Credit Card Debt
Date: Thu, 03/24/2011 - 13:55
Credit Card Debt
Seeking advice on how to proceed to ease the burden and settle/pay off the debt.
US BankVisa; $10,500
GE Care Credit: $6,500
USAA Mastercard: $3,000
Reside in Michigan.
Thanks!
It will be a good option to settle your credit card debts with y
It will be a good option to settle your credit card debts with your creditors. You can contact your creditors on your own and apply for settlement. If you're unable to negotiate with your creditors on your own, then you can take help of a debt relief company in order to negotiate with them for a settlement. This will help you reducing your debts by 40-60% and it will become easier for you to pay them off.
Your creditors will not entertain a settlement until you are at
Your creditors will not entertain a settlement until you are at least 90 days behind in payments. If you have been able to make the minimum payments so far, perhaps you could use the services of a debt management company. They would take financial inventory and present you with a payment plan. They would negotiate lower payments and lower interest rate with your creditors. This might be a viable course for you since your balances aren't that high. Should you decide debt management is the way to go, make sure you deal with a non-profit management company.
If you still think settlement is the way to go, then you will have to default on your payments. Read the DIY information on debt settlement.
4
Thanks for the valuable input ... any suggestions/recommendations for a good debt management company?
The one I used before my income was drastically reduced was take
The one I used before my income was drastically reduced was take charge america. I found them very professional and helpful. You can do a search on here for other posters opinion, and check out others before comitting yourself. Just make sure they are a non-profit organization.
Have you talked with any of your lenders about negotiating a har
Have you talked with any of your lenders about negotiating a hardship plan? I don't know what your interest is or what your current payments are but, generally one or both are lowered when you're put on a plan. If that's not an option, I'd be happy to help you map out a settlement/payment strategy. I'd just need to know how much you're currently paying each and if you think you might be able to access additional funds to help with settlement.
If you go with a debt settlement company, please do research on
If you go with a debt settlement company, please do research on them. I went with one years ago and they totally ripped me off. Whatever a debt settlement company can do for you, you can do for yourself. Please learn from my mistake and do research.