Credit cards no doubt make our life easier but then they can also cost you dearly. It often happens that you exceed credit limit of a card and need to take an overdraft. These overdrafts from the credit card companies come with high charges and higher rate of interest. The situation worsens when you have more than one such debt and need to make huge payments to the credit card companies every month. Simply the charges and interests get piled up and you just keep on paying for them. Thankfully a consumer credit debt consolidation can get you out of this situation. Let us explain a few options that you have for taking a credit card debt consolidation loan.
There are quite a few options open for you once you have made up your mind for consumer credit debt consolidation. The profitable way of taking a debt consolidation loan is the one that needs you to have collateral. You can opt or a home equity loan that where you can have the home as your collateral. This secured credit consolidation loans are of lower rate of interest and take minimum time for approval. By consolidating your unsecured credit card debts with a secured loan you can bring down the rate of interest quite significantly. Moreover as all of your existing loans are getting transformed into one single loan the amount you will pay for the loan will surely be less than what you are paying now.
Even if you do not have a house and can avail of the home equity line of credit, you can still get consumer credit debt consolidation with you other assets like car, stock and bonds or even jewellery. The interesting fact is that for consolidating your credit card debts, you can again get a new credit card. This might sound absurd but having low interest credit card and then transferring all your debts to that card is surely a viable option for you.
Whatever you do it is always wise to take an informed decision and for that you should seek professional consultation from a debt consolidation organization. There are so many of them at every part of the country and while choosing one try to go for a local service provider. So, if you are living in Florida, find out a debt consolidation Florida service provider for taking a consumer credit debt consolidation.
Watch the video related to credit debt
Credit Card Debt is the most profitable commodity in the world. There are over three hundred million credit cards with an average limit of $3000 collecting 70% to 85% interest monthly. Credit Card Debt is the catalyst that is producing the economic struggle in America today. Credit Card companies have issued more credit than the average consumer can handle.
Help answer the question about credit debt
If I pay off my total credit card debt of $75k will this increase my credit score?Hello,
If I pay off $75k which is my total amount of credit debt, will this increase my credit score? I am revising this question I just asked earlier. I have no other revolving debt than this. I am sorry for the lack of information in the previous question. Thanks for all the help out here!
Make more money, quit spending, sell things to pay down your debt
Contact me. My brother works for a company that "eliminates all credit card debt" (in other words, pay a fee significantly less then the credit card debt and you won't owe the credit card company a dime). (take a credit card cash advance to pay the fee LOL).
There will be no damage to your credit rating!
I agree with AEinsteinSr. Just dont use credit cards. And honestly, using credit cards after you have already lost your job or took a cut in pay is pretty much about the 23rd thing on the list of things you should do in a situation like that. 99.99% of the time it just seems to make everything worse. I do think the fact that credit is becoming more exclusive and elite per the new laws and regulations in Feb will sort a lot of this out in years to come.
oscy999 must not have been hurt by this economic depression. I just love people who haven’t walked in the shoes, but sit on their throne and judge everybody else. SELFISHLY RAN UP? Not everybody was out buying big screen TV’s. Some folks who lost their jobs, (HOPING thngs would get better by now), were using their cards to pay for groceries, the doctor’s office, or car repairs trying to keep the old heap on the road. How dare you judge when you haven’t walked in somebody elses shoes.
if the debt is old it is almost certainly been sold off
Definately do not move out if it means that you will be paying rent. I would find a place to stay rent free until you pay off the credit card.
This video is packed with great information and your link looks interesting too. Check out the link in my profile if you’re tired of the phone calls and want to settle your debt.
A personal loan does not pay off debt. It just moves it from one institution to another. You have to change the habits that got you into this mess in the first place. That involves living within your means. You need to reduce your spending and/or increase your income. And use the savings to pay down your debt.
it depends on how you define “old” nauticalman made it sound like all collection accounts have benn sold accounts which is not 100% true.dhfghdgschgdhgfhdgjgfjkgfjkgghsdgfjhgdsjgfjdgfjdgjfgdsjfgjdsgfjdsgfgdjsvbdbgfvc v jfgjfjbf fhvjcgvv c dhfjdhjfgd fhdhgv dhfjhdhjryrf fehj fehj dsuegue feje
Consolidating debt is an ideal way to reduce your amount and tenure of debt. You make a single payment to one lender on a certain date and this will help you clear off the debts faster.
