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
There’s a new proposal being floated out there, massive debt relief, it may seem a little radical but some economists argue that it’s the only way to get out of this mess. Just think about it, tens of millions of Americans are burdened with mortgages they can’t afford, as well as student loan debt, credit card debt….we’re a country that likes to charge and pay later. But since the banks got a bailout….could the American people get one too? Reason’s Anthony Randazzo weighs in.
There aren't too many pros to this plan. One of the things that makes me skeptical from the get-go is that it was recommended by the collection agency. The only way this will be better is if it has a lower interest rate than your credit cards. With a poor credit score, you may not be able to get an unsecured loan for the entire amount.
The collection agency can take legal action against you. However, if you keep sending them at least some of what you owe, they probably will not do this (at least they're getting something).
The other thing to be careful of if you take a personal loan, is you NEED TO CHANGE THE BEHAVIOR! If you take the personal loan, then don't change the behavior that got you into credit card debt in the first place, you'll end up with a personal loan and credit card debt. So use caution and evaluate yourself carefully. Good luck, you can do this and change you financial life forever!
My question to you is: Why do credit card companies continue to blindly give out credit cards to people without checking their finances?
Does it make sense to you to give a credit card to someone who already has several loans and their combined minimum payments is over 50% of their income? Would any sane person give credit to someone under this situation?
This is exactly who credit card companies go after though. Who's fault is it?
Buy Buy Buy Messages? – Very easy solution, don’t watch this shitty TV and read the Newspaper anymore. Get out of the Matrix.
@pettyweaselcunt
He does look like he just drank himself out of the gutter lol
Well you learned a lesson the hard way. Almost everyone does this, so breathe in and breathe out. Count to 10 and be straight up honest with her. Just sit down look her in the eye and take the consequences…whatever they may be. Good luck to you hun.
If your not able to make ends meet and pay off this debt, consider getting an additional job if you already work one. If you don't work, find a job. Cut expenses down to the bare bones and work on getting it paid. Worst case on your credit will be a 7 year negative mark for each deliquent account.
Best to work extra and get it paid off… and stay out of debt.
I also had similar debt problems with credit card co. adding all kinds of charges.. If you are prepared to pay 1/2 call them and propose this. If you just let it go and not pay, i know when they realize it they will try to make some kind of deal with you. Before it gets to this call them and try to negotiate paying it off, not adding additional finance charges with agreement of a lump sum per month etc. Good luck
@younitehumanity That is a commom joke here in Brazil, I hope
it is only a joke there too..
(When it comes to american consumption I doubt nothing anymore..)
@Leonnidik Hahaha! I don’t think so…
@TinaBestFan I though you were Tina Fey’s best fan,
but Tina Turner is not a bad Tina either.
See if your bank will give you a line-of-credit to pay off your credit card bills. This way, your interest rate will be half of what they are on your cards.
Then, cut-up one of the cards. Use the other one only when necessary.
This next step requires discipline…budget your money to pay off your debt as quickly as possible. By paying only the minimum balance, you will keep accumulating interest and that is the vicious cycle that keeps many people in debt.
I know you're not going to like this answer but it is the truth. If you are finding it difficult to pay for gas and food after paying down your debt, you can't afford to own a car. Sell the car and use public transportation for a year or so. Pay off your debts and accumulate some savings. Once you have done that, and you feel you need a car, then shop around for a car. But for now, a car is a financial burden that it doesn't sound like you can afford.
@ristau WELL OF COURSE I LOVE TINA TURNER BUT I KNOW WHO TINA FEY IS TOO BUT I KNOW SHE HAD CANCER AND DIED.
I AM A BIG TINA TURNER FAN AND I GIVE CREDIT WHERE CREDIT IS DUE AND I FEEL SHE IS THE BEST MUSIC ARTIST OF ALL TIME.
SO DAMN RIGHT I’M TINA TURNER FAN AND YES I DO LOVE TINA TURNER AND OF COURSE SHE IS SIMPLY THE BEST AND SO AM I. LOL
Mindless consumerism is part of U.S. culture, Dawn of the Dead and why its shot in a shopping mall was a piss take at it. After all a major part of the U.S. economy IS mindless consumerism. Americans = Mindless zombie shoppers XD
@ristau yes…only a Joke
You could try making an offer to your creditors, but you have to follow through if they accept, and it will hurt your credit rating, but it may keep your wages from being attached. And ignore these jokers that tell you that your going to make a ton of money at home, their spammers.
