Posted on
November 25, 2009
at
4:44 am
Hi, can you help me? I think that my credit card debt is too high. I am current with my payments but it seems as if I'm not at all making any progress in eliminating it. It must be that the balance is too high - $32k
Posted on
November 25, 2009
at
4:46 am
Hello, you've come to the right place.Your credit card debt is definitely too high but it's a good thing that you are still current. I wonder if you've tried negotiating your interest rates with the creditors?
Posted on
November 25, 2009
at
4:53 am
Credit card too high -Hi there, here's the thing:Your debt amount qualifies for a debt settlement progra ($10,000 and above) but your account status being current won't. Creditors don't negotiate current accounts thinking that you can afford the payment anyway.
Posted on
November 25, 2009
at
5:00 am
Debt settlement is a program that aims to cut the (debt) balance into more or less half (of its original amount.) via negotiation. The program runs from 12 to 36 months.The settlement percentage (range) is from 35% - 75%There is a fee as it is run by private companies.Debt settlement is a very good alternative to bankruptcy
Posted on
November 25, 2009
at
5:01 am
I agree and with regards to fees, debt settlement companies will charge 15% of the total debt amount spread over 18 months or take a percentage of the settlement amount (20-25%)
Posted on
November 25, 2009
at
5:04 am
Alright, so...you said that my being current disqualifies me...what now? I was going to ask if you can recommend a company..
Posted on
November 25, 2009
at
5:06 am
Well..you can still enroll in the program, but expect that you'd be advised to stop your payments for a time, until it becomes past due...5-6 months, I think.As for the company, I don't want to recommend any, but here's a guideline for you - what to look for in a debt settlement company:-The settlement company's program must have a fast completion time. 12-36 months.-The program must be able to protect and improve the 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 theInternational Association of Professional Debt Arbitrators
Posted on
November 25, 2009
at
5:08 am
Alright, so...you said that my being current disqualifies me...what now? I was going to ask if you can recommend a company..You are probably thinking what if you get pesky collection calls after you've stopped paying - well the settlement company would handle that for you. It won't eliminate the calls altogether but they can minimize it, as they are going to be your representative from then on.As for the company, destroydebt.com can match you up to the right one, just fill out a form! It is free of charge.
Posted on
November 25, 2009
at
7:48 pm
Being current with your payments is the best scenario for a very special program that allows you to be debt free in the next 12-15 months enabling you to settle those accounts for as little as ten cents on the dollar and have good credit as well.
