Article 60 Credit Card Debt Relief, Be Wary of Scammers
Credit card debt relief can be accomplished through several ways. First of all though is to accept the fact that paying a monthly payment that is more than 20% of the monthly income other than for a mortgage or rent spells trouble.
As for the options available for credit card debt relief, credit counseling can help determine the best option. The first two are my favorites. With the credit counseling as in the other options, you have to be careful as to the choice. Bear in mind that some are masquerading in sheep clothing but really they may be foxes out to get your hard-earned money. The choice will be among the following:
- Do It Yourself Way
- Credit Counseling
- Debt Consolidation
- Debt Management
- Bankruptcy
Let us discuss the aforementioned options one at a time and start right at the beginning which is my favorite. The do-it-yourself option involves going through educational programs that will teach budgeting, credit and managing money. You will have to negotiate with the creditors yourself. Do not make this or anyone intimidate you.
Don't lose your cool when negotiating with the creditors, but don't be shy either. Be firm and yet not disagreeable about this. You will find that some will be willing to lower the interest rates and the payment. Some will even get rid of the late charges and other fees. They will know this is better for them rather than deal with organizations and bankruptcy where they may lose a lot more.
Then you will have to pay off your debt, starting with the one that incurs the highest interest. Where will you get the money for this? A second job may be the answer. And of course stop any further indiscriminate use of the credit cards. Do not close the accounts though as they may impact your credit history. Besides, you may need them for an emergency.
The do-it-yourself way to secure credit card debt relief is effective but requires a lot of discipline and determination to carry the plans of paying off the debt through to completion. It is very rewarding though and you can be sure there is no one to scam you.
Credit counseling is the next one in the list and is a good one if you are careful with your choice. As I said before, be wary of scammers who will promise you the moon but really they are out there to line their pockets. Having said that, there are a lot of good counseling services out there.
One thing you should remember is not to fork out money for this service. This should come free for the privilege and chance to do business with you. If you are doing this online, there are ways to check them. One way is to check their page rank with Google. The longer they have been in business bodes better than those who are just in and out of the business.
A good counseling service will put you on the right track. If they ask for a fee up front, run, don't walk away. The good ones will educate you and analyze your situation. Then they will recommend the best way to go about solving the financial problem. You may even end up doing it yourself.
I have come to the end of this article and I still have the three options to cover. I do not want to overwhelm anyone with such a long article so it is best to divide them into two or three segments. Watch for the next articles on those ways to obtain what you desire the most: credit card debt relief.
By Roger Guzman, M.D. and Evelyn Guzman
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