Credit card debt help is necessary to help get people out of the hole they are in. These plastic money makers helped some get into debt. I don't know why this is so because it does not make sense. Why does one use them and owe money to pay interest at 18% or more when he can go to the same bank to borrow money at half the interest rate or less?
Some think it is some kind of an addiction and just like alcoholism and gambling addiction, these type of borrowers have to be helped. Their families have to be helped too. The credit card debt help will certainly be able to provide the necessary assistance. But how does one know if he is dealing with an addict?
There are financial signs. The bank accounts are cleaned out. Maxing out everything like credit cards and lines, loans, and overdraft protection are all signs. Also, a person who is selling some valuables that do not belong to him is another sign he could be a financial addict.
Let's get this straight. There's nothing wrong with credit cards if you use them properly. In fact, you can get an interest-free loan for almost a month before they charge interest. So as long as you pay the bills on time and in full, you are turning the problem to your advantage even though you have lots of credit cards.
Here's a word of warning though. If you get an advance against your credit card, that is just like borrowing money. The high interest accrues right from the minute you get the advance. Another warning is that if you carry a balance in your account, the interest on purchases also accrues immediately after the purchase. That's one credit card debt help one should get.
Now what do you do if your find your partner is an addict at using the credit cards? You of course have to talk to the person, but even though he or she agrees to ask for help and turn a new leaf, take the precautionary steps to ensure that your financial health will not get worse. How do you do this?
Make sure you cut off the right to use your account. Close the account if it is a joint one. Open an account that is only in your name. The same is true with the credit cards. Cancel the ones that are in both your names. I know you are not supposed to cancel cards as it may affect the FICO score. But the alternative in this case will be worse.
Be careful when cancelling a credit card. Do it in writing and send it by registered mail. Request for acknowledgment from the credit card company. Follow this up to make sure you get the response. Any use of the card until the date of notification will be your liability but at least it will not go any further than this. This is another credit card debt help one should heed.
Don't make the mistake of thinking that just because you are not using the card, you will not be liable for this. The same is true if you destroy the card. Any use of this card will still make you liable for whatever amount that has been charged to it.
If the addiction is proven, there may be a need to go to court to declare the addict incapable to handle his finances. A power of attorney may be appointed to handle the affairs. This may sound callous but this is probably helpful to the addict as it may give the necessary push to get help.
Try to get counseling too not only just for yourself but for the rest of the family. The addict may not want to get help but the rest of the family will need to understand how to cope with the situation. There are services that may help you like this website for debtors anonymous (www.debtors anonymous.org) So you see there are ways to get credit card debt help.
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