Are you a credit card user? Do you use it excessively and are now in trouble because of mounting debt? I intend to inform you of some facts regarding credit cards and the debt that accumulates because of them. Hopefully this will help you.
First thing you should know is that is that if you are in credit card debt in excess of $10,000 and are making minimum payments to your credit card company then you will keep paying them for the rest of your life without ever getting rid of your debt. You might ask how that happens. Well it goes with the minimum payments program that your credit card company has employed. It is designed in such a way that you will keep accumulating interest even when you are making monthly payments. So you keep plunging deeper in to credit card debt without getting rid of it. $10,000 is the number that many agreed is a good number to start settling accounts with. Many creditors will reduce your debt by 50% if you can pay the rest in cash. This is how consolidation companies work.,
If you are under that much debt it works with your credit card company to get to a settlement amount of the debt so that you can manage it and the credit card company can accept it. It gets your debt reduced or in some cases it can get your debt to be removed entirely. They can also get the interest rate on your debt to be lowered in some cases.
There is however a catch to the program. For you to qualify your debt must be unsecured plus the above condition that you should have a debt in excess of $10,000. If it is not then this program is not for you. If it is then that's great because this program will work with you to resolve your debt problems. You can also call your creditor and ask them if they can put you on a hardship program until you are caught up.
Once you have this information you must contact your local finance office or your debtor's office to get more on the federal policies regarding debt relief. You can work with them directly to work out some understanding or they will give you the information to help you out.
First thing you should know is that is that if you are in credit card debt in excess of $10,000 and are making minimum payments to your credit card company then you will keep paying them for the rest of your life without ever getting rid of your debt. You might ask how that happens. Well it goes with the minimum payments program that your credit card company has employed. It is designed in such a way that you will keep accumulating interest even when you are making monthly payments. So you keep plunging deeper in to credit card debt without getting rid of it. $10,000 is the number that many agreed is a good number to start settling accounts with. Many creditors will reduce your debt by 50% if you can pay the rest in cash. This is how consolidation companies work.,
If you are under that much debt it works with your credit card company to get to a settlement amount of the debt so that you can manage it and the credit card company can accept it. It gets your debt reduced or in some cases it can get your debt to be removed entirely. They can also get the interest rate on your debt to be lowered in some cases.
There is however a catch to the program. For you to qualify your debt must be unsecured plus the above condition that you should have a debt in excess of $10,000. If it is not then this program is not for you. If it is then that's great because this program will work with you to resolve your debt problems. You can also call your creditor and ask them if they can put you on a hardship program until you are caught up.
Once you have this information you must contact your local finance office or your debtor's office to get more on the federal policies regarding debt relief. You can work with them directly to work out some understanding or they will give you the information to help you out.
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