subject: High Credit Card Debt Can Be Overcome [print this page] High Credit Card Debt Can Be Overcome High Credit Card Debt Can Be Overcome
None of us like to be in debt, but sometimes we find ourselves there. Sometimes it is the result of overspending, but just as often it is the result of an unplanned event such as a medical emergency or a loss of a job. In these situations, the credit card is the only money source we have and we may have to use it, hoping to be able to pay back the debt in the future.
What do you do if you are in this situation? First of all, do not panic. There is help. Because of the ever growing problem of credit card debt, there are many debt counseling organizations to go to for help. A lot of these agencies offer debt counseling. If you find a reputable one, they will sit down with and go over the details of your financial situation. They will help you look at your income, your debt, your expenses, and then help you create a budget that you can live with. Sometimes they will recommend that you consolidate your debt, if you have debt with several card companies. They can assist you in finding a consolidation loan that can lower your payments monthly.
If the debt is serious enough, they can also aid in negotiating with the credit card companies to come to one of several potentian debt reducing solutions, including lowering your monthly interest rate, making you monthly payments more affordable, or even getting rid of credit card debt, reducing the balance, or settling for a lesser payoff amount to clear the debt.
Many of these counseling organizations also offer free training so that you understand your rights as a debt consumer and know what your options are in dealing with the credit card companies. If bankruptcy may be required, they can also assist you in finding a good lawyer to help you through that process as well. The important thing to remember is that high debt is not the end of the world and you are not alone. There is a lot of help out there to aid you in getting out from under it.
