Credit Card Debt Consolidation services can make it happen, and there’s no doubt about it. There’s no reason to delay and nothing to lose. Credit card debt consolidation can also help you avoid creditor harassment , one of the main elements that trigger stress induced health problems. Credit card debt consolidation usually makes the combined balance more manageable especially if a lower interest rate is provided. But, if there are multiple other accounts involved that were not part of the consolidating effort, it may take some time to get them all reduced to a manageable level.
Typically, when a customer buys a product with his card or uses his card as an alternative for hard cash, he is offered an interest free credit period. The customer has to make a payment for the credit used on the card before the credit period ends. Typically, debt consolidation programs are debt repayment programs. They can consolidate most types of unsecured debts from major credit cards to personal and student loans. Typically the interest on a debt consolidation loan is approximately 17-23%. That?s a hefty amount of interest that may actually be more than you are currently paying on your debt.
Bad credit debt consolidation is helpful if you want to reduce your debt burden. It is an effective technique for improving your credit scores. Bad credit and excessive debt does not make you a horrible person. With a little help from us, you will be able to get your credit and finances in top shape again. Bad Credit Personal Loans – Our company’s mission is to help people obtain the bad credit personal loans they so desperately need. We’ve helped thousands of people with credit problems find the right personal loan that meets their needs.
Credit Card debt consolidation is a short term answer to a much broader problem. Credit card debt consolidation is an agenda where the debt settlement company directs the debtors in reducing their debts through a monthly compensation of a fixed amount. Debt elimination is not similar to a loan program. Credit card debt consolidation gives you an opportunity to reduce your debts under single lower monthly payments. Thus you get rid of all high rate credit card debts and replace them with the new low monthly payments.
Debt Consolidation Advice and Assistance is our speciality
Debt consolidation is certainly not all bad and in fact can actually help out
many who find themselves in severe financial hardships. If you do seek debt
consolidation as an answer then you will have to understand that you can
negotiate the terms of the consolidation. Debt consolidation is an excellent
tool that can help you manage and decrease your debt when you just can’t seem to
do it on your own. There is no way that you can completely fix bad credit
without the ability to reduce debt and pay your bills on time. Debt
consolidation is not a loan , but a way to lower your monthly payments and lower
(sometimes even eliminating) the interest, late fees; over the limit fees you
are currently paying. Don’t delay, start today and take control of your
finances!
http://www.debt-consolidation-bad-credit.com
Watch the video related to credit card debt
My hero, Dave Ramsey, tells of abusive practices and the violation of Federal law incorporated by debt collectors – particularly credit card debt collectors. Most people do not know that they have rights guaranteed to them by the Fair Debt Collection Practices Act (FDCPA) and debt collectors knowingly and habitually break these laws in order to frighten them into paying. IT IS NOT AGAINST THE LAW TO OWE MONEY! Do not allow yourself to be lied to (example: “You’re going to go to jail if you don’t pay this” is one of their favorites!) or treated without the dignity you deserve. KNOW YOUR RIGHTS UNDER THE FDCPA: Collectors can NOT call you before 8 am or after 9 pm Collectors can NOT threaten to have you arrested or charged with a crime if you dont pay Collectors can NOT continue to call after you have indicated you want them to stop (record your conversation with them, tell them you ARE recording it, write the date and time down in a journal, and follow up with a certified letter stating they may no longer call.) Collectors can NOT call friends, family members or colleagues repeatedly in order to get you to pay (they may call your acquaintances ONCE in order to track you down and may NOT mention that you owe money or give ANY information that would lead someone to believe that they are attempting to collect a debt.) For more information on your rights under the FDCPA, please visit my website at www.myarrp.com (click on the “Help With Credit” link at the top.) To the scum <b>…</b>
Mom;
Sorry to hear about our situation.
Based on what you have revealed, it sounds as though you are a candidate for debt settlement. The fact that you have access to money right now in order to settle your debts is a positive thing and will certainly speed up the process.
Here is one tip that I offer to my readers at my website with regards to choosing a debt settlement company. Make sure you deal with a large company that negotiates on behalf of many people with the same credit card companies.
Why you ask?
