Finding Credit Card Debt Help through Debt Management
When consumers decide that enough is enough, they often look for ways to become debt free. With that said, the first word that comes to mind is “debt consolidation”. When consumers consolidate debt, they essentially include all monthly obligations into one lump sum. So whether the person had five creditors or fifty, when they consolidate they will have one monthly payment. This will in turn take care of all the creditors and that consumer will now need to worry about that one monthly payment. After enrolling into a consolidation program, the company who is servicing the accounts (often a non profit) will contact the creditors to have the interest rates reduced. Now although these companies cannot guarantee the reduction of interest rates and minimum payments, most companies offering this credit card debt help will assist in having these reduced. In almost all cases, the interest rates and minimum payments will be reduced. But then again, there are a few companies that have terms that tend to conflict with the program. A discussion with a debt specialist will be able to break down the important factors of the program in addition to what creditors do and do not qualify in the program.
When trying to find credit card help through a debt management program, the consumer will remain current just as if they were making the minimum payments outside of a program. According to the Faair Issac Corporation (better known as FICO); debt management is the only program which will not have an adverse effect on the consumers credit score. For the consumer wanting to become debt free but in turn, not harm there credit, this program would be the program of choice. The purpose of these programs is to help consumers reduce minimum payments and interest rates, something the consumer directly cannot often do. You see, consumers should be making two or even three times the minimum required payment and when they don’t do this and pay just the minimum required payment – next months billing statement will reflect a very similar balance. It’s sad really, and in our eyes should be considered illegal. Creditors shouldn’t be able to put the consumers in a position of “checkmate”, enslaving them into making minimum payments indefinitely due to high compound interest rates.
Trying to find credit card debt help through debt settlement offers
When trying to find various ways on how to pay off credit card debt other solutions may come to mind. Although options like bankruptcy or debt elimination are out there, they are not often recommended. Another program that may be useful that is different from consolidation would be that of settlement. Debt settlement works by making the consumer purposely fall behind while the person makes a series of monthly payments into a trust account. Over time and once that trust account accumulates, the company offering the credit card help will then contact the creditors and advise them that you’re ready to make a settlement. The rule of thumb in these programs is to settle the debt at around 50% of what you originally owed. So given you had a $10,000 debt, expect to pay around $5,000. Now without holding us to anything, it’s always a good idea to get a quote to see what your unique situation is. Debt settlement tends to be the most trending and most popular program for consumers due to the fact that it allows consumers to have the lowest possible payment compared to all the other programs out there. For the consumer trying to shop around and get the lowest payment, settlement would be the ideal solution to move forward with.
Ending Statement:
Debt relief is never an easy path to pursue, but if done correctly, consumers can find solutions that can provide them with the credit card debt help they may be looking for. Through these different types of offers, consumers can find out what options are available, what solutions to move forward with and which ones to avoid. Using a company that offers access to multiple solutions will give you the advantage. Credit Card Debt Help has been helping consumers for years and works by having existing agreements with a range of providers allowing you to receive multiple quotes at once. Contact our office today for your free consultation.
Stay current with us on our blog.
When trying to find credit card help through a debt management program, the consumer will remain current just as if they were making the minimum payments outside of a program. According to the Faair Issac Corporation (better known as FICO); debt management is the only program which will not have an adverse effect on the consumers credit score. For the consumer wanting to become debt free but in turn, not harm there credit, this program would be the program of choice. The purpose of these programs is to help consumers reduce minimum payments and interest rates, something the consumer directly cannot often do. You see, consumers should be making two or even three times the minimum required payment and when they don’t do this and pay just the minimum required payment – next months billing statement will reflect a very similar balance. It’s sad really, and in our eyes should be considered illegal. Creditors shouldn’t be able to put the consumers in a position of “checkmate”, enslaving them into making minimum payments indefinitely due to high compound interest rates.
Trying to find credit card debt help through debt settlement offers
When trying to find various ways on how to pay off credit card debt other solutions may come to mind. Although options like bankruptcy or debt elimination are out there, they are not often recommended. Another program that may be useful that is different from consolidation would be that of settlement. Debt settlement works by making the consumer purposely fall behind while the person makes a series of monthly payments into a trust account. Over time and once that trust account accumulates, the company offering the credit card help will then contact the creditors and advise them that you’re ready to make a settlement. The rule of thumb in these programs is to settle the debt at around 50% of what you originally owed. So given you had a $10,000 debt, expect to pay around $5,000. Now without holding us to anything, it’s always a good idea to get a quote to see what your unique situation is. Debt settlement tends to be the most trending and most popular program for consumers due to the fact that it allows consumers to have the lowest possible payment compared to all the other programs out there. For the consumer trying to shop around and get the lowest payment, settlement would be the ideal solution to move forward with.
Ending Statement:
Debt relief is never an easy path to pursue, but if done correctly, consumers can find solutions that can provide them with the credit card debt help they may be looking for. Through these different types of offers, consumers can find out what options are available, what solutions to move forward with and which ones to avoid. Using a company that offers access to multiple solutions will give you the advantage. Credit Card Debt Help has been helping consumers for years and works by having existing agreements with a range of providers allowing you to receive multiple quotes at once. Contact our office today for your free consultation.
Stay current with us on our blog.