How To Work Around Credit Card Debt Repair

How To Work Around Credit Card Debt Repair

Working around your credit card debt repair is not easy. In fact it may take a lot of hard work and as well as stress from your side. You will need a hard core action plan, and a strong determination to stick to this plan. First things first- Check out the number of credit cards you are holding. Do you really need this many cards? Carefully select the ones with exorbitant interest rates. Make sure you pay off these cards first, and then go close the account. Next, make a practice of not defaulting on your credit card dues. When you default on the payment, you end up paying more interest, and this also affects your credit score badly. Speak to your creditors. You can arrange for a face to face meeting, and ask them to extend the deadline for making payments. Once they agree for the extension, make sure you do not default on the deadlines. Pay all the bills before due dates, be it utility services, home loan, personal loan etc. Opt for secured credit cards. You can get these for as little as $500, and less, and use it to meet your day to day needs. A word of caution here- If you haven't cleared your past dues, opening too many accounts will give rise to suspicion to the credit rating agencies. You may seek help of professional credit repair companies to get your credit score straight. Generally, it may take 45 -60 days to improve your credit score. There are several credit repair companies that talk about getting your credit card debt repaired with in 7 days. Beware; they might be after your money. If you are a spend thrift, you need to change your habits. If you are a victim of unexpected job losses, medical emergencies, etc the best way to go for repair credit is to negotiate with the credit card company. You need to settle for the lowest of the debt that can be negotiated. The company may agree to forego some of the amount due. But you may have to pay the taxes on the cancelled amount nonetheless. If you want credit card debt repair in short duration, then you can even opt for fixed load payment plans. However, this will incur additional burden to your pockets, as the interest rates for fixed load payment plans are generally higher than the normal loans.

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