Comments on: My Tips to Credit Card Debt Consolidation

By: JanusChrist

JanusChrist — Sat, 18 Jul 2009 12:58:13 +0000

I stopped using credit cards completely 10 years ago. Buying on credit was the worst mistake I ever made and even 10 years later I’m still in default on both of those 2 cards.

By: LGLG69

LGLG69 — Fri, 17 Jul 2009 21:14:58 +0000

Even for a credit card company, that is OUTRAGEOUS!

By: DeivisMoreno11

DeivisMoreno11 — Fri, 17 Jul 2009 08:26:48 +0000

same here lol

By: HurricaneHeidi

HurricaneHeidi — Fri, 17 Jul 2009 05:49:50 +0000

Defaulting on $94,000 worth of alleged credit card debt and going cold turkey on using credit was the best “rehab” I could have had. It broke my addiction to credit and the false security of an “excellent credit rating”. It’s nothing but a trap designed to turn us into debt slaves.

I broke out of it. I fought collection and I WON. I BEAT the bank’s attorney, and I wrote a book describing exactly how I did it. See my channel and watch my videos about debt collection and AVOID BANKRUPTCY

By: TheKingvsQueen

TheKingvsQueen — Thu, 16 Jul 2009 21:57:46 +0000

Be careful with pre-paid cards as well. They have OUTRAGEOUS fees. Always read the small print. I have experience in this area.

By: ethster0125

ethster0125 — Thu, 16 Jul 2009 18:42:16 +0000

same lol

By: editty

editty — Wed, 15 Jul 2009 16:08:02 +0000

Stay away from any "debt consolidation" company that promises to cut your debt in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator….this entire fee goes towards building a settlement account and to the consolidator's fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances…You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment.

None of these “debt consolidation” firms have the power to force your creditors to accept settlements. Your creditors have the right to refuse these terms and take you to court.

http://online.wsj.com/article/SB122394458494631223.html
http://podcast.mktw.net/wsj/audio/20081013/pod-wsjlaise/pod-wsjlaise.mp3

A better option is entering a Debt Management Plan (DMP) with a non-profit credit counselor like CCCS (Consumer Credit Counseling Services). Contact your local Red Cross for a referral. They can negotiate lower payments and interest rates. They do not negotiate settlements.

They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program….so don't use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you're enrolled in the CCCS debt management program…. Otherwise, it can be a very good way to deal with your debt.
================
If the debt is really out of control…then Chapter 7 may be your best bet..just remember that you can only file once every 8 years….not every time you get into financial trouble.

By: ME

ME — Wed, 15 Jul 2009 15:48:05 +0000

Edward is right .
A home equity loan will be at a much lower interest rate and you can write the interest off your taxes.

This will be a delaying tactic unless you change your spending habits.

Cut up the cards but don't close the accounts it can hurt your credit rating.

When you do pay off your cards, they will up your limit, send you checks, etc.

Your monthly payment on your equity loan will save you a lot of money, versus the finance charge on the cards.

Find a debt consolidation company that is not-for-profit, many states regulate this business.

God bless, and happy thanksgiving!

By: casper18nyc

casper18nyc — Wed, 15 Jul 2009 12:39:00 +0000

1) “THE OBAMA DECEPTION” LOOK IT UP
2) ZEiTGEiST – THE MOVIE
3)NORTH AMERICAN UNION & RFID Chip TRUTH! Must SEE

some serious shit!!!

By: blakeage

blakeage — Wed, 15 Jul 2009 09:10:49 +0000

This is disgusting

By: Anothercoilgun

Anothercoilgun — Wed, 15 Jul 2009 08:58:46 +0000

What fine print? Company can change at will and do.