Debt, collections and credit card question?

I have some bills that need payed off and I have one credit card. My question is if I go or contact a Credit counselor or Debt help business(Careone credit,debt relief agency) will they freeze my credit card account or put it on hold? My debt situation is not bad, but I%26#039;ve heard that if you seek help through a business that specializes in credit card debt or collections, they will freeze all of your credit cards. I am slowly building up my credit and I would hate to have them take my card away. Is this true? Any one that has or has had this problem or knows the facts please let me know some options.....Thanks!!!!

Debt, collections and credit card question?

USually use a CC or Debt business when your bills are too much for you to take care of; and in that case, the last thing you need to do is keep charging; and in many cases, they will contact the CC company to get interest charges adjusted. IN all of these cases, you%26#039;ll probably use the use of the card

Debt, collections and credit card question?

I%26#039;m going through the EXACT same thing. The credit counseling servies i am using DO freeze/close you CC. They don%26#039;t want you to go into more debt. This agency only allows 1 CC outside the program for your use. If you want to consolidate other debt you can and keep just one CC to keep your credit going.

In my situation i am keeping my car loans open and making automatic payments from my checking each month.

Debt, collections and credit card question?

Most of the Debt solution places make you stop using the cards or cancel the accounts until everything is paid off. What%26#039;s the point of trying to get out of debt if you%26#039;re running up more bills?

You said your debt was not bad at this point so I%26#039;m wondering why you are going to pay a debt solution place to get you out of debt? They do charge you a fee.

Why not do this yourself and save yourself some money?

First, stop charging stuff on the cards that you can%26#039;t pay for when the bill comes. Take the card that has the highest interest rate and start paying it off. Always pay MORE than the minimum payment. You%26#039;re throwing away a lot of money by keeping those balances high and paying interest. Once you have the card with the highest interest rate paid in full, increase the amount you%26#039;re paying on the next one until it%26#039;s paid in full.

Once you have them all paid off, don%26#039;t use them except for things you would ordinarily buy anyway and pay them off when the bill comes.

Debt, collections and credit card question?

If you have a company liked CCCS or Debt Solutions assist you, it will apprear on your credit report as a Chapter 13 Bankruptcy. It happened to my husband before we were married. Figure out a way to pay off the debt yourself without their help. Good Luck

Also, check out Dave Ramsey on the radio or daveramsey.com. He%26#039;s a brilliant financial adviser.

Debt, collections and credit card question?

You can clean this mess up all by yourself if you know what you are doing. Get a copy of the book below (@ library, website, bookstore). We follow the plan in the book. It has helped us clean up tons of debt %26amp; get a workable budget/financial plan.

Btw, most of those debt mgmt places are scams %26amp; even if you find one that isn%26#039;t, you will be treated the same as if you filed a Ch 13 bankruptcy if you ever try to get a mortgage.

Debt, collections and credit card question?

Well first of all some people will tell you some debt management companies are non-profit; they all make a profit. Read wikipedia about the credit counseling industry in relation to their %26quot;non-profit%26quot; status. Most of the debt management services work for the benefit of the creditor, so they creditor pays them. Do some homework, price out how much you actually end up paying in total to rid your debt with certain programs. And yes, most times they freeze your credit card or cancel it. There are many credit agencies that will give you a new card though, just look online.

Get some education through wikipedia and other sources. usfmgroup.com/articles.php has some decent articles as well.

Your main options are: credit counseling, debt consolidation and debt settlement.

Choose your option carefully and really ask yourself how bad am I in debt? You can email me if you have more questions.

Credit card debt problem, Help?

I am very embarrassed to say once again, that I have fallen into credit debt to the tune of 鎷?5,000! Two years ago I took out a loan with my mortgage company to clear one set of CC debts. Two years later, I have been sucked in again and feel rotten about it. Can anyone here please give me advice on what to do? Should I take out another loan with the same company and consolidate my CC%26#039;s. Or should I go back to the credit card companies? If I can clear this debt, I will try everything in my power not to make the same mistake again. Fluff with sleepless nights again! Please help!

Credit card debt problem, Help?

First thing First. Cut credit cards now! Now that you have cut your credit cards, try to consolidate you dour debts to pay less interest. Finally, don%26#039;t replace your credit cards, save up and pay cash!

Credit card debt problem, Help?

