Top Tips to Credit Card Debt Negotiation
Credit card debt is really a menace and a lot of people are facing it around the globe. Credit card debt consolidation and bank loans are well known as ways of reducing and eliminating credit card debt. In all this confusion, credit card debt negotiation almost gets forgotten.
Well, credit card debt negotiation starts right from your credit accounts where you have the most hard-hitting credit card debt. This means credit card debt negotiation has to be taken up with your current credit providers. Before you misinterpret it, let me clarify that we are not talking about chucking off a portion of your debt through credit card debt negotiation. We are talking primarily about using credit card debt negotiations for getting the APR on your current credit cards reduced to some lower figure.
So, credit card debt negotiation is about talking to your current credit card suppliers for informing them about your intention to clear off your credit card debt and using your skills (credit card debt negotiation skills) to agree a lower APR rate with them. Basically, credit card debt negotiation is about asking your current credit card suppliers for help/assistance in clearing off your credit card debt. If credit card debt negotiation is successful, it will save you not only money (due to reduction in APR) but also the hassle that is associated with looking for a new credit card (to transfer balance).
However, if the credit card debt negotiation, with your current credit card supplier, doesn’t yield the desired results, you will have to look for other credit suppliers who can help you in consolidating your debt. Again, you will need your negotiation skills (rather credit card debt negotiation skills) to get a good deal from them. If your credit card debt negotiations work out well, you might be able to get a really low standard APR or you might get a longer term on 0% APR (or you might get both).
These are really the most important things and your credit card debt negotiations should concentrate more on these than anything else. The other thing to include on your credit card debt negotiation would be the credit limit and other benefits.
Here, you are basically trying out the possibility of getting a better credit card as part of your credit card debt negotiation. For people with really bad credit rating, getting an unsecured bank loan or getting another credit card (for balance transfer) is really difficult. For them, getting an unsecured bank loan or credit card is what you would term as credit card debt negotiation.
So, don’t hesitate in going for credit card debt negotiation. It is surely an option available for all.
Watch the video related to
credit card debt
If you carry a balance on one or more credit cards, you’re not alone: according to the Federal Reserve, nearly half of American families do. And nearly half of American families also have some sort of bank savings accounts. If you have savings, should you use that money to pay off your credit cards?
Help answer the question about credit card debt
Add credit card debt amount to new home purchase?
I have about 25K in credit card debt. I am planning to buy a 540K house. Currently I have great credit, is it possible to add my credit card debt into the home loan in order to make it a single monthly payment. What is the loan program called? I am shooting for 5 yr. ARM. Me and my wife plan to live there for about 3-4 yrs.
To add I mean to pay off my credit cards with the home loan.
About Author
Uchenna Ani-Okoye is an internet marketing advisor and co founder of Free Affiliate Programs
For more information and resource links on credit visit: Fast Online Cash Loans
Comments
If you are teaching people to do negotiate their debt themselves then I have no issue with what you are saying. I do not believe in the companies that take peoples money upfront and offer the service to them.
Sorry, Stve70 Credit counseling is asking your creditors if they will take a reduction. Bankruptcy is telling your creditors you will take a reduction.
Great, go ASK the person who just forced you to take an interest rate at 37% if they will reduce your debt. Better yet go ask all of these thieving banks at the same time if they will all voluntarily take a cut and when that happens call me because I want to skate on hells pond. Credit counseling does not work.
sure dude, here I found tons more. It'll take a month to read it all.
I've found some good information here too…
http://www.safelinked.info/jump.php?link=debt
Hope that helps.
I'm going to check your answers because I need the same help!! GOOD LUCK!
1 suker is borned every second.
The collecting SOL on a credit card is not a myth.
Generally you would go by the state where you have set up residence – employment, utility bills, pay taxes, etc.
Though the creditor/collection agency can actually chose which state they want to file a suit in, if they chose to file.
Since you are out of the collecting SOL in both states, send a SOL letter that includes the fact you are out of the collecting SOL for "both" states.
You might go to the following link and read the SOL letter that is listed.
http://whychat.5u.com/nottoca.html
You can also scroll down to the bottom of that page and click on the home page.
Once on the home page, scroll down to near the bottom where the states are listed.
Click on both states. The statutes you would need for the SOL letter will be listed.
edit+++++
Anonymous -
As for that link you posted, I think Studly gave an excellent example by listing the FCRA statutes of the reporting SOL.
I really don't understand why you posted that link to begin with when the facts of the reporting SOL were posted in there.
