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Are you being strangled by credit card debt? Do you hate it when the phone rings – as it might be a debt collector threatening to garnishee your wages or contact your employer? Are you wishing and praying for some way to get credit card debt relief?
We understand your debt problems
If you’re trying to deal with a mountain of credit card debt, it can ruin your entire life. You may not be able to use any of your credit cards or when you do try to use one, you stand there in fear it will be rejected. And how embarrassing is that?
You’re not alone
For whatever it’s worth, you’re not the only person in America searching for credit card debt relief. In June of last year, the average combined debt for bank-issued credit cards — such as those with a MasterCard or Visa logo — was $4,951. 33% of those with credit cards carry balances up to $10,000. In fact, the average American household’s credit card debt in 1990 was $2,966. In 2007 it was $9,840.
You aren’t a bad person
You can be head over heels in debt without being a bad person. Many of us get into serious debt through no real fault of our own. You may have been hit with crushing medical bills or suffered an uninsured loss. You didn’t have enough in savings to pay off those bills so you had to rely on your credit cards. And now, here you are being strangled by credit card debt.
What you can do for Credit Card Debt Relief
On way you can discharge that credit card debt is by filing for bankruptcy. However, this can have almost as bad an effect on your life as the debt itself. In fact, a bankruptcy can have a negative effect on your credit for as many as 10 years and even reduce your job opportunities, along with other consequences.
You can’t borrow your way out of debt
One alternative to filing for bankruptcy is to get what’s called a debt consolidation loan. The idea here this is that you can save money by borrowing enough from one source such as a bank to pay off all your credit card debt. But before you jump for one of these consolidation loans, be sure to consider how long it may take you to pay it off and the effect it will have on your budget. If you want to swap, say, $25,000 in credit card debt for a $25,000 home equity loan, you may have to pay as much as 23% and have closing costs of up to $5,000 on a $25,000 loan! Plus, your home will be at risk if you default and it could take you years to pay off the loan.
The real downside
The real downside to a debt consolidation loan is what happens if you still have problems with your spending. If you can’t budget carefully and stick to that budget, you may find yourself back using credit cards and before you know it, you’re back in credit card debt, which could be disastrous.
A better solution
Many people looking for credit card debt relief have found it through a strategy called debt settlement. This is where a company negotiates with your credit card companies or other credit providers to actually lower the amount of money you owe. This will have an adverse effect on your credit but only temporarily. You won’t be borrowing to get out of debt, your home won’t be at risk and you will end up with much more affordable monthly payments – to take a lot of the stress and fear out of your life.
There are a number companies that provide debt settlement services such as NationalRelief.com. It has an excellent reputation and is usually ranked in the top three of debt settlement companies online.
If you have a huge amount of credit card debt that’s just about eating you alive, be sure to go fill out the form and get a free debt analysis. It could be the smartest thing you do this year.