I have heard your story over and over. People get into debt, go out and get a second mortgage or consolidation loan to pay it off…but then turn around and run up their credit all over again. The next thing you know, you are in twice the amount of debt you started with.
Sound familiar?
Then you realize you are in big trouble, so you try to do the "right thing". You start by contacting the credit card companies to either reduce the principle and/or interest rate. The result is they turn you down…and even INCREASE your rates.
Sound familiar?
Let me show you your future. And forget the Dave and Suzies advice….in most cases it doesn't work.
You can let them go to collections by not paying them. Then they MAY offer to settle for a 25% discount. Will cutting that much from your credit debt help your situation? I'm betting not.
And this will ONLY work if EVERYONE agrees to work with you. That is not going to happen. You will run into the big collection agencies that specialize in making your life miserable. If your cards are over $2000 in debt, you can expect judgments. You say you make too much money now? Wonderful! They will gladly slap garnishments on your income. Can you live with 25% of your wages being garnished?
Like I have said, I've heard this story way too many times. Without carefully examining your financial situation, I couldn't possibly give you any advice. I can say this…debt settlement rarely works. And basically it is the same thing as bankruptcy…except that while you are in settlement your debt continues to grow. They don't freeze your interest or late fees. It's going to take you an awful long time to get out of debt.
I would start by searching out a local non-profit debt COUNSELOR that will go over your finances and work out a very strict budget. Then (if your counselor is any good) they can direct you on the correct path to take. But I'm going to bet that BK is your only real course.
Will you qualify? Probably not for a Chapter 7. But under a Chapter 13 plan you will force your unsecured creditors to 1) freeze the interest and late fees, 2) force them to accept a reduced settlement, and 3) be placed on a payment plan that will get you out of debt within 5 years.
The key to deciding if BK is the way to go is simple. Sit down and create an extremely strict budget. Cancel the cable TV and cell phones. No more entertaining, dining out, or movies. Figure out exactly how much money you have left every month to apply to your debt.
Then contact every one of your creditors and see what sort of deal they will give you. You don't need a debt settlement company to do this…you just need to make sure you tell them that the alternative is you filing bankruptcy. Every one of your creditors must understand that if they don't work with you, it's going to cost them when you file BK. This will get MOST of your creditors to work with you, but not all.
Then crunch the numbers and see if your budget works. Lets say you manage to get all of your creditors to knock 25% of your debt. Now you owe $30k….do you have at least $650 in your budget to apply to your credit card debt?
If your answer is no, you have no real choice but to file for bankruptcy. You can do it now, or you can do it in a couple of years, after your credit has been ruined, you have 2-3 judgments on you, and everybody is harassing you on a daily basis.
Like I've said, I've seen this story many times. I live in an area where factories have been closed, and those still working have seen their huge wages cut. They are forced to live on credit until things improve…..and they never do.
I am not a lawyer or credit counselor, and I am not associated with any of these companies. I'm just someone that everyone seems to come to for advice, and I've done a ton of research. I hope thinks work out for you.
Remember when Americans would scrimp and save for that car, or refrigerator? Those were the days of the “Greatest Generation” that fought in WWII, and weathered the Great Depression. Now, the new economics is based upon debt, and the transference of wealth from the many poor to the few rich. More and more wealth is passing from the pockets of future generations into the pockets of the upper 1%. Thanks to the bail-out of Wall Street, and rewarding criminal behavior, the gulf is Grand Canyon.
just to clear a myth, canceling your card, does not eliminate interest. As long as it has a balance, you still accrue interest.
With that said.
Whichever one has the highest balance, make your minimum payments on.
Whichever one has the lowest balance pay extra <if the minimum is 15 try to pay 50> Once the smaller one is paid off, quit using it, cut it up if you have to <make sure you keep a bill around so you have access to the account number if you need it> And then apply the payment you were making on the smaller one towards the big one. So if you paid 50$ on the small one, and 25 on the big one, pay 75$ towards the big one until its paid off. Also, pay extra when possible. Once they are both paid off, chose one of the two, and use that as your regular credit card.