Good Credit, Deep in Debt, What Do I Do?
How Do People With Good Credit Get Out Debt? Just imagine this scenario: You have $150,000 in after tax income.
You have some credit cards about $80,000 in total credit card debt.
You occasionally pay a few days late.
Nothing terrible, you are just busy.
But you do pay your bills regularly, just not always by the due date.
A few years ago this was no big deal.
Lots of successful people carry fairly high credit card debt.
It was just a payment.
Along comes a change in the way credit card companies did business.
One especially brutal change is called "Universal Default".
The new credit card laws have at least stopped the Universal Default interest rate increases.
That does not mean you cannot find yourself looking at 30% interest rates on your credit card.
If you are late on a payment by one day, your individual CC company can raise your rates to the default rates anyway.
They have to give you notice so you can Opt out.
The opt out provision means you close your account so no more can be charged at all.
The end result is the interest rates on the entire $80,000 debt is suddenly pushing 24%-32%.
Now even with a nice after tax income, this credit card payment becomes a genuine burden.
You may have a mortgage payment, college tuition or car payment and now a punishing credit card payment.
Some form of credit card debt relief is in needed.
There is very little difference between wealthy people deep in debt and the corner mechanic deep in debt.
Both are under great pressure to get out of debt.
Neither has the facilities to payoff their debt or they would do it just to get the pressure off.
What if you could pay your credit cards off and not hurt your credit? Of course you can do that by just paying the bill.
With default interest rates even the most honest well meaning people can have difficulty with that.
Many people can afford the payments, but with interest rates approaching 30% it gets very frustrating to see $400 of a $500 payment go to pay interest EVERY MONTH!! Even crazier things happen.
If you are current on your payments, traditional debt help through the large nationally advertised companies isn't even available.
Their view seems to be, if you are current you don't need help.
Note: They are finance by the CC companies.
They work for them, not you.
After all your creditors see you as a great paying customer that pays 30% interest, they like that 30% business.
Real solutions do exist even for people that are current or just a little behind.
It is called "Specialized Debt Management".
Your accounts are still yours, You are in control of your finances.
It simply costs you less to get out of debt.
Since in a Specialized Debt Management program you pay your debt in full, your credit score does not get hurt.
You make regular payments, on time and your credit score goes up.
You do not get punished for paying your debts! So what is a "Specialized Debt Management Program"? In a nutshell, it is a process that: Allows you to pay your bill in one simple payment Reduces your interest rates so more of your payment goes to pay your debt.
Helps you to maintain or improve your credit score Can help you to qualify for a mortgage Gets you in control of your debt payments Getting out of debt is not easy.
No matter how you do it, it takes work and a change in how you live.
Real debt management works.
The emphasis is on management.
Be honest here, if you could do this yourself, wouldn't you have done it?
You have some credit cards about $80,000 in total credit card debt.
You occasionally pay a few days late.
Nothing terrible, you are just busy.
But you do pay your bills regularly, just not always by the due date.
A few years ago this was no big deal.
Lots of successful people carry fairly high credit card debt.
It was just a payment.
Along comes a change in the way credit card companies did business.
One especially brutal change is called "Universal Default".
The new credit card laws have at least stopped the Universal Default interest rate increases.
That does not mean you cannot find yourself looking at 30% interest rates on your credit card.
If you are late on a payment by one day, your individual CC company can raise your rates to the default rates anyway.
They have to give you notice so you can Opt out.
The opt out provision means you close your account so no more can be charged at all.
The end result is the interest rates on the entire $80,000 debt is suddenly pushing 24%-32%.
Now even with a nice after tax income, this credit card payment becomes a genuine burden.
You may have a mortgage payment, college tuition or car payment and now a punishing credit card payment.
Some form of credit card debt relief is in needed.
There is very little difference between wealthy people deep in debt and the corner mechanic deep in debt.
Both are under great pressure to get out of debt.
Neither has the facilities to payoff their debt or they would do it just to get the pressure off.
What if you could pay your credit cards off and not hurt your credit? Of course you can do that by just paying the bill.
With default interest rates even the most honest well meaning people can have difficulty with that.
Many people can afford the payments, but with interest rates approaching 30% it gets very frustrating to see $400 of a $500 payment go to pay interest EVERY MONTH!! Even crazier things happen.
If you are current on your payments, traditional debt help through the large nationally advertised companies isn't even available.
Their view seems to be, if you are current you don't need help.
Note: They are finance by the CC companies.
They work for them, not you.
After all your creditors see you as a great paying customer that pays 30% interest, they like that 30% business.
Real solutions do exist even for people that are current or just a little behind.
It is called "Specialized Debt Management".
Your accounts are still yours, You are in control of your finances.
It simply costs you less to get out of debt.
Since in a Specialized Debt Management program you pay your debt in full, your credit score does not get hurt.
You make regular payments, on time and your credit score goes up.
You do not get punished for paying your debts! So what is a "Specialized Debt Management Program"? In a nutshell, it is a process that: Allows you to pay your bill in one simple payment Reduces your interest rates so more of your payment goes to pay your debt.
Helps you to maintain or improve your credit score Can help you to qualify for a mortgage Gets you in control of your debt payments Getting out of debt is not easy.
No matter how you do it, it takes work and a change in how you live.
Real debt management works.
The emphasis is on management.
Be honest here, if you could do this yourself, wouldn't you have done it?
