The best way to Reconcile Credit Card Debt Be Simple Strategy

The most continual queries when cards are involved is how to pay back unsecured debt or how you can settle credit debt. In many cases you are able to move in a contract together with your lender to be in your bank account for a small fraction of the declared delinquent volume. And deals like this is not very hard if you’re good regarding how to reply to summons for credit card debt and how to use financial debt argument characters-your debt validation correspondence along with the credit card debt confirmation page.

Foremost, you need to understand that negotiation does not always give you the fiscal flexibility you happen to be soon to be for. The consequence of the settlement is not usually very best strategy to obtain. Negotiation has creativities over the procedure. When you find yourself training on how to settle your financial troubles and you’ll be able to clean up your bank account by way of settlement, it would typically consequence to what is known as 1099 imputed income tax. Which means that the internal revenue service will tax you for your amount wiped off from your major quantity. Yet another cycle is, negotiation can continue to damage your credit history. When going for settlement and before signing any deal it should be sure that the bank will document your account for the credit reporting agencies as current, full and regular. Or else, tend not to go after the deal.

Next constraint in how to reconcile your credit card debt is when you present the dispute for your lender to encourage them that pay out is an ideal solution to eliminate the debt. In this scenario, they must view your bank account as noncollectable. Timely and effectively picked credit card debt validation characters could forewarn the lender that you are seriously going to reconcile and eliminate your credit debt. This will make you tough to begin. And that is a strong setback to change business need to follow you.

Most of the time, financial institutions and credit businesses only want to make all the funds from you as is possible. It will likely be a major blunder to merely get along with them also to continue to pay out on their own conditions with no compelling these phones validate your money. Know your rights and be primed with credit card legal action safeguarding and argument characters. You save plenty and even thousands through the entire series procedure if you’re knowledgeable on these problems.

The simple strategy is to be entirely built with all the info essential to take the complete method at hand. The road can be very challenging. It needs substantial level of perseverance. Indeed it is difficult but it is impeccably attainable. The best way to work out your personal credit card debt is determined by how well you carry out the techniques you have drawn with each other.

60 Comments

  • Eveline says:

    I live in the State of Georgia and am being sued over an old credit card that I defaulted on. It has been more than 4 years but less than 6 years since the date of default, so depending on whether credit card debt is considered an open account or a written contract in the State of Georgia, the Statute of Limitations may or may not apply. The Staute of Limitations is 4 years for open accounts and 6 years for written contracts. Does anyone know for certain which type applies for credit card debt in Georgia? The account is with Citibank MasterCard and was opened in the late 80’s or early 90’s. Thanks.

  • Barbra says:

    I have 8,500 in credit card debt and about 15,000 or more in my 401k. I’d like to know if it would be a smart idea to take a loan against my 401k to pay off my credit card debt, that way there would only be one payment and it would be much lower. I’d also like to mention that i’m only 24 and won’t be retiring any time soon.

  • Marya says:

    I’m 23 years old, a student, and physically becoming ill due to the amount of stress I have between school and work, in which I still struggle to pay my credit card bills. What is the step by step legal way of settling my credit card debt? I understand the ramifications that my credit report will suffer, but my debt to income ratio is already too high to get any loans or credit anyway (student loans). What is the worst that can happen? Are there any companies that help students in my situation? Thank you.

  • Danial says:

    I am in the process of selling my home. I have an outstanding credit card debt judgment that is being levied against the sell of my home. Is this lawful? Is there anything that I can do to stop this from happening? The credit card debt is over $14,000. I do intend to pay the credit card off but do not want it taken from the sell of my home.

  • Madeleine says:

    I had a large amount of credit card debt for a couple years. I never missed payments or anything, and I now am debt-free (as of the past couple months). In 3-4 months, if I were to get my credit scores run for a home loan, will my past debt (which is paid off and never was late with payments or anything) keep my scores low?

  • Jimmy says:

    Is the Statute of Limitations on credit card debt, determined by the state you currently live in or where the debt originated?

    I have a debt that I stopped paying on in Jan 2002. I acquired the debt while living in Texas and stopped paying it while living in Texas. My husband is military so we have lived in Missouri for the past 4 years.

