Does Credit Card Consolidation Work?
Posted on October 29, 2009 at 12:48 am
I don't want to google this question :
does credit card consolidation work?- because I will get all sorts of answer and it would just confuse me. I have perhaps 30k worth of credit card debts that sooner or later, I would just not be able to pay anymore.
Please give me a clear answer. Thank you very much in advance.
Posted on October 29, 2009 at 1:08 am
does credit card consolidation work?
You mean professional credit card consolidation services like credit counseling and debt settlement?
Or credit card consolidation do-it-yourself?
Or credit card consolidation loan perhaps?
Posted on October 29, 2009 at 1:14 am
does credit card consolidation work?
You know how it is with diet programs for weight loss? I think that they all work but it depends on the consumer's discipline/circumstances to make it work for him/her.
Same with credit card debt consolidation services. There is nothing wrong with the system. There could be issues/problems with the company or agency -- but the debt reduction/debt management/debt settlement programs are good debt relief options.
To minimize issues with the service provider, the consumer should always do a background check on the company/agency before enrolling.
Posted on October 29, 2009 at 1:18 am
does credit card consolidation work? - what are the more reliable credit card consolidation services out there?
Credit counseling (Debt Management Plan) - its goal is to negotiate the consumer's interest rates to apply the payments to the principal and reduce the amount much faster. If the consumer has a steady source of income for 3-5 years and a total debt amount of less than $10,000, this might work for the consumer.
Debt Settlement - its goal is to negotiate the total balance to more or less half of its original amount. The program lasts from 12-36 months.
Posted on October 29, 2009 at 3:18 am
does credit card consolidation work? - what are the more reliable credit card consolidation services out there?
Just to add to debt settlement, the program qualifications are:
=$10,000+ worth of cc debt
=accounts past due
Since you owe 30k you said, why not try debt settlement? Incidentally, destroydebt.com gives a free initial debt consultation, just fill out a form, and get matched up to the right consolidation service and company for you.
Posted on October 29, 2009 at 3:25 am
does credit card consolidation work? - debt settlement, what to look for in a company?
-The settlement company's program must have a fast completion time. 12-36 months.
-The program must be able to protect and improvethe consumer's credit standing.
-Must be a member of the Better Business Bureau, BBB, for at least 5 years.
-Must also have a good standing with the Chamber of Commerce
-A Member of TASC - The Association Of Settlement Companies and the IAPDA or the International Association of Professional Debt Arbitrators
Posted on October 29, 2009 at 3:29 am
does credit card consolidation work? - debt settlement, what to look for in a company?Legitimate debt relief company - debt settlement - where to find them online:
Better Business Bureau BBB www.bbb.org
TASC www.tascsite.org
USOBA www.usoba.org
IAPDA www.iapda.org