Ways to attain relief from credit card debts

Wed, May 26, 2010

Financial Advice

Are you neck-deep in credit card debt? Are you getting warning calls from your creditors? There is nothing to worry as here are some smart solutions to your credit card debt problems.

Smart solutions to credit card debt

  • Debt Settlement: Debt settlement is a process where there is negotiation with the credit card company to cut short the debt amount by 50% within 1 to 3 years. The settlement company acts as the medium between the credit card debt relief company and the debtor thereby helping to reduce the whole debt amount to its half. This is a fairly safe method as because most of the debtors witness a substantial decrease in their monthly payments.
  • Credit Counseling: Credit counseling is the process where you take the help of a credit counselor who advises you how to manage your money. Reliable credit counseling organizations will help you implement a budget and offer free educational materials. The counselor will discuss your monetary problems and help you develop a customized plan for easy and quick repayment of your debts.
  • Debt Management Plans: The other effective way to attain credit card debt relief is to get enrolled in a Debt Management Plan (DMP). Not everyone is entitled to a DMP but only those who have already consulted a credit counselor. You need to deposit money every month which is again used to pay your unsecured debts.
  • Debt Consolidation Programs: If you are drowned in multiple credit card debts then you can easily opt for debt consolidation programs. This converts all your loans to a single loan. This generally lowers your interest rates, allows a single monthly payment and helps you pay off your dues on time.
  • Credit card debt relief is only available to those who seek it and work on it to resolve their financial problems. Therefore if you are knee-deep in credit card debts then take quick resort to these options so that your personal finances are not damaged further.

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