    The SOL for TX is 4 years for open accounts (credit cards) and for MO it is 5 years. Either way, the SOL has run out on this debt, however I am still wondering which would apply to us since we are military? We claim TX as our home/residence.

    Thanks!
    This debt was sold to a debt collector years ago.

    I have known others that have written cease and desist letters so I am not so sure that SOL on card debt is a “myth”.

  • Jamie says:

    Say somebody has X amount of credit card debt, then they die but still have that debt to the credit card company outstanding, what happens? Does the company have to write it off as bad debt or ? Perhaps the company can hit up that person’s estate. But let me pose another question then – what if that person’s estate does not have enough money to cover that credit card debt.

  • Edmund says:

    What happens to credit card debt when one’s parents pass away in the event that they do not have an estate, BUT the children do have an estate (real estate, etc)?

    Morbid, but just wondering.

  • Louie says:

    I owe about $12,000 in credit card debt and I wanted to make that my year’s goal to pay it off, but a lot of the websites I find require that you own a home, or charge a huge interest for someone to “negotiate” with your creditors to bring down interest. Does anyone know of a good resource where I can just consolidate the debt and make one reasonable payment?

  • Jordon says:

    I’m searching for a web site or phone number to get free legal advice for credit card debt. I need a place that will give me an immediate answer. Thanks for your help.

  • Adrian says:

    I’m 21 and have made some studip choices on getting credit cards and charging them up. I have $8000 in debt and am still in school. Is there any way to get this reduced or set up as one payment. I can’t continue to keep making the payments due to living expenses. Thanks.

  • Leonardo says:

    My friend is $7,000 in credit card debt. the good thing is that she has the cash to pay it all off. She wants to pay off all the debt and CLOSE her 5 credit card accounts. Will this hurt her credit long term? Her score is 600 right now. She knows you should keep them open because it looks better but she doesnt want to. She thinks her credit will go down 3-5 points per closed account but how long before it springs back up?

  • Yolanda says:

    Has any one ever used a consolidation company for credit card debt? Dose it hurt your credit? How does it work anyone know?

  • Hannah says:

    I am a student looking to get out of credit card debt. Between two cards I owe about $15,000, basically from spending about 2 years w/ shaky employment and reckless youthful spending.

    Right now I am working steadily at a job I love, albeit low paying and not enough hours to make a good amount of money. I am in school getting a supplemental associates degree to the BA I already have, which will hopefully help me to get a stable professional job w/in a few years.

    I would just like to know what my best options are right now, as far as credit counseling, debt consolidation, etc. I really know very little about all of this and got in way over my head in a short period of time and want to work my way out.

    I’ve been making minimum payments on my two cards and watching them go up and up each month to the point where I am spending nearly half of each paycheck paying the cards.

    One is maxed out and the other is close, and I only use them for gas and sometimes groceries at this point.

    Please, I just need lower monthly payments to make life a little more bearable, and so I don’t fear the monthly increase. I want to pay this back and am willing to do the work, but right now they are just asking for more than I can handle! Any help, any ideas? Please I am desperate, afraid, and can’t sleep at night anymore. Please help!

  • Zachary says:

    I live paycheck to paycheck, if i could knock out some credit card debt I would have more money to do the things I want. What is that fastest way to knock some of my debt down, so that I can actually save some money and enjoy life a little more?

  • Russel says:

    If you have credit cards debt in the USA of about $20,000 and you are NOT a USA citizen and you move back to your country (England). What can happen in your opinion, I know the credit cards are unsecured debt. Can they chase you to another country (interpol) or is it just a bad debt? Do you think this will make a problem if I want to come back into the USA as a tourist in the future?

  • Danilo says:

    hi im 28 and have $25000 credit card debt.
    i do make $4000 net income and paying $1200 rent ,$570 car, insurance 100,util 150 , gas 400,food 400, minimum card debt 600.
    now i’m married and have plan for baby. but can’t save no money at all . because of debt.
    is calling bankruptcy can help? or is there any better way can reduce or avoid my credit card debt? i do make payment on time but minimum payment doesn’t helps at all. can’t pay more. please help. thank you.

