subject: Consumer Debt Settlement Solutions For 2010 - What Are Legitimate Solutions For Credit Card Debt? [print this page] Credit card debts are one of the most stressful things that can affect your social and financial life. There are some proven debt busters which can help you solve your debt problems. Some of the legitimate solutions for credit card debt is discussed in this article.
When you are trying to beat the credit card debt, it is important that you do not accumulate any more on the already huge debt on your card. So just lock away your cards and use only cash to pay for all your purchase.
You will need to budget all your expenses. The best way is to write down everything you spend on each month and see how much you spend on groceries, utilities, entertainment, transport, etc. This will give you an idea where to cut down some of your expense.
If you have more than number of credit cards then you can try consolidating all the loans into one loan with a much lower interest rate. Debt consolidation will give you the ease of catering to only one debt at a much lower monthly payment. The drawback of this method is that it takes much longer to pay off your loan through this method as the duration of the loan is much longer. For customers who do not care about the duration of the loan and their only concern is to pay a reduced amount each month, can opt for this method.
You can get a settlement on your debt if your want to reduce the total amount that needs to be paid. For this method, you will need at least ten thousand dollars in unsecured debt, to be eligible for this scheme. Through proper negotiation, it is possible to get your debt amount reduced by 40 % to 60 %. However, a debt settlement will show negatively on your credit report.
Consumer Debt Settlement Solutions For 2010 - What Are Legitimate Solutions For Credit Card Debt?
