Apurva Shree asked:


How would you like to lower your monthly credit card and loan payments- guaranteed? It is an offer, irresistible for anyone knee deep in debts. You can incur different types of debts from basic loans, bonds, and mortgage. So if a Non Profit Debt Relief Company is a solution to consolidate your debt, you are in for an illusion.

Be Aware

There are many frauds run by con artists, who do not deliver their promises. These fraudulent companies make tall promises, no matter how high your debts are. They claim to reduce your debt by 30 to 50 %. They use attractive advertising and play on people’s psychology. If you fall for their pitch and invest hundreds of dollars, you are in a worse financial shape.

Although rare, there are legitimate non profit debt relief companies. Always check on the company with a reliable institution to understand its authenticity.

With a legitimate credit counselor, they sit down with you; give you a free and objective assessment of your financial situation. Shop around. Compare a couple of services and get a feel of how they operate. They should spend good time with you to get a complete picture of your finances. Always check the names with Bureau or local consumer protection office.

How To Pay Off Credit Card Debt Judiciously

If you are suffering from excessive debt, try to find solutions to knock down your debt. Credit card companies now ask for 50 % or less as payment, if they feel that you are heading in the direction towards bankruptcy. It may be better to borrow from your family or friends to settle your debt.

If you are trying to find your way out of debt, pay off high interest cards first. By doing so, you will save a lot on the interest charges. Never buy the credit card insurance. These insurances are over-priced and never help you eliminate the debt, but only delay it.Be careful with consolidation loans. Never consolidate debt into home refinance, unless you have a plan to pay off your loan early.

If you are in severe debt and have a bad credit, you can regain your credit reputation again with bad credit card debt loan. You can negotiate for lower rate of interest and send them one payment every month. This will help manage your monthly payments regularly. These loans are abundantly available online.

The best alternative is to contact a non-profit debt relief agency, which will advise you on how to develop good credit habits and avoid future debt.



Diane

smiley1234 asked:


My husband was out of work for a long time, and we really got ourselves into a lot of debt. (about 30,000) I have managed to keep up with the minumum payments on time, but because of the interest on the cards it seem like we are never going to make a dent in it. We don;t own a home to cash out equity and pay them off. Does anyone havve any advice that might help.

Cathy

Joycelyn Crawford asked:


When it comes to such important issues, it is a good idea to use the advice of those who know about the subject. Let’s see what the Federal Trade Commission suggests on this particular topic.

The main thing that the FTC suggests is that you postpone the decision of filing for bankruptcy till after you have analyzed all the other alternatives out there. This is due to the fact that bankruptcy should be considered a last resort and the FTC strongly suggests against taking that path unless absolutely necessary because the detriment that it implies to your financial and credit situations is overwhelming.

Three Options To Obtain Debt Relief

The first alternative that the FTC suggests as means to obtain debt relief, is to talk with your creditors. Sometimes you are entitled to change the terms on your repayment program by the very contract you signed or due to the law. And even if you are not, a lender will certainly prefer to negotiate a new repayment program than to pay the costly charges of collector agencies or the legal costs of a court case.

If you are not comfortable with the above task, you can hire a credit counseling agency. These agencies will negotiate with your creditors for you and they’ll put their expertise to work so as to get for you new repayment programs, lower interest rates and sometimes even cuts on your debt interests or principal. Some of these organizations are non-profit and charge little or no money but even those that are not, won’t charge you high fees and will save you a lot of money.

The FTC suggests, as another option, to consider a second mortgage or home equity line of credit. These two alternatives are financial products based on equity that provide a fair amount of money at very reasonable rates and with a flexible repayment program. However, the FTC also states that these options should be considered carefully because the loans and lines of credit based on equity are secured with your property and thus, you risk repossession if you fail to repay the money.

Costs And Other Considerations About Bankruptcy

If the above alternatives won’t do any good for you, then, bankruptcy may be the only choice. Bear in mind however, that bankruptcy is not a simple or inexpensive process. There are two types of bankruptcies: Chapter 13 and Chapter 7. The filing fees are around $300 dollars, chapter 13 being slightly cheaper. Chapter 13 provides you with some benefits like the possibility of keeping a mortgaged property and work out a repayment plan to cancel your debts with advantageous terms without having to surrender all of your assets.

Chapter 7, on the other side, is a straight bankruptcy where all your assets are sold in order to repay your debts and only after all your debts are canceled the remaining (if any) is handed over to you and your bankruptcy is discharged. Bear in mind also that not all debt is erased with a bankruptcy process and you won’t be able to keep all your assets; not even with Chapter 13.



Kathy

Jello asked:


Ahh… someone please tell me it’s a real thing. Is it? I’ve done my research on the internet about it and have come up with some interesting information such as writing a grant proposal but nowhere ever says where to send it to or if there are any papers that need to be filled out.

Does anyone know anything about this? If so I would greatly appreciate any kind of information or steps on how to do this. Thanks so much!

