outlook in doing so, and you should be well on your way.