Debt – Get Out And Stay Out!
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The first thing, really, is to keep your eyes and ears open. There are always a number of offers available for you to choose from. The credit card suppliers keep coming with new and more attractive offers asking you to choose them. However, you must note that the APR quoted in bold, e.g. 0% APR, is applicable only for a short term (3-9 months). The long term (or the standard) APR is different. So, when you go looking for a credit card to consolidate credit card debt, you must be keenly looking for these 3 things (in terms of APR) – introductory APR, introductory APR period and the standard APR. Let’s see how each one is important.

Introductory APR is probably the most attractive thing to look for when you are looking to deal with your money problems. If you use a card that has a low introductory APR e.g. 0%, the first thing you get relief in terms of the rate at which your outstanding money have been growing. Based on how long that 0% APR period is (generally you will look to consolidate credit card debt with a credit card supplier who offers 0% initial APR), you will at least be able to temporarily break the growth rate.

The longer the introductory period, the better it is. However, you should not ignore the standard APR. This is the interest rate that will be applied to your balance after the expiry of the introductory low APR period that was given to lure you to the supplier. If the standard APR is too high and you know that you will not be able to clear the balance during the low APR period, that one is probably not the best for you. However, if you think that you will be able to clear off the entire outstanding amount during that period, you can make some compromises on the standard APR that you eventually use.

The card that synchronizes with your current and future financial position (and needs), is the one you should make use of to help with your financial situation.

It would be wise to call the credit card companies yourself and try to work out a settlement agreement with them on a personal basis. The credit card companies really don’t want the situation to progress to the point where they have to take legal action, so they will probably be willing to negotiate even if your account has been delinquent for several months.

Start by trying to adjust your interest rate and lower service charges that have been applied to your account. Once you know what the credit company is charging you, you will be more prepared to negotiate effectively with them on a settlement.

In your efforts to reach a debt settlement with the credit card company you should focus your efforts on negotiating over the interest rate and service charges first, not discussing the principal. The credit card companies make their money off the service charges and interest rates on your account, so try to make a deal that benefits you both mutually.

Next Comes the Hard Part

The money that you spent on purchases that has already been paid by the credit card company, called the principal, is the hardest aspect of your debt to negotiate over with credit card companies. They don’t want to have paid for something and not have you pay them back.

Getting your way with negotiations over the principal is not easy, so don’t feel bad if the credit card company refuses to budge. Even getting the company to adjust your interest rate or service charges is difficult. Remember that the credit card company’s goal is to get their money from you, not repossess your things.

Regardless of what agreement you reach with the credit card company, you need to be prepared to follow through with your end of the deal. If you fail to meet the terms of your settlement plan, you can expect the credit card company to take aggressive action to get their money, not a second chance.

When trying to decide the best strategy for debt management, debtors are often offered two choices when faced with overwhelming debt: they can either get a credit card debt consolidation loan or declare bankruptcy. Both methods clear debt completely, offering a fresh start, but which is the best solution?

By looking at each solution in turn and then comparing them against each other, it’s possible to determine the best choice.

Debt Consolidation

Fortunately, there is an alternative, another legal way of getting clear of your creditors and your mounting bills. You can get a secured or unsecured loan that is of lower interest than your credit cards. This loan can be used to pay charge cards, leaving you only with the loan to pay off. Besides paying off your debts in full, your credit scores will have to reflect that you have “paid as agreed.”

All you have to do is provide reasonable proof that you have a steady income and can pay back the loan in a timely manner.

Bankruptcy

This should be considered the choice of last resort. The effects of a personal bankruptcy are long lasting. Although after declaring bankruptcy a court rules that you’re no longer held to your financial obligations, your credit report will show this for ten years. During that time, you can’t apply for a car, a home, and even life insurance. Sometimes, too, it prevents you from getting a job.

The Best Debt Solution

Although both forms of debt management provide the same outcome: a legal release from indebtedness, they do this in completely different ways. With bankruptcy, a court order frees you from further obligation to your creditors. With debt consolidation, a blanket loan frees you from further obligation to your creditors. Bankruptcy ruins your credit report and a debt consolidation loan saves it from ruin. A debt consolidation loan is better provided you can provide proof of regular work. Otherwise, if you have no income coming in and no way of obtaining employment in the near future, then a personal bankruptcy may have to be filed.

These credit card debt elimination companies will tell you some things that are not entire true. For instance, many of them will claim that your credit card debt is the responsibility of your bank. They will tell you that when your credit was established and the limit on the card set, that the supporting bank was taking responsibility for the debts in much the same way as a co-signer would on any other loan. They will tell you that the credit card company may call you or even report you to a debt collector, but that they will not sue you for the amount. The problem with their theory is that if it were true, wouldn’t most people solve the problem of credit card debt by just not paying? Also, why would the banks even take the gamble on the cards with the huge risk out there that you won’t pay them?

