about credit card debt

Saturday, July 11, 2009

I have become $43,000 in credit card debt. Is there a debt relief company?

Two of my cards I am late on. Interest rates have become so high I can%26#039;t afford the finance charges.

Is there a company out there that can help me combine these cards and reduce the amount I owe without any gimics.

I have become $43,000 in credit card debt. Is there a debt relief company?

yes 310-debt is a phone number to call if you live in canada

I have become $43,000 in credit card debt. Is there a debt relief company?

Do NOT use a credit card debt relief company to help resolve your issues. Here is how I got myself out of credit card debt!

1. cut up all of the cards except for one. Immediately. The one that you keep, put it in a safe deposit box at the bank and only use it for TRUE emergencies.

2. Do not ignore the fact you are late. Write each one of your debtors and tell them that you are in a financial bind and offer to %26quot;settle%26quot; your credit card debt for a specific amount. Offer to make payments that you can afford..even if it means sending each debtor just $20 a month. It shows you are making the effort to pay and even if they take you to court, it will show the judge you are making the effort. They can%26#039;t kill you...so, you have the advantage!

3. Your home is protected from all debt collectors. So as long as you make your home payments, you%26#039;ll have a roof over your head. Write out a budget and ensure you stick to it!

4. DO NOT BUY ANYTHING THAT YOU CAN%26#039;T GET WITH CASH! If you can%26#039;t pay cash for it, you don%26#039;t need it!

5. debt relief companies will keep you in debt! Trust me! They won%26#039;t help you. You have the power, within yourself to get yourself out of the mess you got yourself into! Believe in yourself and everything will work out!

I have become $43,000 in credit card debt. Is there a debt relief company?

go to daveramsey.com and you will be amazed he helped my parent pay off 25,000 dollars in debt and he teaches you about how bad credit cards are and that debet cards are safe

its a great place to go when you need money in your pocket and less debt but it dosnt happen over night you have to be patient and it may take a year but its worth it!!!

I have become $43,000 in credit card debt. Is there a debt relief company?

I would not recomend a debt relief program.

go to

www.daveramsey.com

He%26#039;s really good at thing like these

I have become $43,000 in credit card debt. Is there a debt relief company?

You can use many online resources such as http://www.mm-review.com/money/2.html. They have great help. Check them out. There isnt a reason to use a debt relief company. Best of luck!

I have become $43,000 in credit card debt. Is there a debt relief company?

If you are caught in the credit card debt trap, approach a debt consolidation company for help, instead of paying high rate of interest to your card issuer. Most of the debt consolidation companies provide loans to help you tide over the credit card debts. These loans are known as credit card debt consolidation loan. The advantage of this loan is that you are charged a low rate of interest. The difference between the interest charged on the credit card and the interest on the credit card debt consolidation loan is substantial, saving you quite a big sum of money.

I have alot of credit card debt. What is better debt consolidation or debt negotiation?

well if you consolidate your loan you would be refinancing the loan, you would be set up tp payoff the loan in 10 or more years and it would be like taking out a new loan. loan negotiation would be just to set up an amount to pay each month until the loan is completely paid, but it would be only if you wanted to increase the payments not to increase the time frame to pay it.

if you consolidate you have more time to payoff the loan, but you will also be paying more on interest.

if you negotiate you loan you will have higher monthly payments but you will payoff the loan faster.

I have alot of credit card debt. What is better debt consolidation or debt negotiation?

I work for a credit card company and is allways best to go for the debt consolidation program,if u do negotiation u be getting ur self in more debt

I have alot of credit card debt. What is better debt consolidation or debt negotiation?

It%26#039;s like asking what%26#039;s better : an apple or an orange?

Debt consolidation means you%26#039;ll pay back all your debts. You need some asset (usually a house) against which to borrow the money which will then be applied to the individual card debt. You then make one monthly payment. This is generally the best solution as it lowers the interest rate and it%26#039;s easy to budget around. However, it runs the risk that you%26#039;ll run those credit cards back up and now you have twice the debt (the consolidation loan plus the new credit card charges.) And you obviously need some sizeable asset against which to get the debt consolidation loan. That asset will now have a lien against it.

Debt Negotiation can lower your overall debt load and it can lower your monthly payments. However, it leaves a black mark on your credit history almost as if you%26#039;d filed bankruptcy. In my opinion, anyone considering this should seriously consider biting the bullet and filing bankruptcy as the court is then effectively your %26quot;debt negotiator%26quot; but they are more fair towards you, have no self-interest and a LOT more power than a debt negotiator.

Jeff

I have alot of credit card debt. What is better debt consolidation or debt negotiation?

call each one up and make a payment plan or settle for less

I have alot of credit card debt. What is better debt consolidation or debt negotiation?

Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments. When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate.

I have alot of credit card debt. What is better debt consolidation or debt negotiation?

If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can%26#039;t be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.

Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.

A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn%26#039;t undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.

When a person approaches a credit counseling agency, the first thing it will do is to take stock of the situation and get various facts about the credit card debt. The credit counseling agency collects data about the income, expenditure and spending habits. It will guide the credit card holder about budgeting benefits and try to inculcate good financial habits. Read more from: http://www.credit-card-gallery.com/artic...