Firstly you need to look atw hy you are running up these debts. (my problem was a shopping addiction - you might say every woman has this, but this is no joke)

When you can really see what the problem is and how you can deal with it, then I would go back to the loan company and discuss your options. You may need to speak to a financial adviser to ensure you get on the right path.

Think carefully before signing up to debt reduction companies as this will cause problems with getting credit in the future, but it may be your only option.

Speak to the loan company first, as I am sure they would be only too happy to help you out, and if you need to, speak to a financial adviser.

Good Luck!!!

Credit card debt problem, Help?

Mortgage rates are significantly lower than CC rates. I would borrow against my home and pay off the credit cards, and CANCEL THEM! You%26#039;re going to have the pay the money one way or another- its best to pay with a lower rate.

Seek credit counseling too- there are places to get help to curb your overspending.

Credit card debt problem, Help?

You really need some professional counselling from a debt counsellor, not taking advice from anyone, including me, on here...how much are you paying each month??? Must be horrendous...but if you%26#039;ve done it before, you WILL do it again, do get help now.....

Credit card debt problem, Help?

speak to the citizens advice bureu

a lot of these companies who help with such things are business%26#039;s and aren%26#039;t doing it to help you, more to line their own pocket..

I would speak to the company involved. as they would rather get some money than nothing at all.. it disguists me companies let you get into that much debt anyway... yes its business but they should have more moral responsibility

I would also deal with a bank, NOT a tv advertised consolidation loan company as the rates maybe good in the first year, but hike up after.

you can either consolidate it or declare yourself bankrupt..

cutting up the credit cards also will help.. if you can%26#039;t use them , you can%26#039;t spend..

Credit card debt problem, Help?

Contact the CCCS - the Consumer Credit Counselling Service, they are a charity who will give you debt support and management FOR FREE, and have lots of experts who can help you get the best solution. Their website is http://www.cccs.co.uk

Credit card debt problem, Help?

Whenever i am down in the dumps about money i go to this website and order a spell to bring me luck.

http://www.calastrology.com/goodluckpiec...

I know its probably not your cup of tea but its what works for me.

Credit card debt problem, Help?

Don%26#039;t know your family circumstances or who is dependent on you. If it is just you, sell the house and move into one room. Destroy your credit cards. Do not have any loans whatsoever. Alter your life style for two or three years. Live like a pauper.You can not spend 10p on anything that is strictly budgeted for. Only when you are debt free can you live a bit more,but not beyond your means,ever. If you have a family it is more difficult. But do not borrow any more. It will have to be all work and no play whatsoever for you. It is your own fault for being so irresponsible.in the past.

Credit card debt problem, Help?

It is important that you start by looking at your debt situation as a whole.

There is no point making arrangements to pay one of your creditors without dealing with all the other debts you have too

.

I would suggest you start by working out a personal budget.

This should list your monthly income from all sources and the ordinary essential monthly outgoings you need to pay to keep the roof over your head.

These include mortgage or rent, fuel, council tax, water, telephone, TV licence, insurance, housekeeping, clothes, travel,etc

National Debtline (0808 808 4000): Free confidential helpline to those in debt

Consumer Credit Counselling Service (0800 1381111): The service offers free advice and information to those affected by debt.

Best of luck in these trouble times, trust me you can get your life back

Credit card debt problem, Help?

Having been a finance broker for several years, now retired, I cannot count how many people say, as you have done, that you will not make the same mistake again.

In my experience, anyone who wants money will say and do anything to get it with no thought to the consequences - until it`s pay-back time, then they realise they are in the ess aich eye tee once again.

Your best bet would be to go bankrupt.

In my experience, you will never learn. When you want money, you will do as I forecast, do and say anything to get it. Then you spend it, then the halcyon days are over and off we go again!

Good luck - you`ll need it.

Credit card debt problem, Help?

Hi.

This site is well recommended for consolidation loans, Free debt management advice and loans :

http://bestukloans.co.nr

Credit card debt problem, Help?

it took me 7 years to clear my credit card debt. after so long I thought I`d never finish it but when the final payment was over the feeling of relief was so great I had a bottle of wine. it`s not the debt that%26#039;s worse it`s the interest so don`t borrow any thing just keep payments up and it sorts itself out eventually

Credit card debt problem, Help?

Fluff

Get some help, as suggested try cccs or talk to a good insolvency practioner who will give you good advice as to the best thing to do and all options. Dont try to consolidate it just makes it worse.