Instead of negotiating with your credit card card company(s) to reduce just your $50,000, they will "pool" your debt with other people's debt and negotiate a much larger balance, sometimes well over $1 million. This gives them a greater amount of clout and will/should ultimately reduce the amount that you will have to pay your creditors to settle our debt.
A downside of debt settlement is that it will have a very negative affect on your credit. Keep that in mind.
Here is the company that I recommend for debt settlement ( http://www.curadebt.com/a/1602/ ) and I verified that they will work with you in Ohio.
Best of luck Mom.
If you would like further information on debt settlement and/or your other options please visit my debt information site, http://www.debt-elimination-guide.com
You have not provided enough information but, if I understand correctly, your credit cards have not yet become delinquent, otherwise your credit score would not have been over 700.
If you have paid at least the minimum payment on EACH of your credit cards for every statement, you are in good shape, as far as your credit history goes. Your credit score could be slightly damaged by your higher debt-to-credit ratio, but that is a minor concern, because it will be corrected as soon as you either pay off some of the balance due or increase your credit line. Or open another credit card. And with a score above 700 you will have no problem opening a credit card with a 0% balance transfer interest rate to transfer some, or all, of the balance on your current credit card. That should take care of the problem until you start getting paid. You will need to be careful though, as all banks charge a balance transfer fee of 3% of the total amount. Some banks, however, like Citibank and Bank of America offer credit cards with 0% balance transfer rate and $0 balance transfer fee on some of their credit cards. I would recommend browsing through their credit card offers.
What will seriously damage your credit history for a long time is missing a credit card payment. It will stay there for 7 years, even after you settle with your creditor.
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@donniebrasco24 Yes that applies to about 94% of the people who have credit cards
Yeah, debt settlement company ads are everywhere. Problem is, most debt settlement companies are pure scam. They take your money and let your debts go 90+ days past due. Not only does this trash your credit, but most credit card companies will immediately sue you when the debt settlement company contacts them.
Despite all the ads and promises of some secret, credit card companies are not likely to settle for less than the full balance. If you do manage to get a settlement, the account would be reported to the credit bureau as charged off/settled — a large negative. You would also get a 1099 and have to include the forgiven portion in your income tax return.
@afodis Not necessarily. Debt can be incurred involuntarilly in a number of ways. One of the biggest reasons can be due to suddenly becoming sick from a disease. Americans polled in 2009 reported that they had filed for bankruptcy and 62.1% that polled showed that it was due to outstanding medical bills. 3 out of 4 people who filed for bankruptcy had insurance.
Many companies now have an internal collection division. It would be better to settle while it is still within Bank of America than letting it go any further like say to an independent collection company. Then she may run the risk of two blemishes on her credit record instead of one. And as far as her credit record goes, the damage is already done.
It is better to seek help from any reputed debt settlement company. Only such companies can handle it properly as experience in this field really matters when it comes to settlement or negotiation. I took help of freedom debt relief to settle my debts. I have joined their debt settlement program one year back and almost debt free now.
Call their toll free number to know more about their program.
Robert,
There are only a handful of legitimate debt settlement companies out there.
That having been said, DEBT SETTLEMENT IS NEVER YOUR BEST OPTION for eliminating credit card or other unsecured debt. Even if you happen to find a legitimate debt settlement company, there are some serious consequences and drawbacks, including…
- Short and long term damage to your credit
- NO GUARANTEE of results
- Very high and confusing fees
- Front-loaded fee schedules that delay progress in settling your debts, and
- Tax Implications (you will most likely receive a 1099 from your creditors for the amount of the balance reduction, which means you'll have additional income taxes due)
If you need assistance getting out of debt, a superior alternative to traditional debt settlement is Debt Resolution. Debt Resolution offers all of the benefits of debt settlement, but also either eliminates or significantly reduces the negative aspects mentioned above. Unlike debt settlement (which relies solely on the level of your delinquency to negotiate settlements), Debt Resolution leverages good faith debt laws to both challenge the amount of the debt owed, and provide legal protections for the borrower. Features include:
- Eliminate 55% of your unsecured debt (guaranteed in writing). Try asking a debt settlement company for a guarantee.