  • Waylon says:

    Isn’t there a legal way you can get out of paying your credit card debt (outside of the obvious, paying them off). I could have sworn I heard of something that allowed you to do this, but of course not well known….

  • Rosy says:

    I currently have 1 credit card that my minimum payment of $170 and $100 of it is finance charges. How much do I need to pay so I can finally start seeing the difference. I would like for the finance charges to be siginficantly less so when I do make a big payment my balance actually lowers. Any advise?

  • Erika says:

    I have recently paid off all my credit card debt and am going to close these accounts. My current score is in the low 700s. I still have my checking debt card which I can use as a visa. Will doing this affect my credit score?

  • Lavina says:

    Some one Please help! I have so much debt. I have about 12 credit cards (nuts i know). Lately i have been able to only pay min payments and I feel like my debt is NOT GOING DOWN. Im still paying off my wedding and honeymoon with my husband, and furniture and other bills. Anyone know the best way to get out of this debt!? I have even thought of taking out a loan, but im scared to do that. Im living from check to check and its so frustrating at times. Im not able to save money and i have all these bills. Anyone have any suggestions? Thank you.
    For those wondering, I do not own a home. I rent. And havent stopped paying my bills. Im just late SOMETIMES with some of them.

  • Lizzie says:

    I have some credit card debt, it’s not to much compared to other people. Like, i would say, a couple thousand. I wanted to know if there were organizations out there that would help me negotiate with collections to lower my debt. That way i could just pay it off in full.

  • Saul says:

    I always avoided credit card debt. I own a home and I like to save money. i’m 27 and single and all my girlfriends go nuts with credit cards. I fell into the trap a little bit and now I have $4,000 debt. Is this good for my credit or should i just do what I can to just pay it off right away?

  • Christia says:

    I lost my job in construction about nine months ago. I have since decided to enroll in college and I am now a full time student taking 18 credit hrs per semester. I will be in college for next 3-4 years. My total credit card debt is around $27k, I am losing my house to foreclosure, and I still make my monthly payments on my truck. Oh I also have a Roth IRA but not a whole lot in it. I have been in default on my credit cards now since March of this year. If they decide to file a judgment against me, what if anything, could they lien it against? I live off of student loans, that’s my only income, and grant money. And this will be all I will be living off of until I graduate and get a new job in a new field. Can they really do anything? I would hate for them to take my truck but I still owe about $11k on it and its my only means of transportation right now. What could they do? I have heard they cant touch my retirement, is that true? Oh I live in Florida if that makes any difference.

  • Joshua says:

    Gambler caused 135k worth of credit card debt. Is in ga now and in therapy. I don’t want to get in deeper trying to fix this? what is the best direction to go from here.

  • Pamala says:

    I have 10 credit card and maybe about 3.6K in debt and I have HIGH APR’s on almost all of them and a annual fee on one. My FICO is 657 and I’m wondering if I can open a Citibank credit card with 0%APR for 18months and transfer all that debt on there? I have no idea how to do that or if that’s even possible… I literally am very ignorant and lost and would appreciate all the help I can get.
    I’m sorry I didn’t ask that question properly… am I able to actually transfer all that debt to that one credit card… like if I’m approved, of course lol, can I transfer all that debt?

  • Carroll says:

    I have two credit card that has a total of $19,000 debt with a crazy APR of 24%. I got an offer from another creadit card company that’s offering a personal loan up to 35K with an APR of %7.99. Should I go ahead and consolidate my two CC debt and get the low APR personal loan? Would getting another loan decrease my creditt score? Thanks.
    By the way, this is not an offer from a credit card consolidation co. It’s from Capital One offering a personal loan w 7.99APR for the life of the loan.

  • Suzanne says:

    I read an article that the average person carries more than $5K in credit card debt… do you think this is financially healthy? Do you carry debt? More than $5K?
    I am glad to see I am not the only one that uses a card then pay it off each month.
    The only reason I use a card is to get airline miles
    Also, I carry no credit card debt but most of the people I know carry more than $5,000 in debt on their credit cards and only pay the min balance

  • Maryalice says:

    Here’s my situation: I have 3 maxed out credit cards totaling 35K (all debt to help a friend in need) and 60K of currently deferred grad school payments. I still have good/decent credit because my wonderful parents put me as an authorized user for all their cards since I was 10. I can’t thank them enough. Also, never had one delinquent, etc. The 0% on the cards have now expired and in pretty high rates.