I dont entirely agree with montgomery, some do learn, but just the hard way.

If you want to deal with this you have to be comitted to making an end to it all. No more credit.

Options an iva, look it up, pay a reasonable amount for five years the rest written off. creditor protection.

Bankrupcy all written off but may have to make payments for three years, car worth over 3000 will have to downgrade if you own property will lose it. Can affect some jobs so check your contract. creditor protection.

Dmp debt management negotiate with creditors to make lower payments, but can take years to pay off. creditors can still chase you or change their mind at any time.

Think carefully in any of these you will damage your credit rating, but if its what you really want that wont matter.

I hope you get sorted. All the best.

Credit card debt problem, Help?

You have a number of options.

1) Review your finances, locate any unnecessary expenditures and create a monthly budget that will allow you to repay the debt.

2) A Debt Management Plan. Either use a Debt Management Company or contact the credit card companies yourself and try to negotiate a better arrangement i.e. a cut in the interest on the debt

3) Debt Consolidation Loan. If you%26#039;ve tried this before and it worked then this might be your best option.

4) An Individual Voluntary Arrangement. If accepted can result in a significant portion of your debts being written off. An IVA will however require you to make a commitment of around five years. If the IVA fails in this time then most likely you will be made bankrupt.

5) Bankruptcy. Offers a guarantee that your debts will be cleared but will likely lose any valubale assets that you have.

The best thing to do is to speak to one or more professional debt advisors. There are many that will provide advice for free. You should do this before you commit to any single course of action.

Credit card debt problem, Help?

I would get in touch with a debt advice specialist. I know of two with no axe to grind. They are the Debt Advice Trust http://www.debtadvicetrust.org and the CCCS.

Both are %26#039;Not For Profit%26#039; and should give you some good advice.

Credit card debt problem, Help?

you abused the trust you put in yourself,you deserve to lose.

easy come easy go ehhhhh.

Credit card debt problem, Help?

hi it may be worth you looking at all your debt inc mortgage to look at all options and save you max money.

i work for a mortgage broker and would be happy to show you some options email me on

quotes@mukconnections.co.uk

o and cut up cards but don%26#039;t beat urself up its the norm these days.

Credit card debt problem, Help?

鎷?5,000 God that%26#039;s more than I earn in a week, Having spoken to my team of advisers reckon you had better go Bankrupt, stay indoors and await the bailiffs who will clear you of all the goodies you have squandered the money on and adopt the motto %26quot;I will not spend what I ain%26#039;t got%26quot;

Can credit cards approve you for a credit limit and then lower the limit due to "Increase in cr

I applied to credit cards, they approved me. I have never been late on any bills to my name. Can a credit card company approve me for a limit then lower that limit due to %26quot;credit debt increase%26quot; and if so is there a way to argue that with the head hancos? I just started a business and it is more of a business debt then a personal debt. Any Suggestions??/?/

much appreactiated Laura

Can credit cards approve you for a credit limit and then lower the limit due to %26quot;Increase in credit card debt%26quot;

Hi Laura,

I%26#039;m sorry to break the news to you, but credit card companies can do this. I%26#039;m sure it is in your agreement with them.

They can also do things like change the due date on your account, which would cause many people to pay their credit card late. These companies are all about making money.

(They did it to me about a year ago and there wasn%26#039;t anything I could do about it.)

Good luck.

Can credit cards approve you for a credit limit and then lower the limit due to %26quot;Increase in credit card debt%26quot;

yes they can do what they like, it%26#039;s their money. By credit card recently sent me a letter saying as a %26#039;responsible lender%26#039; we are reducing your limit, about a month after the put it up. If you are always at your max and take out lots of cash they arelikely to do this.

Can credit cards approve you for a credit limit and then lower the limit due to %26quot;Increase in credit card debt%26quot;

they can do anything withdraw the card included

Can credit cards approve you for a credit limit and then lower the limit due to %26quot;Increase in credit card debt%26quot;

You could try to call the office and discuss your needs with them, but I am going to suggest they may have done you a huge favour. Credit cards get away from people, the interest rates are too high. I would suggest that you see a lending institution of your choice and negotiate a personal loan for your business. Worth with a check book and you will have all the flexibility you need without the prohibitive costs.

Good luck.

