nyc_purple_haze asked:
Does anyone know a company which can reduce the
overall total of my credit card debt and lower interest?
I have heard a lot of information about them but was
wondering anyone with experience dealing with a certain
company who actually helped them. Thanks in advance
Mydomain.com
Does anyone know a company which can reduce the
overall total of my credit card debt and lower interest?
I have heard a lot of information about them but was
wondering anyone with experience dealing with a certain
company who actually helped them. Thanks in advance
Mydomain.com
#1 by mister ed - December 24th, 2009 at 10:38
the only one that can really do it is your credit card companies — the others promise great things but most borders on being scams!!!
#2 by bdancer222 - December 25th, 2009 at 04:29
Stay away from debt settlement companies. The common practice is to take your money and let all your accounts go 90 days past due. Then offer lowball settlements under the threat you will file bankruptcy. Most credit cards refuse to play and will immediately sue you. The settlement company won’t be around to help in the lawsuit.
Credit card companies have no incentive to settle for less than full balance. If you’ve had some permanent financial change like a medical disability, you can try to offer a settlement. It would have to be a lump sum and your credit report would show charge off/settled. You would also receive a 1099 which you would have to include on your tax return.
If you are having trouble making your payments, you could try credit counseling. Check here for a NFCC member: . These are legit, non-profit companies who offer debt management programs for a nominal fee. They don’t settle your debt but negotiate lower interest and payments so you can pay off your debt.
While in the program, it is noted on your credit file. However, upon completion that notation is removed and you will have decent credit.
#3 by sonrisa.traviesa - December 26th, 2009 at 06:15
Do you have no other way out? I ask this because I too was in a situation where I thought I was in over my head. Instead of trying to find a way out, I decided that I had to hit this thing head on. My husband and I committed to not take on any new credit. The second thing that we decided to do was to contact every credit card company that we have to request lower rates. At this point, I was the only one working and he was in between jobs. We didn’t have enough money to pay all of our credit card bills. We had no choice but to miss a payment on one account. That went on for two months. I never dodged the bullet. When the credit card company called, I answered. I told them about our hardship and the plans we had to get out of it. They worked out a special payment plan with me at 0% interest for 60 months and I am now able to pay my bill on time. I had to close the account which hurt my credit, but at the same time, I can pay the bill which in the long run will help me tremendously. I lowered interest rates on all but one credit card. Now, we are working on our debt snowball. We will have 1 medical bill and a credit card paid off next month. My credit score is up 20 points from 3 months ago and things are getting better. I’m glad I took this own myself instead of getting “help” from one of these companies. With time, and dedication, you can get out of debt without help from anyone. Good luck to you!
#4 by Judy - December 28th, 2009 at 08:25
Bdancer is right on the money.
Be careful. There are a lot of companies that will scam you.
Some do not pay the creditors for months, thinking that they will get scared and settle the debt.
But you are risking that these creditors will send you to collections - which often they do.
/
#5 by andy - December 29th, 2009 at 23:24
Unless you do really good research into all of the companies and get recommendations that you can talk to, I would not do this. I tried this before and it ended up being a huge mess, I wanted them to do a couple but they charged me fees for all of my debt, they didn’t lower my balances at all. If you can not dig out yourself, then bankruptcy maybe a good option. Remember that while you are on the repayment plan you will not be able to get any new debt at all.
#6 by MICHELLE M - December 31st, 2009 at 12:49
By google to collect some related information or you may try using answer engines like yahoo answer or yedda.com to get some related ideas.nonetheless,If you prefer some direct resource,here is a good one from my own experience.
#7 by mjghunter - January 2nd, 2010 at 23:29
YOU!!!!!!!!!!! Pay your bills on time and pay extra on a single dept until it is paid off then roll the entire amount of the paid off dept onto another.
#8 by Hextor Z - January 4th, 2010 at 04:49
cards.hotusa.org - try this one. You can compare different credit cards and choose the best one for you.
Some of them allow to transfer funds and provide 0% interest rate for 12-18 months.