I Need Credit Card Debt Relief and I Cannot Pay My Bills - What Can I Do?

I Need Credit Card Debt Relief and I Cannot Pay My Bills - What Can I Do

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There are many single mothers out there who have lost their jobs for whatever reason or have found that their income has dropped and now are in serious card debt and need credit card debt relief urgently. What can they do?

The first thing to realise is this. Credit card companies and lenders will play on your credit score and credit rating and keep telling you that if you do not keep up payments it will be affected.

What you have to keep in mind is this. You main priority should be with your debts and not your credit score. These tactics are meant for one reason only to ensure you keep making the minimum payments. You may think this is ok but it is not. Here is why. Minimum payment only pays off the interest on your debt and if you are looking for credit card debt relief this is not the answer.

This does not pay off the principle or main debt at all and paying this way can turn a $10,000 debt in an effective $100,000 because of the amount of time it takes to pay it back. This is why lenders are happy or you to make the minimum payment for the next ten years.

What should you do if you need emergency credit card debt relief?

The answer depends on how much you owe but the first thing you need to do is this. Get advice and help. You can do this for free by approaching a non-profit organization that offers financial counseling or with a debt settlement company.

What is a debt settlement company?

A debt settlement company will examine your debt and then negotiate with your lenders for you. This negotiation or bargaining will cut your debt by up to half. What you have to keep in mind here is you still have to pay half of it back so you must ensure you can afford what is left to pay. A good debt settlement company will sit down with you and work out the payments and how much you can afford.

What about my credit history.

If you are in serious credit card debt your credit score is going to take a hammering as soon as you miss or are late for payments. Your main priority should not be your credit score but finding a way to repay your debts. Once they are paid off your credit score will come back up.

If you are struggling and need credit card debt relief take action and get help before it is too late Just click here now to get help.

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