Kind regards

Lisa

Can credit cards approve you for a credit limit and then lower the limit due to %26quot;Increase in credit card debt%26quot;

Yeah they probably can - it%26#039;ll be in the small print somwhere.

It%26#039;s a bit strange though... usually they want to extend your limits, not reduce them!

You might be able to convince them - especially if you point out that you always pay on time and have a good credit rating. Otherwise another bank will probably give you one.

Can credit cards approve you for a credit limit and then lower the limit due to %26quot;Increase in credit card debt%26quot;

Remember that a credit to income ratio can have an effect on your credit rating as well. If they feel that the amount of available credit as a whole is too much for the amount of income that they can account for. They may consider that the credit risk even if you always pay on time.

Can credit cards approve you for a credit limit and then lower the limit due to %26quot;Increase in credit card debt%26quot;

Pay it off and drop it. alot of ppls credit is being messed with from inside the institutions. Take my advice. Please.

What can creditors do to collect credit card debt?

First I just want to say that I made a very big mistake in trying to save a business %26amp; jobs of my employees by using all my credit card limits.

I now have insurmoutable debt %26amp; now I lost my biz.

This is all credit debt...I have no real hope in paying it back. I am trying to rebuild my life.

I sold EVERYTHING I own to pay off as much debt as possible. I own a 150k home which has 35k in equity in it.

I am struggling to keep it, and I am only surviving by help from relatives for food and transportation while I look for work.

I am over 90 days late on these credit cards, one is 28k. They are threatning me with a %26quot;lawsuit%26quot;.

Please someone tell me what can they ACTUALLY do to me???

I have no job, no assets (other then the 35k of equity), no furniture and I am at an age (50) that I cannot afford to loose what little I have left in my home.

I do not want to claim Bankruptcy.

If I simply default and not pay, can they sieze or put a lien on my home?

Help!

What can creditors do to collect credit card debt?

If your creditors know that you own your home, they will immediately file in Court so that a %26quot;Certificate of Pending Litigation%26quot; is placed on your title (in BC, your province may have different wording).

When the time comes to renew your mortgage, your lender cannot give you a renewal with the outstanding debt on your title. When you renew a mortgage, they remove their old mortgage from your title and replace it with a new one. If each of your creditors has placed a %26quot;CPL%26quot; on your title behind your original mortage, your new mortgage is placed under the %26quot;CPL%26#039;s%26quot; . Since your debt exceeds your equity, there would be no way for the mortgage to be secured. You lose your lender, and they demand payment of your mortgage in full. No lender will give you a mortgage.

You need to speak to a Trustee in Bankruptcy. They have options other than bankruptcy. However, based on your debt/no income, bankruptcy really is your only option. Check the yellow pages for a trustee. You have no other choice. If you do nothing, you will not only lose your home, but all of your future assets as well. Bankruptcy is just a word. In your case, it really is the one that matters.

What can creditors do to collect credit card debt?

They can have you served with papaers and attempt to sue you. Capital One is notorious for this. They sued my friend for $2700 on a credit card that had an initial balance of $500

What can creditors do to collect credit card debt?

The Federal Communications Commission ruled they can call your mobile and drive you nuts with calls.

So, other than that, they get a part of your pay check before you see it.

Your home, no. you can keep some stuff. Talk to a lawyer, look in the phone book, they have numbers for recorded messages near the front.

What can creditors do to collect credit card debt?

I understand that you do not want to claim bankruptcy, but have you considered consolidation? Other then that I have no idea what else you could do...I would talk to the bank about consolidating. At least that way you are making small payments monthly towards your overall debt. And debtors will leave you alone.

Best of luck to you!

Who thinks it's alright to walk away from credit card debt when card companies act so wrongful

who thinks it%26#039;s alright to walk away from credit card debt when card companies act so wrongful and malicious? first of all, i am asking those people who do not spend on their card for fun or for superficial reasons. i am appealing to the card holder who is very serious about their financial responsibilities, yet finds them selves at odds with corporate greed, devious interest tactics, and a government who supports large multinational business rather than the american population.

i ask because of this article:

http://biz.yahoo.com/ap/071204/credit_ca...

tell me, is it wrong for the consumer who might already have a car, a home, or any major investment already bought, and being paid for, to walk away from his credit debt utterly when faced with such corrupt tactics by the lender? i agree with being responsible and taking ownership of the contracts, agreements and debts that i take on, but when does it become abuse on the part of credit companies? it%26#039;s like a bad marriage.

