Credit Card Debt Services

Are you confused about all the different credit card debt services that you hear about? You are not alone. With a wide range of companies offering different types of debt relief programs and debt management solutions, your options can seem overwhelming.

Therefore, the following information provides an easy-to-follow summary of the types of credit card debt services that are available. All solutions can be drilled down to one of the following types of services.

DEBT CONSOLIDATION

Credit card debt consolidation is the combining or merging of multiple credit card balances, giving you the ability to better manage your payments.

Rather than send different checks and different times of the month to pay multiple credit card bills, you send one check to cover your entire financial obligation.

Consolidation may be accomplished by moving balances over to a single credit card with a lower interest rate or by applying for a debt consolation loan.

You can do this yourself or hire a consolidation company to help manage the process. The key is to ensure the interest you owe on the combined balance is less than the overall interest you are paying. In addition, you need to be able to afford your monthly payments.

Ask yourself these questions:

  • Are you juggling significant payments on multiple cards with high interest rates?
  • Is trying to get a handle on multiple payments each month driving you crazy?
  • Do you frequently send in payments past their due dates because you inadvertently missed the billing deadline?

If you answered yes to one or more of the above questions, then credit card consolidation may provide you with some relief. For more information, click here: Credit Card Debt Consolidation

DEBT SETTLEMENT

Settling credit card debt is a agreement you work out with your individual creditors where the amount you owe is reduced and/or forgiven. When the negotiated amount of your debt is then paid in full, which is typically required upon settling, your account is considered paid in full.

Ask yourself these questions:

  • Are you knee-deep in debt, having maxed out all your cards or close to it?
  • Are you already several months behind in payments, so much so that filing for bankruptcy is maybe just a step away for you?

If you answered yes to the above questions, then settlement may be a viable option for you. For more information, click here:  Negotiating Credit Card Debt for Settlement

CREDIT COUNSELING

Counseling involves meeting one-on-one with a trained financial professional to determine to most effective approach to help you control and eliminate credit card debt. 

After assessing your overall financial health and payment obligations, your counselor will draw up an action plan to help you consolidate and repay your loans.

He or she can also negotiate lower interest rates with your creditors, provide you with practical debt advice tailored to your needs, as well as offer budgeting and money management help with your long-term financial well-being in mind.

Ask yourself these questions:

  • Are you currently using multiple cards every month, and are paying just the minimums on each of them?
  • Are you looking for some professional advice in sorting out your financial mess?
  • Do you need help with developing and management a budget, as well as with a long-term financial plan?

If you answered yes to any of the above questions, then counseling can likely help you. Almost anyone who currently uses and is dependent on credit cards month after month, can benefit from credit counseling.

A Final Word...

If you have tried the above credit card debt services and are still struggling with debt, receiving collection calls regularly, and fear you may lose your home or have your vehicle repossessed, then it may be time to carefully examine bankruptcy as an option.

To learn about bankruptcy and what's involved in the process, click here: Bankruptcy Information.


Related Information - Credit Card Debt Services

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