Credit Card Debt Solution
Date: Fri, 09/03/2010 - 10:04
I am not sure if this is the correct forum, but I am trying assess my options for repayment of my outstanding credit card debt. Unfortunately, I am able to make the monthly payments so I do not think I qualify for debt reduction or negotiation. However, the $12,000 outstanding balance is very much a financial burden and with monthly recurring finance charges on the outstanding balance I am never able to get ahead. I used to receive "debt consolidation" letters in the mail a few years ago, I suppose when credit was more available, which promised one fixed rate payment with a fixed interest rate and fixed term (ex. 12%, 3 yrs, x amount per month).
Does anyone have advice or suggestions for someone in my situation? Thanks in advance!
I don't think you will qualify for a debt consolidation process
I don't think you will qualify for a debt consolidation process since your debt amount is $12,000. But, debt consolidation would be the best process for you. It doesn't hurt your credit score as well. The process will consolidate all your accounts into one and you'll need to make single monthly payments to pay them off.
Debt settlement is another option but you'll need to miss your payments for at least 90-120 days to qualify for this. After the delinquency period, you'll need to negotiate wu=ith the creditors to settle the accounts for 40-60% depending on the creditors. But, debt settlement process will dent your credit score.
Check out the following link to know more about the processes: http://www.debtconsolidationcare.com/diy/