Who thinks it%26#039;s alright to walk away from credit card debt when card companies act so wrongful and malicious?

You pose a good question and discussion.

Credit cards have become way too easy to get. People in general believe they have an entitlement to have a credit card because they get flooded with offers at a too young age. We are constantly bombarded with offers of %26#039;buy now - no interest for 2 years%26#039;. As a result, people tend to buy now figuring to pay later. We are all very good consumers nowadays.

But it all catches up with us.

The concept of saving up for a purchase has fallen out of favor and become old-fashioned. We want what we want and we want it now.

I believe one of the reasons credit card companies hike up interest rates is because so many people are willing to walk away from their debt. They happily took the money that was offered on an unsecured loan, then rationalize their plan to not pay because of %26#039;greedy%26#039; credit card companies.

Having your interest rate go up because of late payments on another loan is nothing new. That%26#039;s been around for a long time. A credit card loan is unsecured and has a variable interest rate. It can be changed due to lots of reasons. Late payments and a drop in your credit score sends a clear signal to credit companies that you%26#039;re becoming a risky borrower.

Do I think it%26#039;s fair for people to get charged over 30% interest - no, but then, it%26#039;s not my money at stake because I didn%26#039;t loan it. I think 18% interest is high and would never agree to borrow money on those terms.

In most circumstances, a debt hole is one that%26#039;s been dug voluntarily. No one held a gun to your head and forced you to buy a big tv. I believe you%26#039;re morally responsible to pay your debts.

Credit card companies do word their terms in a difficult to understand language. However, that%26#039;s necessary to make it legal. Clear, easy to read terms would be helpful. But I still don%26#039;t think most people would take time to read it even if it was at a third grade reading level.

Keep in mind with corporations... anytime corporate taxes are raised, corporations don%26#039;t pay them - we do. They just increase prices to consumers (us) to raise their revenues to pay the higher tax.

Who thinks it%26#039;s alright to walk away from credit card debt when card companies act so wrongful and malicious?

We need credit education in this country! Read this board. Few people understand the terms and conditions of credit cards. They don%26#039;t understand interest rates or anything else. They don%26#039;t understand that they can pay their minimum payments for the next 25 years and not pay their balance down at all! I think most Americans don%26#039;t have one iota of an idea how credit cards work until they find themselves in a mess that is absolutely impossible to get out of.

It used to be called usury and was illegal until lobbyists managed to get laws passed that made it legal. In the 1970s to get a credit card you had to make a ton of money to even be approved for a credit card, and you were lucky to get $1000 credit limit. Now people have $25000 credit limits and don%26#039;t even make that much money!

Who thinks it%26#039;s alright to walk away from credit card debt when card companies act so wrongful and malicious?

Although I completely disagree with Universal Default and other similar tactics currently being used by some card companies it is never okay to walk away from our responsibilities. Not only did we agree to the terms and conditions when we accepted the card but we would only be hurting ourselves by not paying the company, who would ultimately get all of their money and then some from us, and our credit would be completely anhilated!

Who thinks it%26#039;s alright to walk away from credit card debt when card companies act so wrongful and malicious?

Well good luck! I have no problem with giving these crooks the finger, but who can afford to?

Having credit in todays economy is very important, unless you have a serious income. How are you going to become an owner of property, with out credit? Buy a decent vehicle? Get a loan to go to school? Start a Biz? Credit is esencial for sucsess, unless you have a large income or are a drug dealer. The current interest rates that these people charge was considered criminal from the vast majority of human history. It was called usery at one point and considered a violation of god%26#039;s law and human law, then banking folks got togather and said %26quot;hey look credit money makes the world go round.%26quot;....This money from the BANKS is what aloud the world to be explored by CHRIST C. and for the first co%26#039;s to get the cash to exploit the world during the imerialistic phases of history. USE-her-hee, usery was aloud by law and vaawwaaala! modern banking was born! These bastards have the whole world by the neck! You can say...%26quot;hey F.. You!%26quot; to these guys but hey....they will make you pay for it in the end......unless we all together said %26quot;hey!!! NO MORE!!!%26quot; but lets get that group effort organized first before we say F.O. to the banks.....okay?.!.?

Who thinks it%26#039;s alright to walk away from credit card debt when card companies act so wrongful and malicious?

