Posted on
December 4, 2009
at
4:49 am
What do you say is the best way to manage credit card debt?
Posted on
December 4, 2009
at
4:54 am
Best way to manage credit card debt...I think it depends on how many credit cards are you trying to manage, what are their balances and interest rates, who are your creditors, and how much you can afford to pay.You can do a balance transfer.
Posted on
December 4, 2009
at
4:58 am
I wonder what you mean by "manage" credit card debt ... I mean, are you also open to eliminating that debt?Anyway, there are two popular and relatively effective debt relief programs for unsecured debts:Credit Counseling (Debt Management Plan) - if you owe less than $10,000 and you'd want to just "manage" your payments. That's possible via the plan because its aim is to negotiate your interest rates, so you can get at the principle much quicker.Debt Settlement is if you owe more than $10,000 and your accounts are past due. The program aims to reduce the principle amount itself to more or less half.
Posted on
December 4, 2009
at
4:59 am
Thanks! That's great ..although it seems as if those programs are going to cost.How to do that balance transfer?
Posted on
December 4, 2009
at
5:08 am
Okay, ask the bank about the ff when doing a balance transfer:1. Until when is the introductory rate or how long does it last?2. What is the card's annual percentage rate after that introductory rate expires?3. Does that introductory rate apply to transferred balances or just to new ones, or both?4. Does that card have an annual fee?5. Do they charge late fees and over-the-limit fees?6. Are there balance-transfer fees?
Posted on
December 17, 2009
at
1:51 am
The best way to manage credit card debt - when one is already in a debt relief program, like debt settlement, is to stay in the program. Find ways to finish it because the consumer would find out that he/she would be saving money from it - that's aside from having one's debt eliminated.
Posted on
January 7, 2010
at
5:51 am
I found out that the debt settlement industry has a success rate of over 50% (in terms of clients finishing the program - being debt free and saving some money)So I agree with Light and Shade, once in - try to finish the program.
Posted on
January 7, 2010
at
4:17 pm
The best way to manage your credit card debt, throw them away and then start paying it down. There are a lot of methods to do it. But again, it would depend on the amount of debt you have. Good luck.