    I’m a full-time student and work full-time, but can’t show income because only been working two months and it’s a commission-based job. On track right now to make over 120K this year, but can’t work for the next month and need a credit line or free up one of the cards asap.

    Can I move all CC debt into one account? What’s the deal with debt consolidation-will it affect my credit score? needed? How about yet another credit card? Any other companies that will see the maxed-out high limit cards and not freak? Any options being a student?
    Creativity welcome :-)
    Thanks in advance, Sam

  • Phillip says:

    I have a credit card (my first and my last) and was gonna take a dip in the debt pool to see what all the fuss was about. A few months later, I was at the limit, and when I hit the limit the introductory 0% went away and they went to putting interest on it causing me to pay overage fees. Now I’m caught in their debt-loop here paying the minimum payment (which I know I should pay way more if I ever get it). What is the best way to get out of this credit card debt and get them out of my hair? Anyone with great experience on this or any experience at all is most welcome to answer. I want to weigh all possibilities for my life’s situations.

  • Danilo says:

    I have $15,000 on my credit card debt, and would like to know if I pay $1000 a month, how long would it take to pay off, or i will never get out of it?
    the interest rate is about 20%
    also, if they don’t agree to settle, and I choose not to pay at all, what might happen, would I be put in jail?

  • Elbert says:

    I have about 7 grand in credit card debt :( What are the best steps to take to get out of it? Are there reputable non profit companies that can help me? Serious answers only please.

  • Pamala says:

    After taxes, im going to have 12k in credit card debt minus my college loan. Does anyone know of anyway to pay less interest on this amount? Or any advice at all?

  • Garland says:

    I have some old credit card debt from my college days (probably going back 4 years) that I have started to receive collection notices for. I’m in a better financial situation now, by no means rich, but I would like to clear my name and not be handcuffed by my prior situation.

    What’s the best way for me to handle this? I got a letter offering a “one-time only” payment to a collection agency at about half off, which is very attractive, but I want to make sure that I’m both clearing my conscience and boosting my credit rating. If I can do that and pay less than I theoretically owe (considering most of it is probably finance charges), all the better.

    For the record, I have a couple of open accounts that are perfectly clear. I’ve looked into it a little and the state I lived in when I opened the account has a six year statute of limitations.

    Looking for solid advice as I’d like to buy a house in the next couple of years.

  • Corinna says:

    It seems that most people have some amount of credit card debt these days and I was just wondering if more people acquire it trying to buy something necessary (i.e. education, car, house) or something unneccessary (i.e. alcohol, clothing, etc.).

    Another words can credit cards actually be beneficial in the long run even though they cause you to rack up a crazy amount of debt?

  • Erin says:

    i have 40000 dollars in credit card debt and no job no income what do i do?????????!!!!!!!!!!!!!!!!!!!!!

  • Anja says:

    I am on a budget, successfully last two years. Before then, we racked up nearly $9000 total in credit card debt on five cards. (home repairs, stuff). We have paid our credit cards on time, and have NO credit cards now. My problem, I am aggravated. Before my budget, I was late paying on two cards , and all cards jacked my rates to nearly 30%. So, even paying on time the last two years, the companies still deem me ‘risky’ since I only pay minumum. I still owe $9000!! I asked for a payoff amount, since half of what is owed is interest and penelties. They all say no, nor will they reduce the interest rate. (heck, they have a gold mine with me!) Anyone have luck with a letter asking creditors to take a lower payoff amount ?? I am caring for an ill son so i can’t work, and my husband’s job cut back so we are getting half of what we were earning. I don’t want to do debt consolidation, since they tend to be a scam. If I can’t negotiate a lower payoff amount, how can they?

  • Brady says:

    Or maybe a combination of both? I have approximately $3500 in credit card debt and am making double minimum payments on that debt. My question is should I make minimum payments and put the rest into investments or keep doing what i am doing.