I have alot of credit card debt. What is better debt consolidation or debt negotiation?

There is a great place to go with this. I was in a very similar situation.

This is getting help from real people without the use of banks or credit card companies. Good Luck!

http://www.prosper.com/join/lzc5wh

If taxes don't apply credit card DEBT, would a CREDIT applied to your credit card account be ta

The answer is no for payments or return of merchandise. This is not income.

If you ask the credit card company to reduce your credit card debt, this is income according to the U S Suypreme Court.

If taxes don%26#039;t apply credit card DEBT, would a CREDIT applied to your credit card account be taxable?

Probably not. This would be a return to you on money that is already taxed. Don%26#039;t worry about it.

If taxes don%26#039;t apply credit card DEBT, would a CREDIT applied to your credit card account be taxable?

Credits issued are usually for charges that are being reversed on money already spent (i.e. taxed).

I owe $20,000 credit card debt. What can I do to pay off the debt? Should I consult w/ debt conslida

You don%26#039;t need anyone to do it for you. All they do is negotiate your debts for you and collect a fee. You can do it yourself!

Call all of them and work out a payment plan and try to get your interest lowered or stopped.

Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.

You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, Internet, etc. Lower your electric bill, gas bill, water bill, etc. Don%26#039;t eat at a restaurant until your debts are under control.

Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.

Go to the library and get %26quot;The Total Money Makeover%26quot;. Read it and follow it carefully.

Go check out Dave%26#039;s website as well.

www.daveramsey.com

I owe $20,000 credit card debt. What can I do to pay off the debt? Should I consult w/ debt conslidation co.?

Debt consolidation will charge you to do something you can do yourself.

First thing to do is NOT use credit cards anymore.

If you are current on the bills and have more than 1, pay as much as you can towards the one with the highest interest rate while paying the minimum on the others. Once it%26#039;s paid off, apply that money in addition to the minimum on the one with the next highest rate. Continue this until you have no more credit card debt.

If you%26#039;re able, get a second job so you can get this paid off sooner.

Make a vow to yourself to never use a credit card again unless you have the ability to pay it off in full when the bill is due.

Good luck.

I owe $20,000 credit card debt. What can I do to pay off the debt? Should I consult w/ debt conslidation co.?

Consolidation is the best solution available to the credit cardholders to improve their future credit. People go for debt consolidation for many reasons: prolonging the loan period from 5 - 15 years and reducing the interest rate. Consolidation allows you to go for a loan with lower interest rate than the one you are currently paying. Besides it simplifies the loan repayment as you are paying only one lender in place of various payments to different lenders.

I owe $20,000 credit card debt. What can I do to pay off the debt? Should I consult w/ debt conslidation co.?

There is a great place to go with this. I was in a very similar situation.

This is getting help from real people without the use of banks or credit card companies. Good Luck!

http://www.prosper.com/join/lzc5wh

I owe $20,000 credit card debt. What can I do to pay off the debt? Should I consult w/ debt conslidation co.?

User Rick B just gave you some good advice.

Go to Dave%26#039;s website and follow his plan.

Once you get out of debt, never go into debt again for stupid stuff. A house would be ok, but even try to pay cash for that.

Sell stuff, to pay down your debt.

If you have a car with a big whopping payment, sell that car! Don%26#039;t matter if you owe more than its worth. If that%26#039;s the case, get a $1000 loan or so from the credit union to help the buyer pay for the car.

For example, if you have $20,000 in car debt and the car is worth $18,000, then take out a loan for $4500, sell the car for $18000 and buy another car for $2500. Why? You go from $20,000 in debt to $4500. You can pay $4500 off quicker than $20,000 of car note.

Social life going bye bye for 6 months to a year. Instead of hanging out and spending money, you need to be working and paying off debt. Get a second job.

Using credit is a frikin crutch that makes you lazy and takes away your creativity.

Get FOCUSED!!!!!

Play with fire, you%26#039;ll get burned.

Play with snakes, you%26#039;ll get bitten.

Play with credit.....

A family member died leaving credit card debts. Is the family responsible for the debt.?

This is in Australia - so Australian laws. My mother was the eficiary - will she have to pay these debts.

A family member died leaving credit card debts. Is the family responsible for the debt.?

I%26#039;m in Australia. As far as I%26#039;m aware the estate of the deceased person is required to pay the outstanding debts. So your mother, as beneficiary, is required to pay the debts out of the money that was left to her, rather than out of her own money. If there is insufficient money in the estate, then it will not be necessary for her to make up the shortfall.

A family member died leaving credit card debts. Is the family responsible for the debt.?

I don%26#039;t know the law in Australia, but I would assume that the estate is responsible. Did the relative leave anything of value? House, car, investments, property, cash? These would be used to settle the debt. In the US, a person%26#039;s will names 3 people:

an executor, to carry out the wishes of the will and settle the person%26#039;s affairs:

a guardian, to take care of the person%26#039;s minor children if any;

a conservator, who protects the assets and wealth in the estate for the beneficiary if they are not yet of age.

If there is no will, the state names these people, and divides the property among the surviving possible heirs according to state law.

I would expect that Australian law would be at least similar to this.