Crystal

Arlene Schneider asked:


Debt relief can come in many forms. What it is to you depends on what your current financial situation is and how much spending discipline you have. If you have debt and are looking for a way out, it is important that you look at all your options. There are 4 different ways that you can approach your debt and as mentioned before, not all of them will work for you depending on how much debt you have, if you are past due and how much excess income, if any; you have to apply to pay off your accounts.

Pay your debts yourself-many people think this is the only way and it can be done. This plan takes a lot of discipline and not everyone has that. You have to make a detailed list of who you owe, how much, your monthly minimum payment and your interest rate. You make minimum payments on all accounts except the one with the lowest balance. On this account you pay as much as you are able. Once it is paid off, you do the same thing again. You should be putting all extra money to the account you are currently paying off. This will work best if you cut back on your expenses and increase your income. This method will keep your credit in tact and will teach you good money management.

Debt Counseling-this is a type of debt consolidation that is not a loan. Your interest rates will be reduced and possibly even eliminated. You will no longer be accessed late fees or overlimit fees. Your accounts will be closed and you will not be allowed to open new ones while you are enrolled in the debt management program. You make one monthly payment to the credit counseling organization and they disburse it to your creditors for payment of your accounts. This is not a good option if you are more than 3 months past due on your credit card accounts. This program should take no more than 5 years. If it does, you should consider another option. The impact on your credit will be minor.

Debt settlement-this is a program whereby a debt counselor negotiates a reduction on the balances of your debts. Your debts are reduced on average from 30-50% and as much as 85%. Debt settlement can save you a lot of money and can have you out of debt in 12-36 months, but this does not come without a price. It will have a negative impact on your credit. This is a good alternative to bankruptcy and works if you have debt over $10,000 and debt that is over 3 months past due.

Bankruptcy-this is an option that is reserved for when nothing else will work. It is not the free ride that it used to be and will be a reorganization of your debts. This can remain on your credit record for up to 10 years.

You do have options for debt relief. It is just a matter of deciding which option is going to work best for your financial situation and discipline.



Pamela

Ronnica Rothe asked:


If you need help with credit card debt, credit counseling is a great place to start. Not only can a credit counselor help you untangle you budget, they can also provide you with viable options on how you can get out of debt.

A credit counselor knows just the right questions to ask you to get a good picture of your financial situation. By gathering the necessary information, they will be able to determine how bad a situation you are in. The better they understand the problem, the easier it is to find the correct solution.

One way that a credit counselor gets your financial picture is by helping you to create a budget. By determining exactly where your income comes from and where your money is spent, you will be able to see what your financial situation looks like on a monthly basis. This can help you determine what areas you could cut back on and how much you can afford to put towards debt relief.

After getting a good idea of your budget and gathering information about what type of debt you have, the credit counselor can lay before you what option or options will best suit your debt relief needs. If you should be able to best pay off your debts on your own, they can provide you tips on how best to go about this. If they determine that you could use the reduced interest and disciplined schedule of a debt management plan, they will outline that for you as well. Most importantly, they will be able to answer the debt questions you have and provide you a realistic and honest look at your financial future.

If you decide that credit counseling is right for you, find one that is reliable and personable. Many offer their credit counseling services for free. By having someone look at your finances, you will be better equipped to make financial decisions now and in the future.



Constance

Smiling Belle asked:


Hi there. Recently married. We both have less then stellar credit. We are in debt further then we’d like to be. Do not think we’d quailfy for loan, no collateral for one….what can we do? What banks, credit unions, websites..etc can we work with. We have a great income…better then most in our situation….but owe more then we make. We have cut back everything…even sold my car…..what can we do? (No there are no friends or relatives to help) Serious answers appreciated.

Monica

Anas M asked:


I’m currently suffering financial problems. I am thinking about going into debt relief program. I have a student loan for $4,700 and two credit card with balance of $3,000. I am looking for the best debt relief company that is trusted and can settle me with one low monthly payment

Raymond

Sally asked:


Has anyone heard this commerical, or called for the information? If yes, was it useful? Do you have the phone number or website? I was not able to write down the information when i heard it.

Dan

Just Curious asked:


Has anyone ever used Court Medial Services with a guy named Anthony Luttrell before?
For some odd reason I got flagged for asking this before - maybe the company I am asking about flagged it — hmmmm

I am very unsure about this company. I founs another site where people said mainly positive things about it but who knows if its rigged or not. I want any one out there who has considered, donr and research, discovered findings, or is/has used this to please let me know!! I really want to do this if it works. It seems like the only way I will get out of student loan debt but 3K is a lot to give to someone if they rip you off.

I check the BBB for them. They are not a member - but no complaints in the past 3 years either it says. Do you have to be a member to see complaints?

I don’t want to get involved in a scam. Please help.
Well out of curiosity - Most places ask for money up front so how does that trigger a scam? You pay a lawyer up front when you file bankruptcy. And if I was doing something for them I would ask for money up fron too. They are doing contract law - using Brad Daily (spelling?) as the lawyer. I did research and couldn’t find anything bad - but I also couldn’t find anyone saying they sucessfully completed it. The BBB shows they have not had a complaint and have been in business for 3 years. They are not a member and Im not sure how that works but if they are not a member would complaints even be showing? THANKS AGAIN

Ron