  • Cleo says:

    Does it hurt your credit score if you have credit cards with no balance on them?
    I have 1 credit card from 2005 and 1 from 2006 which have never been used, and I just must have forgotten about them, so the accounts are still open. Does that help or hurt me?

    Also, I got my free credit report from Equifax, but they want me to pay $7 just to view my credit score. Is there anyway I can view my credit score for free?

    I heard that debt consolidation loans are better because they help your credit as you’re paying them off: is that true? and what legit company could I go to for that?

    (if you are able to, can you please provide legit sources of information, I prefer not having these serious questions answered by guesses or assumptions. I appreciate it.)
    I’d like to emphasize a part of a question… a couple answers said that those credit cards that have never been used are not helping my credit… Well, are they hurting it? Or are they just doing nothing.

    And to be honest, I couldn’t use my credit cards if I wanted to now… They’re technically closed, however the companies haven’t released them to debt collectors. But every company is looking for me to pay either $80 per month or settle by paying a large amount but not the full amount. I have 5 cards totalling $5000 (could be worse… yay for being jobless for 5 months and denied unemployment!). I just don’t know what to do. I tried a consolidation agency but they wanted $130/month… If I couldn’t make my card payments, what makes these people think I can pay that each month. The only thing keeping my credit afloat is my car payment, because I need to car to get to work.

  • Luann says:

    I have credit card debt in excess of $4000. Do the ads you see on TV for relieving one of credid card debt work? Or am I better suited to just pay it off?

  • Callie says:

    Is it possible to get 0% APR from the credit card company forever and ask them for a fixed and low monthly payments?

  • Phil says:

    Just got a huge tax refund and I need some advice. Should I go ahead and take this money and pay off some of our credit card debts or should I open an ROTH IRA to invest the extra money?

  • Carmel says:

    I’m 24 and desperatley need to start paying of my credit card debt. I have tried to consolidate my cards though had no luck as my debt is to big on each card for me to merge them together.

    Basically my debt is as follows:

    St George Mastercard – Owe $5,600
    Bank West Mastercard – Owe $5,800
    Citibank Visa Card – Owe $9,230
    NAB Visa Card – Owe $8,960
    Myer Store Card – Owe $1,300

    There all 95%-98%maxed out.

    Although i also pay $2200 a month in rent, (and my income per month is only $2600). I have a total of another $600 that is charged on my cards every month for contracts that i cant get out of (such as furniture rentals etc).

    The interest + insurance on each card is around $130-$180 per month per card so again its around another $450 per month just to meet the insurance and debt.

    I paid almost $2000 as a whole to my cards last month, and its already gone right back down again, so i’m currently thinking either declaring bankruptcy or just letting my cards run down to $0 to force the banks to stop charging interest.

    Is there any company who can buy your debt of you? as i dont want to pay the banks back, they have already charge me enough in usless insurance, late payment fees and interest to get any favours from me.

  • Karlyn says:

    I have about $6,000 of debt from credit cards spread over about 5 different cards. I would like to have it ALL on one bill. Should I consolidate it? What do you think my best bet is? ( I always pay over the minimum amount due, by the way.)

  • Deedra says:

    I got 2 credit cards and owe about $7,000 for both of them. It doesn’t seem like much but I was young and stupid when I signed up for these cards and the interest rates for them are super high! I’m paying l;ike close to $100 in interest monthly for both of them. Even if I pay the monthly payments the balance still wont go down! I want to get a loan to pay off my credit card debt. In the long run, I’ll save money, any ideas where I get get such a loan?

  • Pamala says:

    My husband and I are currently trying to get out of debt, and in doing so I have found a credit card balance transfer rate that is at 0% instead of the 29.99% we are being charged currently. This is our only credit card but we currently do not have the greatest credit but are on track to resolve our debt issue. My question is this. I called our current credit card company and told them that I will switch out the card to another company because they offer a much lower apr as to better assist us to get out of debt. She said that they do not allow that and also will not give us a lowe rate. How is this possible? I understand that they are not in the business to get you out of debt but to only keep you paying them the most amount of money possible but can they acutally allow you to not transfer the balance? Thank you in advance and only serious answers please.
    Thanks so much, Catdad, Great advice.
    I am not blaming the credit card company for my debt. I am simply stating that I am trying to get out of debt, so chill out. We don’t even have that much debt as it is less than 2000 so chill out.
    Another thing, Rebecca, people neogotiate salary all of the time. IN FACT, I did just that over a year ago. I went in and told them to give me more money or I was leaving. You can do the same with credit card companies you just have to know which buttons to push.