- Cut your monthly payments in half (or less)
- No interest charges
- No negative tax consequences (you won't get a 1099 from the creditor)
- Flexible Payment Terms (take up to 45 months – on a payment schedule you choose)
As an example, let's say you owe $20,000 in credit card debt. 45% of that is $8,000. If you can afford $800 per month, you can be out of debt in just 10 months ($8,000 / $800 per month). If you can only afford $400 per month, you can be out of debt in 20 months ($8,000 / $400 per month), and so on… The only other cost associated with the program is a one-time enrollment fee of $500 to administer the paperwork, get set up in the system, and establish the trust account from which the creditors will be paid.
That's it. There are no other costs or fees. Just a one-time $500 enrollment fee and 45% of the current balance, which can be spread over as many as 45 months, depending on what you can afford.
Some well-intentioned contributors on the forum will suggest that you can do a debt settlement yourself… Well, they're right, you can do a debt settlement yourself. But guess what? You're most likely not going to settle your debt for less than 45% of the balance, which is the contractually guaranteed amount if you enroll in Debt Resolution. And guess what else? Unless you are familiar with the good faith debt laws and the laws of your state that govern credit card agreements – and you know how to leverage those laws to have the principal reduction considered a correction of the amount owed rather than a forgiveness of debt, you're going to receive a 1099 for the amount forgiven, and you'll have to pay taxes on it.
And what about suggestions of help through an NFCC credit counseling service? Well, you can go that way if you want to pay 3 times as much and have the process take 2-3 times longer. You see, those companies are closely aligned with the credit card companies, and their goal is to get you to pay back as much as possible. Let's use the example above where you owe $20,000, and can afford $400 per month. With Debt Resolution, you'll be debt-free in 20 months. With consumer credit counseling ??? Let's say they reduce your interest rates to just 9.9%. If you were able to pay the $400 per month, it would take you 65 months to complete the program, and you would have paid $25,894 (instead of $8,000 !!!).
Quick question: Which sounds better to you… $8,000 and be out of debt in 20 months OR $25,894 and be out of debt in 64 months (that's almost 3 years longer of paying $400 per month).
But remember… DEBT RESOLUTION IS NOT THE SAME AS DEBT SETTLEMENT, and you CANNOT get these benefits from a debt settlement company.. Debt Resolution is a unique, proprietary process developed and perfected over many years by a former Deputy Attorney General of California with over 40 years of legal experience, including more than 15 years specializing in resolving debt.
For more information on Debt Resolution, you can visit:
http://www.BetterThanDebtSettlement.com
Visit the site and receive a Free Special Report titled "Why Debt Settlement Is NEVER Your Best Option For Eliminating Credit Card & Other Unsecured Debt." This report sheds a bright light on the problems with debt settlement, and explains how the Debt Resolution process eliminates or significantly reduces the drawbacks associated with debt settlement.
If it was a charge off that means the company tried to collect and wasn't able to so they wrote it off. This is just probably one last attempt to collect. I'd contact Discover and see if they sent this to the collection agency. 5 years is really too long for them to wait to send it to collections. That just sounds fishy to me. Like a private agency trying to collect, on a creditors charge offs.
Hi,
I used "Credit Solutions" to settle my debt.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://tinyurl.com/2gbdzu
I had $12,00 and $8,000 credit cards at 29% , the banks raised the rates from 8% because of “universal default” , this is despicable!. My attorney told me to send them a certified letter to not call me [by Federal Law they must stop]! This is a “Federal law”. . Then he suggested that I don’t pay for about 4 months at which time they’ll get someone to negotiate. I didn’t pay and I won’t so I save $300 a month. my credit score is low.. but so what! Call a free state Attorney or any Attorney!
awesome video!!!! i have actually used letsforgetdebt Great help!
Only idiots are in debt
Best thing to do is file bankruptcy. I’ve done it twice and don’t regret it at all.
GUIDO ON THE CORNER DON’T TRY TA CHARGE YOU THAT KINDA INTEREST LOL
I have not used one. However, I heard on the radio about a debt settlement company that did not work for anyone. Almost the entire staff spent all their time signing up new customers, so there was not enough employees left to do the debt settling.
When you start getting scared to look at your bank statements thats when your in trouble