Credit Card Debt Reduction

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If possible, try to get your higher rate balances onto one low rate card. Then use the free introductory period (sometimes up to 12 months) to pay down the principal. Here's a site that features many 0% balance transfer credit card offers: http://www.creditcards.com

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The Credit Score (also known as your MyFico score) is calculated with the following breakdown: * 35% - Payment History * 30% - Credit to Debt Ratio * 15% - Credit History * 10% - New Credit * 10% - Credit Types in Use A small loan consolidation with low interest is the best (for credit cards)I found interesting information about your answer & options here. http://all-debt-consolidation- loan.blogspot.com/2007/07/loan- consolidation.htmlGood luck!

I have credit cards with high interest rates and I have a large amount of credit card debt over $20,000. Do these debt reduction or law firms really help? How does this affect my credit score? I need to pay off and reduce my monthly payments at the same time.

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(Before anyone leaves the inevitable smart-a*, "deadbeat" remark, I'm not a deadbeat. I've been laid-off due to the economy 5 times in the last 7 years and the employers who laid me off gave me BOTH raises & promotions prior to the layoffs. I'm now re-employed by one of them.) Rather than go into Chapter 7 or 13, my creditor (unsecured credit card debt) told me they would put me on the following plan "IF I QUALIFY". They said they will ask me the qualifying questions on Monday. 5 Years to pay back the entire balance 2 to 3% interest rate No fees Payments will be 1.75% of the balance ($152 per month) and after 6 months they will "re-age" the account to show it as paying on time. Can anyone tell me what questions a bank has asked them in this kind of "qualifying questionnaire"? I'm sure it'll be, "How much do you make presently, what are your expenses, etc." but I would like to hear from someone with personal experience in this -negotiating with the creditor.

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I understand. I went through that but I had a ton of debt. I used CCCS. Consumer Credit Counseling Services. The first counselor was not for me. The 2nd one was great. They said 5 years but with additional layoffs it took 10....but I owed $125,000. But I did it with no bankruptcy. Never heard of qualifying ... just show up and they re-negotiate with creditors. Just keep paying and all will be fine. If you are doing the negotiating one-on-one with a creditor that is different...they may have some requirements. But CCCS can do it for you because they deal with creditors constantly. They will probably know in advance what will happen. There are probably other good services out there but CCCS is the only one I have experience with. Good luck and you will do it !!

We are in our late 50's have 2 mortgages and all this credit card debt, we were just making it and then my husband had 2 colon cancer surgeries in 6 months, I am afraid of debt reduction because I have heard bad things, and debt counseling would save some, but it all seems so hopeless, creditors are calling me at work and I have a job that would be in trouble if we declared bankrupcy, just let me know I am not alone and give me some honest and good advice..blessings

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you need more help than a good answer. you need money. i would have suggested a refi loan on your house but you already have 2 mortgages so that probably won't work. sounds like bankruptcy to me. i know it might get you in trouble at work but if you're already $400 in the hole every month, you'd be better off making nothing. it's not so bad.