Best Way to Consolidate Credit Card Debt
If you are like the thousands of other American families, the economic crisis has hit you hard as well.
With unemployment so high, many families have felt the financial impact of being without a job, or at least losing pay.
This can put a huge strain on situations that were manageable in the past.
The deficit is generally eaten up by credit cards, and unsecured debt loads are skyrocketing.
To get out of this vicious cycle, you have likely considered ways to consolidate credit card debt.
What are the best ways to make this happen for the average family? Ways to Fly Solo There are certainly ways that a family can work to cut credit card debt on their own.
First, stop using the credit cards in question.
To attempt to pay off a card that is still being used is not the best option.
Make a strict budget and put any income above basic living expenses towards the debt problem.
This takes a lot of discipline and will only be effective for the most motivated families.
Another option is to negotiate a payment plan directly with your credit card company.
The problem with this route is that your creditors may not mention to you exactly what things they look at to determine whether or not you qualify for a particular program.
However, if you are persistent, you could work on debt consolidation using this tool.
Finally, an individual consumer can obtain a settlement by calling and bugging the credit card company enough.
The base amount that most call center agents are authorized to offer is about 40% of your current balance.
Again, persistence will be key in making this work best for your situation.
Working With a Professional There are hundreds of debt consolidation companies out there and with the rise in debt load, more are opening their doors every day.
It can be a jungle out there.
However, a properly managed debt consolidation company can really help the average family get out from under their financial problems.
The first thing to check when researching any debt consolidation company is their track record.
Always check for financial records and customer feedback to ensure that the agency that you are working with is legitimate and has a strong track record of helping clients.
Once you are sure that you have found a good company, they should be able to take a look at your records and give you some options that will help your situation move towards debt consolidation.
Some common options that can be negotiated are payment plans and settlement programs, to name just a few.
With unemployment so high, many families have felt the financial impact of being without a job, or at least losing pay.
This can put a huge strain on situations that were manageable in the past.
The deficit is generally eaten up by credit cards, and unsecured debt loads are skyrocketing.
To get out of this vicious cycle, you have likely considered ways to consolidate credit card debt.
What are the best ways to make this happen for the average family? Ways to Fly Solo There are certainly ways that a family can work to cut credit card debt on their own.
First, stop using the credit cards in question.
To attempt to pay off a card that is still being used is not the best option.
Make a strict budget and put any income above basic living expenses towards the debt problem.
This takes a lot of discipline and will only be effective for the most motivated families.
Another option is to negotiate a payment plan directly with your credit card company.
The problem with this route is that your creditors may not mention to you exactly what things they look at to determine whether or not you qualify for a particular program.
However, if you are persistent, you could work on debt consolidation using this tool.
Finally, an individual consumer can obtain a settlement by calling and bugging the credit card company enough.
The base amount that most call center agents are authorized to offer is about 40% of your current balance.
Again, persistence will be key in making this work best for your situation.
Working With a Professional There are hundreds of debt consolidation companies out there and with the rise in debt load, more are opening their doors every day.
It can be a jungle out there.
However, a properly managed debt consolidation company can really help the average family get out from under their financial problems.
The first thing to check when researching any debt consolidation company is their track record.
Always check for financial records and customer feedback to ensure that the agency that you are working with is legitimate and has a strong track record of helping clients.
Once you are sure that you have found a good company, they should be able to take a look at your records and give you some options that will help your situation move towards debt consolidation.
Some common options that can be negotiated are payment plans and settlement programs, to name just a few.