Another way these companies will draw you in is by claiming that you can erase credit card debt through the use of hidden or obscure laws. They will tell you that they understand certain loopholes that protect you from having to pay the banks that you’re your credit. In the end, though, they are not willing to make any guarantees, so the process of credit card debt elimination starts to sound a little less credible.

However, if you get that far and still haven’t hung up on them, these credit card debt elimination companies will hit you with the big one: a program they want you to buy. Now, the program will supposedly be sure-fire, but they are also going to want their money up front (perhaps in case the sure fire debt eliminator isn’t so sure fire). So they will tell you that it doesn’t cost anything, except for what you are paying them for all of this top secret information they have.

So before you consider getting rid of your credit card debt through one of these debt elimination companies, take some time to educate yourself and to think about what they are telling you. For one, wouldn’t you think that most lawyers would be aware of these loop holes? If so, then you would probably save money by talking to your attorney first in a consultation. Also, would credit card companies be so prevalent if it was so easy to get out of what you owe on your cards? Probably not, since they are absolutely counting on you to make any money at all. The thing to remember is that if something sounds too good to be true, then there is a good chance that it is. That goes for debt elimination [http://www.dixiejournal.com/category/finance-news] as much as it does for any other scam you see out there. So, before you go forward with anything that is going to affect your finances, you may want to take some time to ask a lot of questions, research for yourself, and make sure you are completely comfortable with the entire process.

The first step is to be true and honest with yourself about your debt and how much you have. If you are purchasing more than what you are making, then you need to stop. Do not add anymore to your debt. Cash needs to be used rather than credit cards. If you do not have the cash for your purchase then do not buy it.

The next step is to start paying off the credit cards. Start by paying off the card with the highest interest rate first. Each month pay the minimum on all the cards except that one.

Pay that one credit card’s minimum plus any additional amount that you can. When you finish paying off that highest interest rate card, then move on to the next highest interest rate.

Keep doing this until you have paid them all off one at a time. This will take some time and commitment but it can and will be done.

One other step you can take is lowering the interest rate on your current credit cards. Many times all it takes is a phone call to the creditor and the rate will be lowered just by asking.

You can also try to transfer balances from one card with a high interest rate to one with a lower or zero interest rate. This will save you money all around.

If you are honest with yourself, set a budget and make a commitment to paying off your credit card debt, it can easily and successfully be done.

Sebastian

Settlement does bring your score down some

Know that going into the process, settlement will bring your credit score down initially. When it is reported that you have settled, this will not escape the view of the credit reporting agencies. But how much of an impact will it have? That is the more important question and it is what people are asking more and more. Settlement will not have a huge effect because it also brings about some positive changes on your report that will counter the negatives. These changes have to do with total debt amounts and the ratios of available credit to credit used.

When you make settlement your chosen path, things even out to a point, because settling knocks off a monster amount from your credit report. Some people use the process to get rid of $10,000 or more in debt, so you can see how that might be a positive for your score. The creditors who use your report to gauge their risk will much prefer a person who has less debt, but has that little smudge on their credit report, over someone who still owes tens of thousands of dollars all over the place.

Credit card debt settlement provides a measure of finality, as well. It is something that will bring you to the point where you are able to move on and start all over. Starting new might seem like a good thing to so many people who have run into bad luck in their financial life. With no more collection calls and only good decisions in the future, rebuilding your credit score and starting out on a new path is a reasonable expectation. This will bring good tidings and top notch scores, as well.

Agree to a Single Part Payment

Some creditors will allow you to make a single part payment, but this must be done within a short amount of time. Creditors want to make as much as possible, so if they think that you may eventually not be able to pay them at all, it would be in their best interests to get as much as possible returned to them, even if it’s not the total that you owe. Fortunately, this could work well for you too.

Creditors typically opt for a single part payment only if your account has been delinquent for ninety days or more. If not, and your account has been active recently, they will not be open to this debt solution.

You should, though, understand as much as possible about credit card debt settlement to put yourself at an advantage before the process starts.

To begin with, remember that not all credit card debt solution plans make your entire balance go away. In some unique cases, the unpaid balance of your credit card debt may be sent to a separate collection agency to handle.

Also, keep in mind that unpaid debt whose amount is six hundred dollars or more is considered by the IRS to be income earned and is thus taxable. This amount appears on the 1099 tax form.

Lastly, be aware that even going with a credit card debt solution will affect your credit badly in some way. Credit reports that show an outstanding balance to be “charged off” are bad news for you. “Settled for a lesser amount,” however, is less damaging to your credit since you chose to do something about paying back what you owed. ]]> http://www.clearyourcreditcarddebt.com/the-real-secret-to-credit-card-debt-settlement/feed/ 0