I did. I was young, I felt like I was tricked and I walked away. 4 Years later another collection company sued me. They withdrew when they found I knew that it was past it%26#039;s Statute of Limitations.

If you own property they will most likely sue much sooner and place liens. Not a good idea.

In addition for my act of defiance I have received higher insurance premiums than normal, an interest rate of 18.5% on my previous car loan and 16% on my current one and am slowly starting to rebuild my credit.

I don%26#039;t suggest it.

Who thinks it%26#039;s alright to walk away from credit card debt when card companies act so wrongful and malicious?

Corporate greed? It%26#039;s the corporations that give us ALL jobs, that feed us, that allow us to live with the highest standard of living in the world.

Credit card debt is not a good thing... but you promised to pay your debt, and you should. Then, cut up the card and never use it again.

But walking away and not paying is not much different then shoplifting.... and it hurts ALL of us in the long run.

Who thinks it%26#039;s alright to walk away from credit card debt when card companies act so wrongful and malicious?

The key thing here is to act adult and be responsible. People who walk away from it cost other people money. Why? If a bank issues a CC to you and you go default, that%26#039;s a bank loss. The person responsible for these loans may get fired. The stockholders and bondholders lose because the bank did not make enough profit. If you have a pension, 401K, IRA invested in stocks and bonds, you would lose money because the price of the stock or bond goes down.

Is there a way to get rid of credit card debt (or lower it) without it harming my credit in anyway?

There%26#039;s about 16,000 dollars in credit debt that we owe. We currently pay 2000 a month towards it, which is well above the minimum payment. At this rate it will, of course, take 8-9 months to pay off. It would be nice if there was another way to make the debt or the interest lower. We call the companies and ask them to lower the interest rate, and they do, but then raise it back up the next month. Transferring the debt to another credit card is not really an option we are willing to take. Does anyone have any direct experience with this?

Is there a way to get rid of credit card debt (or lower it) without it harming my credit in anyway?

you are doing the right thing by paying more than the minimum payment every month, just keep calling every month and ask them to lower the interest rate, always ask for the supervisor when you call and also ask for his or her name or a confirmation # when you call, just don`t give up.

you are doing great.

Is there a way to get rid of credit card debt (or lower it) without it harming my credit in anyway?

Check out: http://www.bluechipdebtrelief....

They talk about debt consolidation loans and other alternatives. Report It

Is there a way to get rid of credit card debt (or lower it) without it harming my credit in anyway?

Use a home loan... the interest will be less and you can write it off.

Is there a way to get rid of credit card debt (or lower it) without it harming my credit in anyway?

You can use your equity in your home to pay it off (if you have any).

You can also do debt consolidation through your bank. They will pay off your credit card debt in turn for a loan and a (usually) lower interest rate.

Is there a way to get rid of credit card debt (or lower it) without it harming my credit in anyway?

visit dave ramsey.com to learn how u are shooting ur self in chose a body part.

pay the slavery debt off don%26#039;t worry about ur %26#039;i love debt%26#039; score.

Is there a way to get rid of credit card debt (or lower it) without it harming my credit in anyway?

1. If you go %26quot;Credit counseling%26quot;, your credit WILL be hurt despite their claims. Not major damage, but this is considered a %26quot;Settlement%26quot; and the credit card company is %26quot;taking a loss%26quot; and therefore they will report it to credit counseling.

2. If you go bankruptcy, you are pretty much 90% free from the debt obligations (with certain conditions - see an attorney about it), but your credit score will get seriously smashed for a good 1 -3 years. Then you start getting some credit card offers in the mail, usually atter 1 year. Then you use them wisely and credit gets re-built slowly, but surely. Happened to my in-laws. Trouble here is that if you do a banky, then you will have a nasty nasty time buying your first/next home. If you live in a liberal state, creditors can force a sale of your home even with a bnkruptcy. If you live in a conservative state (like Texas or Florida), then your home is %26quot;homestead%26quot; and is 100% protected from civil liens (other than the tax man and the mortgage company, of course). See why OJ Simpson has a civil judgement agsinst him for the murders he committed and yet doesn%26#039;t lose his home in FL? That is called %26quot;protecting one%26#039;s home from creiditors and scumbag trial lawyers%26quot;. ^_^

3. You can call the bank if you are already late on payments and get a settlement offer from them. You call after being late and say %26quot;look, I got (for example) $5,000 from my grandma who died. I would like to settle this account and pay it off, but this is all I have. Would you be willing to settle the $16,000 debt for $5,000? Yes, this is a 1/3 of the amount settlement, but depending on how late you are, they might take it. What hurts here besides settling and them reporting it, is that 99% of credit card companies do NOT allow you to do this unless you are at least 60 - 90 days late. That way this prevent slick people from buying a $15,000 car using their credit card and then hitting the credit card company with a settlement and saving thousands on the car. If you are 60+ days late, then you automatically get reported to a credit reporting agency (like Equifax, TransUnion, or Experian).

