In the main debt settlement article series,I have stressed the importance of being in communication with your original creditors, and sometimes their contingency debt collectors, during first stage collections. You should know at this point that debt collection phone calls, and dealing with debt collectors and bank recovery personnel, is part of your debt negotiation […]
An Expert Guide to Credit Card Debt Settlement
Short answer Debt settlement is negotiating a payoff for less than the total balance you owe, which the creditor or debt collector agrees to document and accept as payment in full. It works for the right person and the right situation, and it does not work for the wrong one. This guide is built to […]
Types of Accounts to Include in Your Debt Settlement Plan
I covered in detail how and why banks settle debt with you, in the prior article in this series. Now, lets take a deep dive into a debt settlement plan, and look at who you could be settling with. You need to know that not all debts are created equal, and that negotiating debt has […]
How to Settle Credit Card Debt Quickly
Settling each of your credit card debts successfully, and for the best possible savings results, follows a simple formula. The formula is 2 parts math and 1 part timing. The best debt settlement deal available to you with each of your debts can be a moving target when the math (the money you have available […]
Hardship Payment Plans for Credit Card Debt
Short answer A bank hardship plan lowers your monthly payment by cutting your interest rate. Banks generally only offer one once you have fallen behind, approval depends on your income and expenses, and a single missed payment usually ends the lower rate. Key points on this page The lower payment comes from a reduced interest […]
How a Credit Card Balance Transfer can be Used For Debt Consolidation
If you have landed on this site because you are searching the internet looking for credit card debt relief, you may already be familiar with a term we describe below called the credit card “balance transfer boogie”. By familiar, I of course mean you have already danced to that tune. Many people looking for debt […]
Best Debt Solution Options – An Overview
Because the options available to eliminate problem credit card debt are limited, I often find it more productive to use a process of elimination to help determine what would be the best debt solution. Most readers will find they can narrow down the list of debt relief options to one, or perhaps two, using the […]
How to Find the Best Consumer Credit Counseling Agency
The vast majority of credit counseling agencies in the U.S. operate as a nonprofit company. That does not necessarily mean they are charitable organizations. They still operate like any business does, with an eye on income and expenses. But they do have to meet some strict IRS standards to qualify as a nonprofit consumer credit […]
Top Drawbacks to a Debt Management Plan
In my first article on credit counseling, I outlined the many benefits you get from working with a credit counseling agency in a debt management plan. But there are also drawbacks to enrolling in this form of debt consolidation. And the concerns are not minor. There are many debt relief options discussed throughout the CRN […]
Lower Monthly Payments with Credit Counseling
Consumer credit counseling agencies act as an intermediary between you and your creditors in order to establish a set, lower monthly payment plan that your creditors agree to accept, and that you can afford. The method used to lower your payments is simple enough to explain; your banks agree to lower your interest rates, and […]