Credit cards are very convenient and have many advantages. Not only do they allow the consumer to put off payments to a later time, they allow purchases to be done quickly and with little inconvenience.
However, many find that their credit card debt can quickly grow out of hand. They are no longer able to pay for their purchases as quickly as they would like, and some even fall behind on their payments. If you are in this situation, you need credit card debt help.
Talking to an accredited credit counselor will help you decide what type of help you might need. There may be things that you can do to clear up your credit problems on your own, or you may need more involved help from an agency.
One thing you might be able to do to help your situation on your own is to talk to your credit card companies. If you have a good history with the company, they may be willing to lower your interest rate. However, they have little incentive to work with you if you have been late on payments in the past or just make the minimum payments.
Another way you could handle your debt yourself is to discipline yourself to pay off one credit card at a time. Usually, you would want to focus on the card with the highest interest rate so that you can it paid off the fastest. This may require more self-discipline than you have.
If these self-help methods are not sufficient for your situation or if your debt is too severe, you might think about getting a debt management plan. A debt management plan is a way to consolidate debt into one payment. The debt management company will take the monthly payment you give them and disperse them to your creditors. You save not just time but also money as the debt management company will work with your creditors to lower your interest and fees. This will allow you to pay your debt off in less time than it usually takes to pay off credit card debt on your own.
Credit card debt can be overwhelming, but there’s help. Find out what help is available for you in your situation today.
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Frequently Asked Questions
For Lita Epstein: Dear Ms. Epstein: I had a ...
By: ajltenor | 23-08-2008
For Lita Epstein:
Dear Ms. Epstein:
I had a Citibank MasterCard account for well over 25 years. Due to some delinquencies and two bounced checks (due to severe family illness at a certain point a few years ago) they irrevocably closed my account. It was about 2.5 years ago. I have paid on time since then at a very high finance charge. When I inquired about reopening the account, they said it was impossible and I went through many supervisors. Does one just accept this and wait for the 7 years to pass on a credit report before it disappears or is there any avenue I have not explored to reopen the account or can I have the blow softened on my credit report? Or is it just hopeless? I am a respected, highly paid professional, and it seems as if the credit rating and former delinquencies over a 25+ year period voice my current financial state in their eyes. Thank you. ajltenor@aol.com
Credit Counseling
By: hopeful1 | 23-08-2008
We are so far in debt there is no light at the end of this tunnel. Our credit cards are to the maximum amounts and the interest rate on all is the high 20's and some in the 30's. Should we contact a credit counseling service? How do we know who is legit and who is a scam?
Bankruptcy? Should I?
By: cindyclaaa | 23-08-2008
I am in debt about 25,000.00. I am thinking of filling for bankruptcy however I need to get more information on how that works. I am a single mom of two. I make about 35,000. annually. I rent an apartment for 1300. monthly. Need help
Credit Card Closeout
By: Uniquemac | 23-08-2008
I have about 10 credit cards,3 which have no balance on them. I would like to close them out without adversely affecting my credit score for future needs of credit. Should I close them out?
Financial Problems?!
By: Mrs.Jessica | 07-08-2008
I recently check all three of my credit scores and they were underneath 570. I want to apply for a personal loan for five thousand dollars but I don;t know where to start. Just about every application that I submit tells me the following:
1. Too many inquiries
2. Not enough credit or too short of a credit history (less than two years)
3. To many delinquent accounts
What can I do to help get this loan?
HELP!! I have over $75,000 in credit card debt!!
By: jlbell | 30-07-2008
For the past year and a half, I have been unemployed and have lived off of inheritance and money borrowed from credit cards (majority at 0% interest). I have started a new business and should see a profit during the next 60 days, however in the meantime, I have racked up $75,000.00 in credit card debt.
I have over $400,000 in equity in my house. Is it possible or is it smart to take some of this equity and pay off the credit cards? The 0% interest free are expiring fast and I have always had a great credit score, but with this much debt, it has killed my credit score.
HELP!! I need advise on what to do!
Thank you!!
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