I would recommend you to visit this site for more info about consolidating debt:
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
You need to dispute these accounts with all 3 credit bureaus stating the per the Fair Credit Reporting Act these accounts are to old to be listed on your credit report.
Not all collection offices purchases debts. Most are referred to them by the creditor.
If it IS a purchased debt, the money can no longer be paid to the original creditor as the account has been sold.
As for the last part, that is correct, however if you call the creditor they may likely refer you back to the collection office. Moreover, check in your contact with the original creditor it usually has some section giving them the right to collect on the debt, etc.
With the New Year creeping up on us faster than most of us would like, I cant think of a better way to start off the new year than learning how to stop the creditors from calling.
Join the New Years Resolutions Extreme Makeover Telesummit today by clicking on my name above in blue (LivingSuccess247)
Given your credit history, you may not be able to get a loan of any kind. First you need to get hold of your credit reports. There are three major credit reporting agencies in the USA: Experian, TransUnion, and Equifax. Offhand, I don't know contact information for them, but you should be able to find snail-mail addresses and phone numbers for them online or in your local public library. Write to each of them or phone each of them to find out what their reports are saying about you. Once you know what the reports say, you will be better equipped to deal with it. You've received a summons to appear in court? What kind of court? Small claims? It sounds like you need an attorney. Perhaps you should consider declaring bankruptcy. In any case, don't ignore the court summons. Make sure that you show up in court, and if the judge orders you to pay, you have to pay. You don't want what is called a "judgement" on your record, because that *never* scrolls off your credit reports, like some other debts do after seven years. How much in debt are you? Hundreds of dollars? Thousands? Tens of thousands? There are credit counseling agencies in many locations in the US. Perhaps there is one in your area. Contact them, make an appointment, and see if they will help you. But they won't give you a loan. They will, at best, make it easier for you to pay off your debts.
file for bankruptcy ,,,that is safe for you [and also practical],,,
It depends on how you define “old”,
Nauticalman made it sound like all collection accounts have been sold accounts which is not 100% true.
As stated by others, the SOL for your state is 4 years for open contracts (credit cards). Send them the reply they want only use this form letter (you fill in the blanks). This should send them away. If not then you can seek civil suit against them for minimum of $1000.
But make sure that this debt is for a credit card and not for a court ordered judgment. A judgment in Nebraska has a SOL of 5 years and is renewable.
Your Name
Your Address
City, State, Zip
Date:
General Revenue Corporation
Address
City, State, Zip
Re: Acct #XXXXX
To Whom It May Concern
This letter comes in response to your [letter dated xx-xx-20xx] (copy enclosed) concerning the collection of the above referenced account.
First, I want to inform you that I am well aware of my rights under the Fair Debt Collection Practices Act (FDCPA) and applicable State laws. Having said this, I hope to save both of us a great deal of time by informing you that I formally dispute the validity of this debt. In addition, I am aware that the time period limiting legal actions to enforce this type of debt in (insert your state or the state in which the contract was signed) has expired. Furthermore, I am aware that any attempt to bring an action in court that is time-barred may result in sanctions for filing a frivolous claim.
As of today, I consider this matter closed and demand that your agency and affiliates immediately cease and desist contact with me regarding this matter except to advise me that your debt collection efforts are being terminated. Further communication attempts of any form or substance are prohibited by the Fair Debt Collection Practices Act, 15 USC 1692a, et seq. I plan to report any such violations to my State Attorney General and the Federal Trade Commission and, if necessary, to take whatever legal action is necessary to protect myself.
Thank you for your prompt attention to this matter.
Sincerely,
Your Name
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice
Sorry folks, we have been had, peed on, scammed and lied to.
WallStreet bailouts were rigged and a fraud, market manipulations,
high freqency trading, flash orders, naked short selling by:
Goldman, JPM, Cit, MorgStanley, Aig, stay away from this scum.
The Fed, Comex, ETF’s, Govt data: frauds. Your labor devalued to Zero.
Pull your money out, walk away from your mortgage and CC card debt,
We can beat them at their own game, buy pure silver bullion,
buy local mom and pop. Starve The Beast!