Paying Down Debt Fast
Posted on November 3, 2009 at 4:13 am
Hello, would you give me some ideas about paying down credit card debt fast? I mean quicker-- or eliminate it altogether.
Thank u!
Posted on November 3, 2009 at 4:15 am
Hey there,
For me paying down debt fast translates to- debt reduction and eliminate debt translates to debt settlement. 2 different programs in debt relief.
How much is it that you owe?
Posted on November 3, 2009 at 4:17 am
I'm not sure actually..but why is that important? How is that relevant to my paying down debt fast question?
Also you said debt relief, debt reduction, and debt settlement...you kind of lost me on the debt part...
Thank you though for your reply.
Posted on November 3, 2009 at 4:22 am
Good question-
There is an industry called Debt Relief which mostly deals with unsecured debts such as credit cards.
If your debt amount is less than $10,000 and your account is current, you just need to manage your payments, you have a stead source of income -- credit counseling might be the right debt relief option for you.
If on the other hand your debt is more than $10,000 and your accounts are past due - you want to ELIMINATE that balance, debt settlement might be the right program for you.
Hope that helps.
Posted on November 3, 2009 at 4:34 am
I see!
I'm leaning toward that credit counseling. How much would it cost? Is it safe?
Posted on November 3, 2009 at 4:35 am
Paying down debt fast - credit counseling - cost:
Credit counseling is non-profit but their Debt Management Plan would cost around $25/mo. after the one time set up fee.
Posted on November 3, 2009 at 4:41 am
Paying down debt fast - credit counseling - Is it safe?
Okay, here:
Credit counseling according to the BBB:
Before you select a credit counseling agency ask for information on the following:
Are the agency services confidential?
Will they devise a plan tailored to fit your needs?
Are the counselors certified?
Are budget and credit education opportunities offered?
Will your funds be protected? How?
Is the agency accredited?
Posted on November 3, 2009 at 4:52 am
Speaking of accreditation:
Aside from BBB membership (www.bbb.org) the consumer should also check its affiliation with the National Foundation for Credit Counseling http://www.nfcc.org.