Credit Card Debt Relief – Guide to Debt Relief Companies and How to Choose a Legitimate Service

Are you in over your head in credit card debt? It happens all the time to many, many people. This is why there are some debt management / relief / counseling programs available to help people get a better handle on their situation. The creditors themselves are often more willing to negotiate and be more lenient towards those who join a credit card debt relief program.

You could always try bankruptcy but that will leave your credit reports pretty much unsalvageable for 5 or more years. It might not be too late to work out a deal to make it easier for you to just pay the current debts off.

Unfortunately, not all debt management / relief programs are helpful. Some are outright scams. One thing to always look for is a free savings estimate. Any potential fees should come later on. It’s also good if the company doesn’t charge fees for counseling sessions. Should you qualify for some type of “Performance Based Debt Settlement Program”, fees that you might be responsible for should only be charged as your debts are settled. In other words, look for a credit card debt relief company that only charges performance-fees AFTER your free consultation.

The ideal company will also be upfront and honest about what they can help you with and what they cannot. If it’s only credit card debt you need relief for, there shouldn’t be a problem. However, there are some debts that you will always be responsible for, such as lawsuits, government / auto /student loans, utility bills, mortgage loans, and other secured debts. In some states, there might be tax debt relief solutions and in others there might not be, depending on the laws.

Memberships of Credit Card Debt Relief Companies

Pay close attention to the memberships and certifications of a particular debt relief companies. It’s a good sign if a company is certified by the IAPDA (International Association of Professional Debt Arbitrators) and is a US Chamber of Commerce Member.

As with any business in any industry, take the time to check for Online Business Bureau ratings. You’ll obviously want to work with an organization in “Good Standing”. Read reviews from others who have used online credit card debt relief programs as well. The number of years a debt relief company has been in business is an important criterion as well. The better ones have been around for at least 20 years.

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Debt Management Program Overview: What to Consider and Ask When Considering This Solution

When it is carefully constructed, a debt management program can really help you organize your finances and get your bills paid off faster. However, since consumers aren’t always in debt for the same reason, there are multiple solutions for individuals trying to climb out a financial hole. The ideal candidate for this kind of management / repayment program is someone who has high-interest debt and a steady enough income that will allow them to handle the debt. The reason why they need help is because they need to create a better budget for guidance, and that’s precisely what debt management companies do.

Before deciding if this is the right route for you to take, you must first ask yourself a few questions.

“Will I be able to live without a credit card?”

“Do I really need outside support to help coach me through this financial crisis?”

“Will I need to make an expensive purchase within the next year, which will require credit?”

“What exactly will my responsibilities be?”

You’ll likely be required to give up new credit – especially if you want to keep the benefits that the debt management program has negotiated on your behalf. You must prove that you are truly interested in getting out of debt, so applying for a new credit card or loan will not be of any help to you whatsoever.

Enrollment to a Debt Management Program

The enrollment process can take up to a month. Once you begin enrolling it will take some time for the negotiations to work and the repayment plan to be put into place. Unless you have enough money to pay for both the program and still make the regular payments to creditors, be prepared to get a late mark (or more) on your credit reports.

If you start getting collection calls from the creditors before everything is finalized, just inform them that you have enrolled in a debt management program and that should keep them satisfied and they will leave you alone.

If your problem is that you have too many credit cards to keep track of, then choose a company that offers consolidation solutions. For some individuals, consolidation is the best and easiest way to manage debts. The qualification requirements vary from one company to the next. Ideally, you’ll be required to owe at least $5,000 in unsecured debts in order to be approved for the management program.

Consumer Debt Help: Guide to Your Options for Debt / Credit Relief

Are you having trouble keeping up with bills? Starting to get fed up with receiving notices from creditors? Are you concerned that your accounts might be turned over to debt collectors? It’s time to start looking for consumer debt help. There are various services out there that are aimed at helping people whose debts are getting beyond their control. Consumers really do have rights in the credit industry. It can be a daunting task to try to handle everything on your own.

Not to say that it isn’t possible. You can begin to try develop a budget. This is the first step toward taking control of your current and future financial situation. You can’t change the past but you can take measures to try and change the future. Make a list of your debts and prioritize them. Paying on mortgage and child support should obviously be at the top of the list, as well as any taxes and ongoing medical care. These are the debts and expenses that are absolutely essential. Credit card debt can be lower on the list. Cut out any expenses you don’t need, either, like entertainment, junk food, and useless stuff that isn’t essential to you and your family’s wellbeing.

Next, consider acquiring professional consumer debt help from debt relief / consolidation programs. You should be able to get higher savings with the right program. Some of your debts might even be dismissible, meaning that you would only have to pay fees. If you are contemplating bankruptcy, a reputable credit relief company will help you determine if it’s the best course of action and, if it is, will help you get through the entire process as quickly and smoothly as possible.

Another Option for Consumer Debt Help

Another option is a consolidation loan – this is especially helpful if your primary problem is that you have too many debts with which you have trouble keeping up.

Regardless of which route you take, you might be required to obtain credit counseling or debt management consultation. Check with your state’s laws regarding debt relief services. Understanding the rules and laws will help you avoid falling for a scam.

A debt settlement program is ideal option for many consumers who are in over their heads. Through this program, a debt relief company will negotiate with your creditors to permit you to pay a settlement to resolve the debt in the form of a lump sum that is less than what you owe. You will be expected to set aside a certain amount of money every month and transfer it into an escrow account in order to accumulate enough savings to pay off the settlement that is reached. You might be instructed to stop making monthly payments to the creditor.