What to do with credit card debt?
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ffmplease wants to know:
I have a about $8,500.00 credit card debt. I can’t afford to pay the minimums anymore and was thinking about contacting a debt relief company that will negotiate with credit card companies for me, during the negotiations I don’t pay the credit cards should I pursue this option or should I just go with partial payments and keep on accumulating fees without reducing my debt? Please help me make this decision.
I have a about $8,500.00 credit card debt. I can’t afford to pay the minimums anymore and was thinking about contacting a debt relief company that will negotiate with credit card companies for me, during the negotiations I don’t pay the credit cards should I pursue this option or should I just go with partial payments and keep on accumulating fees without reducing my debt? Please help me make this decision.
Filed under: True Credit
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CONSUMER CHRISTIAN CREDIT COUNSELING TRY THEM OUT
DaveRamsey.com has a great program called Financial Peace. It worked for my husband and myself. We now only owe on our house and seven years ago we had more than 13,000 in credit card debt.
No matter how you do it, it’s going to be somewhat painful as you’ll have to quit spending and start paying everything off.
First – be VERY careful about these debt relief companies. So many of them are scams. You can do on your own what many of them charge you do. Ensure that you’re not charging anything further on those credit cards. I would strongly suggest closing the accounts.
There are other options that you have. You can negotiate with the companies to settle for an amount less than you owe (they may not necessarily be willing to do this unless the accounts are pretty far into collections already). If you do this, on some rare occasions, they’ll let you make a payment plan. More often than not though, if they settle for a lesser amount, they want it paid in full.
If you have a home, you might consider a debt consolidation loan on your home if you have equity in it. If you haven’t refinanced in a while, you might shop around for a better interest rate than you have now and roll those credit card bills into it.
Whatever you do – don’t get into more debt trying to get out of it. Good luck.
go to creditease dot net for help
Find a legitimate Debt Relief service and go that route.
Here is some info on debt relief. I hope this helps you..