What is a good debt relief company?
I just graduated school and racked up $8,000 in credit card debt. Luckily, I avoided the whole student loan mess, but I really need to get control over this lingering debts. I have heard good and bad things about debt relief companies. So i was just wondering is someone could direct me in finding a legit company. Also, any info on debt relief is much appreciated.
Panama on Mon, 1st Feb 2010 4:14 pm
Debit relief companies do nothing for you that you cannot do yourself and you have to pay them to help.
1. Cut up the credit card. You obviously cannot handle having one yet.
2. Sit down and figure what you have coming in versus what goes out into your monthly bills.
3. Take the extra money you have and begin paying it on the credit card.
4. Consider a second job – part-time or full in which that money will be strictly used for paying off the credit card.
You can also consider a personal loan from you bank (if you qualify) for what you owe on the CC. The personal loan percentage will be easier on you than the CC will be. Have the monthly payment pulled directly from your account and you can even save half-a-percent or more on the deal.
But cut up the card. As long as it’s active you will be tempted to charge on it when there is something you want and don’t have the cash for. No cash – no purchase.
Good luck.
Angela J on Mon, 1st Feb 2010 4:25 pm
I have applied here http://www.financeconsultant.org/reducedebt.html and within couple hours they contacted me and their consultants helped me chose the best solution for debt consolidation.
Minto T on Mon, 1st Feb 2010 6:34 pm
Get more about debt relief here.
Crazy Cat Lady >^..^< on Mon, 1st Feb 2010 10:34 pm
I agreed with Panama it can be done yourself.Follow his/her advise
slun80 on Tue, 2nd Feb 2010 3:14 am
Your best bet with “just” $8k in credit cards is doing a balance transfer to a lower rate card. Even though you’ll probably pay a 3% transfer fee, going from 20% or more to say 8-10% will save you quite a bit in interest. If that’s not an option, then call customer service on the cards you have and try to negotiate a better rate. They’d much rather make SOME money off you than NONE.
Avoid “debt relief” or “debt management” companies – they will hurt your credit.