Now as to the reason as to why they lower interest rate and then raise it again... well there is this trcik the credit card companies use to hit you with these high rates, EVEN IF you do not make a late pmt. The trick is, they check your credit report every so many months and if they see a lot of your other credit cards (even if not late) are almost maxed out in their limits, they rate you as a %26quot;high risk%26quot; customer and raise your rate. This is actually LEGAL and is in the credit card use terms and conditions %26quot;Card Agreement%26quot; you got with the new card and probably threw it away w/o ever looking at it. I used to work for a credit card company, and I know their schemes.

Transfering sucks because there is a Balance Tranfer (BT) fee, which USED TO BE 3% of the amount with a $5 minimum fee and $25 maximum. Now they usually charge you something like $15 minimum, no maximum, of the 3% fee of balance tranferred.

I honestly WOULD tranfer to a lower rate, if this is possible because the balanceof $16,000 is so high. If the BT tranfer rate is let%26#039;s say 6% fixed for the Life of the Loan (LOL) and your current $16,000 credit card rate is let%26#039;s say $12%, you can save a ton (1/2 the money you%26#039;d pay in interest in a year would be your savings in this case). The trick is that when you tranfer the balance, you have to 1. Discipline yourself NOT to get into debt again - stop eating out, buy clothes, etc. 2. Not use the card you did the BT to. Why? Becaus erates for purchases is HIGHER than the rate for BTs. And credit card rules always say you pay the balances with lower APR (interest rate) first and higher rates go last.

So if you tranfer the $16,000 into the new card and make purchases with the new card, you will get hit with a higher rate for purchases (which you pay last), you will have those purchases rated at a HIGHER APR than the BT you did. So be smart and don%26#039;t use the BT card for purchases, just the tranfer. Oh and if the BT card has a 0% for 6 months rate and a 5% fixed for the Life of the Loan, and you know you can only pay this card off in 8 months, it MIGHT be worth it to go for the 0% for 6 months and pay for 2 months of interest (which will probably go to 9% - 12% after the 0%). If you know you can only pay off in 2 years, go for the fixed 5% rate because it will pay off in the longer run.

Doing a BT does NOT harm your credit, you pay what you used, the interest is lower, which saves you $$, life is good. ^_^ I%26#039;d go for the BT if you can.

Hope this helps!! ^_^

Is there a way to get rid of credit card debt (or lower it) without it harming my credit in anyway?

You are doing the best thing right now. Don%26#039;t listen to stupid people who tell you to use your mortgage to pay off debt. Why turn a 8 month debt into a 30 month debt? Why risk your house for a debt that you can and are paying? Anyways, you can only write off a small percent of your interst on your taxes. Just about anything else you do will ding your credit score.

Is there a way to get rid of credit card debt (or lower it) without it harming my credit in anyway?

You pay 2000 a month which is well above your mininmum balance but it is not the full amount so interest is getting accumulated on it. Try to go for debt consolidation from a reputed organisation who are BBB registered. They will lower your payment each month. Or you can go for some other loan and pay all your bill in full and then slowly pay the loan which will normally have low interest rates than credit cards.

To know more you can visit

http://www.debtmanagementguru.blogspot.c...

Who would like to pay off my credit card debt for me?

Kidding.. but if anyone does have extra cash..I%26#039;d be grateful for the offer. Actually, I%26#039;d like to know advice on the best way to pay off credit card debt. I have about 10,000 in credit debt. Mostly from going through a divorce a few years ago.

Who would like to pay off my credit card debt for me?

I%26#039;m going to check your answers because I need the same help!! GOOD LUCK!

Who would like to pay off my credit card debt for me?

hey, if u find that person please send them my way.......lol

Who would like to pay off my credit card debt for me?

If anyone is that willing, heck im a poor college student with 1k credit debt to pay off :P