Archive for June 2010

Finding Legitimate Debt Relief Companies

Finding a legitimate debt relief company is not that hard.  With credit card debt and high unemployment, “debt relief” companies have sprung up by the dozens over the last few years. You need to be diligent to find a reputable debt relief agency.

Here are a few places you can start.

Check with the Better Business Bureau or your state’s attorney general office.  Is the company in good standing?

Check or read testimonials on their website. Are they real?  If you only see one or two you may want to move on.

Debt Settlement Can Reduce Balances But…

Credit card debt is a major problem these days and medical debt is one of the major causes of personal bankruptcy. Many are at wits end, worrying about debt they cannot pay and many are looking at debt settlement as a solution to reducing that debt.

Debt settlement is a process where your outstanding debts are greatly reduced and you are required to pay only a portion of what you originally owed your lender. You could settle up to 40% – 50% of what is owed.

Debt settlement can have you debt free in a 12-36 months compared to years of paying high interest balances.

Systematic Debt Solutions You Can Use to Chop Credit Card Debt

There are several debt solutions you can use to systemically reduce or eliminate credit card debt.

The first method is to pay off the credit card with highest interest rate first. Mathematically this debt solution makes the most sense in the long run because you reduce the total amount of interest paid and you get out of debt faster. People with discipline should use this method.

Help With Credit Card Debt

Got credit card debt? Most of us do (or did).  Here’s what you can do to eliminate or reduce debt: 

First, write down exactly what you need, if you don’t already know. Do you want to:

             Pay down bills to improve credit score        

             Pay off the bills so you can sleep at night

            Get lower payments (or 1 payment) so you have more money at month end

            Get help with credit card debt immediately because you can’t afford to pay the bills and are afraid “they” may take everything.