Millions of Americans are in serious trouble with credit card debt. Easy credit card offers coupled with new ways to buy on line have encouraged a buy now pay later life style. Add to that the recent economic meltdowns that have left many jobless or with frozen or reduced wages and the problem has escalated out of control.
If you are in trouble with your credit card companies, there are steps that you can take to make things better, and even get some relief from your credit card debt.First, you need to realize that you have realize that you really owe the money. It's not important how you got in debt, you are in debt and you have to deal with it. You do not have a Constitutional right to debt forgiveness.
Debt reduction is not a way to avoid paying your debts. If you owe money, it is your responsibility to settle with your creditors. After all, if the credit card company owed you money, wouldn't you want them to pay it back?
You need to realize that getting out of debt will take work, discipline, and commitment. If you go into this with the idea of reducing your balances to that you can charge them up again, you will not succeed. Your credit company and even non profit companies can help you get out of the situation that you are in.
If you get a lump sum of money from a bonus or other source, try using it to pay off a credit card, even if it will not cover the entire balance. Many companies will accept a short payoff right now over the hope of payments dribbling in over the next several years.
But with balances as high as they are, many people are so far in debt that they will go bankrupt long before they can pay the balance off. When this happens, or when the credit card companies have to sue a card holder for their open balance, they never get the full amount back. The terms of the judgments and the legal fees involved always take their toll.
Credit card companies are realizing that if they can find someone who is willing to pay back all or part of what they owe, it is worth their while to help make this happen. But before they will work with you, you need to work with them to establish your self as someone who will commit to whatever arrangement that is arrived at. They are not interested in someone who just wants to shut off the collection calls for a while. Keep the lines of communications open. It's hard dealing with those collection calls, but they need to know that you are trying to honor your debt.Come up with a budget that you can live on and document it. Include your proposed payment to the credit card company and mail it in to them.
If you are in trouble with your credit card companies, there are steps that you can take to make things better, and even get some relief from your credit card debt.First, you need to realize that you have realize that you really owe the money. It's not important how you got in debt, you are in debt and you have to deal with it. You do not have a Constitutional right to debt forgiveness.
Debt reduction is not a way to avoid paying your debts. If you owe money, it is your responsibility to settle with your creditors. After all, if the credit card company owed you money, wouldn't you want them to pay it back?
You need to realize that getting out of debt will take work, discipline, and commitment. If you go into this with the idea of reducing your balances to that you can charge them up again, you will not succeed. Your credit company and even non profit companies can help you get out of the situation that you are in.
If you get a lump sum of money from a bonus or other source, try using it to pay off a credit card, even if it will not cover the entire balance. Many companies will accept a short payoff right now over the hope of payments dribbling in over the next several years.
But with balances as high as they are, many people are so far in debt that they will go bankrupt long before they can pay the balance off. When this happens, or when the credit card companies have to sue a card holder for their open balance, they never get the full amount back. The terms of the judgments and the legal fees involved always take their toll.
Credit card companies are realizing that if they can find someone who is willing to pay back all or part of what they owe, it is worth their while to help make this happen. But before they will work with you, you need to work with them to establish your self as someone who will commit to whatever arrangement that is arrived at. They are not interested in someone who just wants to shut off the collection calls for a while. Keep the lines of communications open. It's hard dealing with those collection calls, but they need to know that you are trying to honor your debt.Come up with a budget that you can live on and document it. Include your proposed payment to the credit card company and mail it in to them.
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