Slash Your Credit Card Debt Now - Apply For Credit Card Debt Forgiveness
There is a way out of mounting credit card debt and it is not bankruptcy! With mounting defaults on unsecured credit card debt, banks are looking for ways to stabilize their portfolios.
It is not in the best interests of a bank to allow a borrower to default on their credit card debt as the costs associated with collecting on the debt are prohibitively high.
If you find yourself unable to make the minimum monthly payments, read below for a way out that will help both you and the bank.
If you find that you have reached a point where the minimum payments are getting too difficult to make, you should take a step back and realize this is a "debt treadmill" you need to get off, as it will not get better anytime soon.
27% interest is eating away at any progress you are trying to make.
It is much better to come up with a plan that does not include such outrageous interest.
Create a document that lists all your credit cards and their balances and interest rate.
Also write down the next payment due date for all cards.
Call a reputable debt management service or debt reduction service (make sure the Better Business Bureau has them approved).
These agencies specialize in analyzing your debt and coming up with a plan for credit card debt relief.
They will negotiate on your behalf with the banks for a reduced amount owed and a reduced interest rate.
Make sure you list all of your credit card accounts as you want them to negotiate for better terms with all of them.
Keep in mind that the bank knows they may collect nothing if your debt is too much of a burden so they are motivated to come to an agreement.
In some instances you may be able to achieve credit card debt forgiveness of 30% or more of your balance as long as you can stick to the agreement.
The interest rate will also be substantially reduced as well, often to 1%.
Negotiated settlements also are an advantage to the bank as well, as their loan portfolio looks "healthier" when they have these new good loans on their books with people able to make their payments.
There is no advantage to putting off this process that could help you and the bank achieve a healthy account.
Start today with a call or email to an experienced counselor.
It is this "win win" situation that the debt management services agencies provide that leads to an agreement both sides can live with.
Credit card debt relief is about setting up an agreement you can live with and make payments on.
Paying 27% interest accomplishes nothing except making the banks profit in the short term until you can no longer make the payments.
At that point, there are no winners.
It is not in the best interests of a bank to allow a borrower to default on their credit card debt as the costs associated with collecting on the debt are prohibitively high.
If you find yourself unable to make the minimum monthly payments, read below for a way out that will help both you and the bank.
If you find that you have reached a point where the minimum payments are getting too difficult to make, you should take a step back and realize this is a "debt treadmill" you need to get off, as it will not get better anytime soon.
27% interest is eating away at any progress you are trying to make.
It is much better to come up with a plan that does not include such outrageous interest.
Create a document that lists all your credit cards and their balances and interest rate.
Also write down the next payment due date for all cards.
Call a reputable debt management service or debt reduction service (make sure the Better Business Bureau has them approved).
These agencies specialize in analyzing your debt and coming up with a plan for credit card debt relief.
They will negotiate on your behalf with the banks for a reduced amount owed and a reduced interest rate.
Make sure you list all of your credit card accounts as you want them to negotiate for better terms with all of them.
Keep in mind that the bank knows they may collect nothing if your debt is too much of a burden so they are motivated to come to an agreement.
In some instances you may be able to achieve credit card debt forgiveness of 30% or more of your balance as long as you can stick to the agreement.
The interest rate will also be substantially reduced as well, often to 1%.
Negotiated settlements also are an advantage to the bank as well, as their loan portfolio looks "healthier" when they have these new good loans on their books with people able to make their payments.
There is no advantage to putting off this process that could help you and the bank achieve a healthy account.
Start today with a call or email to an experienced counselor.
It is this "win win" situation that the debt management services agencies provide that leads to an agreement both sides can live with.
Credit card debt relief is about setting up an agreement you can live with and make payments on.
Paying 27% interest accomplishes nothing except making the banks profit in the short term until you can no longer make the payments.
At that point, there are no winners.