Debt Reduction
What problems are involved with using these “Credit Card Debt Reduction Services”?
I see a lot of advertisement from companies that claim they can reduce your credit card debt by 40% to 60%. What is the down side to using them? If they are successfull does it effect your credit rating? What do they charge? What must your situation be for them to be able to be successfull, Broke?
Debt-settlement companies promise that you can get out of your debts for pennies on the dollar. Typically, these outfits demand that you stop paying your creditors and instead send the money to them. After a few months, the debt-settlement company promises to open negotiations with your lenders and use the money you’ve sent to pay them.
The idea is that after a few months of not getting paid, your creditors will agree to a fraction of what they’re owed.
Of course, your credit will be trashed at this point, you’ll have paid fat fees to the debt-settlement company, and you may be facing lawsuits from your lenders. That’s if you’re lucky. If you’re not, you’ll risk all this, and the debt-settlement company will disappear with your money. If you need more details, read “Debt Settlement: A costly escape.”
Better alternatives include:
* Credit counselling. Legitimate credit counsellors have debt-management plans that reduce or eliminate the interest rates on your credit card debt.
* Bankruptcy. If you can’t pay your debts, you may be better off getting a fresh start through bankruptcy. Your credit rating may recover more quickly, and you’ll be able to keep the cash you would have otherwise sent to the debt-settlement company. Consult an experienced bankruptcy attorney who can evaluate your situation and discuss your options
It’s Time Congress Get Serious About Debt Reduction & Job Creation and Stop GOP Assault on Medicare
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Personal Finances – Larry Burkett Financial Freedom Video Library – Includes: Budgeting & Debt Reduction (VHS) $99.99 … |
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Transforming Debt Into Wealth Set By John M. Cummuta $129.00 From Nightingale Conant. Comes With: Transforming Debt Into Wealth Quick Start & Instructional Guide Dvd Transforming Debt Into Wealth System Manual The Credit Soultion : How To Transform Your Credit Score And Build Real Wealth Cds The Power of Perpetual Income How To Transform Your Spare Time Into A Cash Machine Volume 2 Wealth Building Cds 3 Secrets to Eliminating Debt and Building Per… |
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Zilch Standard – Debt Reduction $49.95 … |
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Cash Flow Plus The Only Lifetime Budget Software $14.95 If you’ve ever wondered how quickly you can get out of debt this program will do it for you quickly and seamlessly. Maybe you’re having trouble with your finances. Cash Flow Plus will lay out your finances transaction by transaction for up to 30 years. If there is a way out Cash Flow Plus will help you see it…. |
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Whack-A-Debt 1.0 – Debt Reduction Software $24.49 Whack-a-Debt is personal finance software that generates rapid debt destruction plans in just minutes. Unlike other software applications, Whack-a-Debt addresses the problem from both a spiritual and practical standpoint. Depending upon your personal circumstances, these plans may save you thousands of dollars in interest payments and drastically reduce the total number of loan payments you will … |
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Debt Reduction: Master Your Debt $3.96 … |
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How To Get Out Of Debt Through Reduction And Elimination $7.12 … |
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The Complete Idiot’s Guide to Getting Out of Debt $4.49 Borrowing from Peter to pay Paul? The American economy is dragging, with unemployment rates rising and consumer debt hitting $2.5 trillion. Many people are in deep and need help. Here, a Certified Financial Planner explains the mathematics of debt; strategies to deal with credit card, mortgage, student, and other loans; why debt consolidation and taking loans from a 401(k) can lead to problems; tr… |
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Living On The Third River $3.60 This book is the wonderful story of God’s financial provision told in a parable about three men living on different rivers. You’ll want to read it to find out which river you live on and give it to your friends to encourage them to move to the third river !… |