Credit Card Debt Consolidation Service

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Im Looking at a lot of credit card debt and its beginning to become to much for me. What services if any are the best to use when looking to consolidate? Fyi im have about 7 different credit cards with some substancial amounts on them!!Help Please!

Best Answer

NONE! You don'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 proabbly 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'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 "The Total Money Makeover". Read it and follwo it carefully. Go check out Dave's website as well. www.daveramsey.com

I ended up using my company credit card for personal use while on medical leave. I was not able to pay it off completely right away and it was sent to a collection agency. I have a very nasty debt collector calling me all the time now (which is to be expected) but her story seems to change so I'm not sure if she's being honest or using scare tactics. I contacted a debt management program and am working on paying off the debt over the next 12 months. Meanwhile, this woman keeps calling me and now she's apparently (according to her latest voice-mail) set up a conference call with my corp office tomorrow. I'm just wondering if there's some reason using a lump sum settlement won't work on a corporate card?

Best Answer

Debt Settlement, also called debt negotiation is an arrangement between a debtor and a creditor to repay a debt generally for a for a lowered payoff amount. When a debtor is not able to pay the debt any more for any reasons, debt settlement is the only option that remains. Generally, only unsecured debts, like those accrued with credit cards , can be negotiated for settlement. This is because of the fact that there is no security attached with unsecured debts. Hence, the lender can't repossess anything. On the other hand secured debts, like home loans, mortgages, car loans etc. have a collateral attached to them and can be repossessed by the lender if a default on debt occurs. So, there is no debt settlement or negotiation with secured debts. Read more about it at: http://www.credit-card-gallery.com/article/ 216,The_secret_of_successful_debt_settlement

I have severe credit card debt, and would like to either consolidate or use a service to help me free up some money in the monthly budget. I am doing very well with paying them, never been late, always pay more than minimum, but I can not get a debt consolidation loan because my debt to income ratio is too high (even though I'm trying to consolidate that debt). Anyone ever used any service that truly helped them, or know a highly rated one? Also, I'm trying to avoid anything that will hurt my credit report, like bankruptcy... also, if you know of any lenders that would be willing to help someone in my situation, please let me know! Thank you!

Best Answer

Hi, I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here: http://dwarfurl.com/7da651

Are there any debt or credit card consolidation services that are easy to use and secure and worth the time?

Best Answer

I have been trying this for the past year and it has not worked for me. So I think they are a waste of time with too hefty of fees. But that may be because I am jaded with the process. I have to declare bankruptcy now from trying to use one of these settlement places.

I owe roughly $15,000 (between two cards). I was young and immature when it came to money and now I have to pay the price. I tried to get a new credit card to consolidate both balances but I was told in an application that my credit score was lowered by too many enquiries over a period of time (big bummer) so I can't get a new card. I almost went with Capitol One, thats how desperate I was. But alas I'm still stuck with these two high interest cards. They're college cards that I got when I was 18 (24 now). I tried to get the companies to lower the interest rate but they gave me a song and dance about the rates being on perma-set rate. So i need advice/help bad. :-(

Best Answer

You dont need to pay another company to lower your debt. Call both credit card companies and explain to them that these are unsecured credit cards and you are being nice and trying to pay them off. Ask for a supervisor and explain this all over again, and threaten to file for bankruptcy which will end up in them losing all the money. Once you explain this nicely, they will end up cutting your interest rate by half and agree to pay installments every month and dont dont charge any more and dont apply for any more cards. This will bring up your credit score too as well not ruin your credit and get the interest rate lowered. This is exactly what a debt consolidation company will do for you and charge you about $1500 for it. You just got that advice for free.