credit card debt

credit card debt, I suppose is the most common form of debt. There are many procedures for getting out of debt such as: -
1. Self repayment plan
2. debt consolidation
3. debt settlement
4. Bankruptcy

To know more about the above debt solutions please through the following link: -
http://www.debtconsolidationcare.com/debt-solution.html

Among them which one will suite you will completely depend on the extent of debt you are in. Can you please give a monetary account of your debt on different credit cards?

But it is not possible for anyone to regard a specific solution to be the best one because it depends on the specific situation. Thus, can you please give a monetary account of your debt on different credit cards so that we can have an idea about your extent of debt?

Go for Debt consolidation.It entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.

Welcome to the Community :D There are solutions for your problem, and yes, everyones case is a little different.

I called the cc companies and asked to be put on theri hardship program. They dropped the interest on one and lowered it drastically on another. In turn, I had to make sure I mae my payment to them on time every month, so I could stay on the program. I will tell you, this is one of the ways that helped me get out of cc debt.

Some of them may say no, mine did, but keep calling them. I called every day, because you always get someone different.

I also told them I wanted to pay my debt off, but couldn't because of the interest accumulating and the high payment.

You have nothing to loose by asking.
If you have questions, please ask, and let us know a little more info and we can direct you to the right place. Karen

Happy Memorial Day!

First of all, I do not suggest getting into more debt to pay off current debt. You will spread your debt out over a longer period of time and pay interest! You work hard for your money correct? Do not go into more debt by getting a new loan.

First, you need to budget your finances. See where you can cut back on spending. Not as many frappacinos, dont eat out as much, drive less to save on gasoline (I used to be my children's taxi driver, now they stay home alot more), absolutely stop purchasing anything that is not a necessity.

Next, you need to plan to pay off your debt. Once you decide on the best plan of action for your situation, its time to put that plan into action and stick with it. You will be able to become debt free if you make it a priority.

You are not alone...the average american owes approx $30K in credit card debt - according to bankrate.com, It will take a person 492 months to be rid of their $30K debt. In that time, they will pay $44,615.58 in interest by paying minimum payments. What a waste and no wonder our economy is spiraling downwards. There is help! Do your research.

A brief breakdown of some options and the negatives and positives of each:

1. Consumer credit counseling -
negative: Very harsh blow on credit, takes 5-7 years, still pay interest, small payment reduction

positive:Get out of debt sooner than the route you are currently on and creditors harrassment ceases in most cases, fees absorbed by credit card companies and passed on to you through interest.

2. debt settlement
negative: fee involved 12-18% of total balance, affects credit report temporarily and then heals itself as creditors are satisfied, be sure to go with legitimate company where you can track your savings and where it goes.

Positives: Cut your monthly payments usually by 50%, Save approx. 40-70% overall including fees, get out of debt in as little as 12 months to 48 months, creditor harrassment ceases in most cases.

If you are a do-it-yourself-er, then the there are many good ideas in the Do It Yourself portion of this website. Just like anything out there, car repairs, divorce lawsuits, plumbing...we can all do it ourselves with enough research. But, most consult professionals that have the expertise in a particular area. There are alot of credible companies out there and there are alot of companies jumping on the bandwagon to turn a few bucks. Find a reputable, service driven company that is strictly regulated by TASC and in compliance with all state and federal laws. Also look for a backoffice in which you can always keep track of all transactions.

Hope this helps...

I agree with Bossy, it's better to try and work things out on your own first instead of giving someone else money to do it for you. There are ways of accomplishing it yourself. You might also consider locating a non-profit CCS, they will help you get back on track again. It worked wonders for me. :)

gr8 work bossy..

Thanks justin!!..karen

I would start by calling the credit card company and making sure they didnt sell the debt. Then I would see if they would make a repayment plan with your that possibly would include a removal of late fees.

I would take the advice of these wonderful people on this forum. I would for sure call the credit card companies and ask them about the hardship program. As Bossy said if they say no keep calling you will get different people and you may just get someone who's willing to help. Just don't give up there is hope to get your interest lowered. I think the main thing is keep telling them you want to pay off your bills and hopefully you will find someone who wants to help you.


Johnita