As for the "proof" of collecting SOL for you (and for the OP)
If you would take the time to read the state statutes for both Texas and Missouri, you would see for yourself that there is indeed a collecting SOL, as there is in "every" state.
Texas statutes for the collecting SOL and the statutes to prohibit the re-aging of the collecting SOL
§ 16.004. Four-Year Limitations Period
(a) A person must bring suit on the following actions not later than four years after the day the cause of action accrues:
§ 16.065. Acknowledgment of Claim An acknowledgment of the justness of a claim that appears to be barred by limitations is not admissible in evidence to defeat the law of limitations if made after the time that the claim is due unless the acknowledgment is in writing and is signed by the party to be charged.
Missouri
§516.120. Within five years
And the statute that places credit cards in a 4 or 5 year SOL (the 4 year SOL would be the UCC. If the card is a store card claiming the UCC statutes is possible)
432.045: 2,3.
Anonymous, I don't want to get into a gripe match with you on this and I was not the one who gave you the negative vote. If I had, I wouldn't have seen your edit.
Lets get real here! If you want to borrow money because you want want want what you don’t have the money to buy now, thats fine. But you choose to charge up your credit cards. Consumers want to buy buy buy and that is not considered greedy? Get real! IF you want to borrow money, then as a consumer it is YOUR resonsibility to read and understand what the interest rate is. Grow up!
debt settlement works 75% of the time
You have to make the payment agreement with the one that is suing you.
You should offer a percentage of the debt. You should stipulate in the agreement – if they agree to take a percentage, after payment, they will agree that the debt is paid and no longer collectable.
Be sure to have the agreement in writing!!!
Be sure that when you come to an agreement and when you pay that both the agreement and the payment is filed in the case file !!!
Unfortunately the ones who advertise on television are usually in it just for the money. Beware of any organization that requires an up-front fee.
If you belong to a credit union or there's one that serves your office, they will be able to put you in touch with a reliable organization.
Here's a booklet that will help you:
http://www.consumerlaw.org/initiatives/credit_counseling/content/Cconsumerfactscreditcounselin.pdf
Debt settlement/management is a bankruptcy alternative….you cant write off cc debt with the new laws in bankruptcy as you could before…must be a bankruptcy lawyer
Spiff! Man you are starting to disappoint me something terrible!
The definition of a "written" contact is one where all of the payment issues are completely spelled out. The monthly payments, the timeframe, everything.
An "open" or "revolving" credit line does not fall into this catagory because the terms of the agreement change every month. One month you owe $200, and the next you owe $400…..and each month you have a varying amount of payment. You can pay it off, and then run it right back up again….that's why they call it a 'revolving" line of credit.
This is also clearly spelled out in the US UCC codes, and many states specifically label credit card debts as open accounts.
Georgia is one state that specifically labels credit cards as NOT being a written contract. Please refer to the link below.
Once again….poor answers with no source of information cause a lot of damage here on Yahoo. If they don't provide you with a source for further examination it's best not to believe it.
The person's estate has to stand good for what he owes.
If the estate doesn't have enough, then the entire inheritance is sold, given to the credit card companies, and then the rest of the debts are cancelled (the credit card company has no choice but to write it off.)
Which is why, even if the person has a perfect FICO score, that the banks are taking some risk when loaning money.
No offense. credit counseling rarely works.
Have you lived in it for at least 2 of the last 5 years? If so, there's no capital gains tax from the IRS, and the money is yours to spend as you wish.
Glenn is correct – This all depends upon what you'll do with these newly cleaned up credit cards….. It's a falacy that people can get out of debt by placing all their credit card debt onto their house. They usually run up their cards again in a few years and are then worse off than before.
Put the money to the house. Start paying EXTRA to your credit cards. Start cutting up your credit cards. Then start sending extra to your house.
FREEDOM!!!!!!
i just walked on 800k and never felt better. fico and credit cards scams suck. cash is king
I CUT MINE UP AND PAID OFF! All 9 of them!
They better transfer the house before the death of this individual because you are right they will come after the estate of the deceased.
If the child purchases the house from them the seller needs to keep the money out of the banking system otherwise that money would now be the asset. But I'm sure you already know that.
Once the person is deceased the only thing the child needs to do is open the letters send a copy of the death cert. (it doesn't have to be certified unless they contact them and ask for one) and also include a note that says Deceased has no estate.
I've never after 2 1/2 yrs had any of my father in laws creditors write me again.
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