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Free Credit Card Debt Advice and Solutions to Payoff or Chargeoff Balances
Solutions for managing and getting rid of credit card debt.
1. Negotiate credit card payoff: You can either hire a debt settlement company or enjoy no fee, free debt settlement by negotiating with creditors on your own. Call the credit card companies or other companies you owe and ask them for a reduced payoff or askwhat they will accept each month until you pay off the balance. Let them know you are in a bind and you need them to work with you. If they are not willing to discuss this, ask to speak to a supervisor. Get the agreement in writing before sending in the payoff amount.
2. Payoff credit card debt with a loan: Consider using a home equity loan to get money to pay off debts. Be sure to check on the interest rate you are paying on your loan and check for lower interest rates. It could be that you can refinance for better interest rates and get a loan to pay off debts. Make sure you don't make new debts and work hard to pay off the home equity loan as soon as possible. Try not to extend the loan in more years.
3. Balance transfer credit card debt to a 0 intro card: If you have good credit, you may qualify for a special, 0 intro balance transfer credit card that offers a lower interest rate after the introductory period expires. You may already have a credit card that provides a 0% balance transfer for moving all your other credit card balances onto it. Work hard to pay off the balance as soon as possible and don't make any new charges until you eliminate the balance. If could cost a fee to move those balances but it may make life easier than shuffling payments every week to different credit card companies.
4. Negotiate fee and interest elimination through a credit counselor: Credit Counselors are skilled at negotiating for lower payoffs for debts owed. Credit Counselors can help with a DMP or Debt Management Plan. This is a plan to enroll in to get lower monthly payments toward debts. Credit Counselors can help you make a budget and teach you some money management skills. These Counselors are not a Debt Settlement Company - that is entirely different and can make your credit worse.
5. File bankruptcy: There are new laws for filing bankruptcy so people don't abuse it. It means there must be an income to debt comparison along with credit counseling before filing bankruptcy. Chapter 7 bankruptcy will let you eliminate entirely certain debts and Chapter 13 bankruptcy will create a payment plan. Download free bankruptcy forms online.
6. Borrow interest free loans from family: One last idea is to borrow from a family member who will loan you money to pay off your debts and let them put you on a repayment plan.This can eliminate fees like late payments and high interest rates. Make sure you honor the repayment plan to your family member.
7. Get a private personal loan on the internet. There are private, individual lenders who will extend good or bad credit personal loans; and some with no credit check, to other people. These are ordinary, everyday people who have extra money and are willing to take the risk in investing in strangers by loaning them money for any need.
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