I recently had to defer my salary at my job for an extended period and cannot afford to pay my credit card debt. What should I do? A friend advised me to not make the next payments and negotiate with credit card companies on the debt. Is this wise? Would you advise I do something else? Thank you.
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Fri, Jul 3, 2009
July 3rd, 2009 at 8:53 am
See the following options to find the solution that is best for you:
~Credit Card Debt Consolidation
These come in two forms: personal and home equity. If you don’t own a home or your home doesn’t have equity, then you should apply for a
personal debt consolidation loan. Interest rates are higher than home loans, but lower than credit card rates.
~Credit Counseling
If you need help paying off your credit card debts, contact a local credit counseling service. The service will review your debts, income, and expenses, and work with you to create a payment plan. They may suggest a debt management plan. The service negotiates with your creditors to reduce your interest rates and set a fixed monthly payment. Once your debts are enrolled in the program, you no longer have access to the cards, which prevents you from creating new debt. In addition, you make a single monthly payment to the service, which then distributes it to your creditors as agreed.
~Credit Card Debt Settlement
If you owe significantly more than you can pay, and can’t reduce expenses or increase your income any further, a credit counseling service may recommend debt settlement. Also called debt negotiation, debt settlement actually reduces your total balance due. The service contacts your creditors to negotiate a new lower balance and a new payment plan. You may either be required to make a lump sum payment or monthly payments. In most cases, debts can be reduced by 40%. Before choosing this option, remember that debt settlement may damage your credit and you may owe taxes on the unpaid amount.
July 3rd, 2009 at 8:53 am
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July 3rd, 2009 at 8:53 am
Your friends an idiot. You can negotiate a settlement with a credit company until the debt is chagred off and sent to collection. After the collection agency has it for 2 or 3 months then you can do a settlement on the debt. By Federal law a 1st party credit cannot legally make a settlement in terms with you directly until you or the orignal creditor invite a 3rd party to handle the settle process. A collection agency or a debt settlement company. NOW WHO DA MAN
SAY IT? SAY IT ALOUD. The Credit Guru – Derrick
July 3rd, 2009 at 8:53 am
If you haven’t needed a credit card up until people have been telling you that you need one, don’t worry about it. You really don’t ‘need’ one. The only reason that I got my credit card (aside to help with my credit score!) was for emergiencies-and that was at my family suggestion. I ended up applying for a card through my bank/federal credit union. They will be easier than any other place, especially if you have been with them for a while. Make sure you have NO annual fee. Aside from that, pick and choose.
http://hubpages.com/_rkt/hub/How-to-Select-best-credit-card