  • Cleotilde says:

    I used my mother’s credit card, and got behind on the payments. Is there any way to make the debt just mine, and not ruin her credit?

  • Melodi says:

    if a person loses a job, gets laid off, then paying for food, rent, etc becomes priority, and a credit card debt goes to the bottom of the list, my question: can a person go to court and try to cancel the debt through a court order? given the circunstance of being out of work?
    thanks,

  • Jordon says:

    currently I have about Rs.35000 Credit Card Debt. My monthly salary is Rs.15000/- and monthly expenses around Rs.10000/-. I want to pay the credit card debt at the earliest. Any tips?

  • Elbert says:

    If a person is in several thousand pounds worth of credit card debt but that person dies, what happens to the debt?

  • Madeleine says:

    I have $30,000 in credit card debt and can’t afford to pay my minimum payments anymore? I do not own a home. I am basically broke. what are my options? what will the credit card companies do if i stop paying on them? Should i file for bancruptcy? Advise would help. Thanks

  • Mathew says:

    I have a single credit card from Chase (visa). i am maxed out on it with a current debt of $1515. i am a graduate student and the research funds for my project ran out this jan (2009) and therefore no real income since then. at that time i had a debt of $700. emergency expenditures and a further limit increase to $1500 piled my debt. i have tried to pay it off periodically but now i have absolutely no cash influx. i ask my dad for my rent and general expenses. i didnt want to burden him with this and havent told him anything.so right now my balance/debt is constant at ~$1500. what do i do? any help?
    thanks for the answers. i know the obvious answer is to get a job.believe me,i have tried. but being an intl student doesnt open a lot of doors…i was also wondering how bad this big debt would be…as a few mentioned,it might not be a lot but its still quite a substantial amount…i wanted to know what is the impact of this,being unfamiliar with the credit score system.my accounts show $1515 outstanding balance. is this with or without interest charges?

  • Scottie says:

    Im 10,000 in debt should i consolidate? Will it give me bad credit???I always make payments on time so credit is okay but i stretch every penny

  • Gavin says:

    So, I have about $3,500 in credit card debt. What’s the best way to pay it off?

    Does anyone have any experience with those debt consolidation services seen on TV?

  • Foster says:

    I am on a budget, successfully last two years. Before then, we racked up nearly $9000 total in credit card debt on five cards. (home repairs, stuff). We have paid our credit cards on time, and have NO credit cards now. My problem, I am aggravated. Before my budget, I was late paying on two cards , and all cards jacked my rates to nearly 30%. So, even paying on time the last two years, the companies still deem me ‘risky’ since I only pay minumum. I still owe $9000!! I asked for a payoff amount, since half of what is owed is interest and penelties. They all say no, nor will they reduce the interest rate. (heck, they have a gold mine with me!) Anyone have luck with a letter asking creditors to take a lower payoff amount ?? I am caring for an ill son so i can’t work, and my husband’s job cut back so we are getting half of what we were earning. I don’t want to do debt consolidation, since they tend to be a scam. If I can’t negotiate a lower payoff amount, how can they?

  • Mason says:

    I recently received a letter from the court requesting that I pay my outstanding credit card debt from a few years ago. A couple of days later, I received a call from a Lawyer demanding that I pay the debt immediatly. I currently don’t have the funds to pay the debt in full and have been informed that they will be charging me 9% interest each day on the full balance. Does anybody know what my options are?

    Thanks!

  • Allan says:

    what are the laws on credit card debt if the card is in one spouse name only and that person dies is the other spouse liable for the bill?

  • Noemi says:

    If I stop paying on credit cards will they put a lein on my home? I can not afford the payments anymore and they are to high to consolidate?

  • Lashonda says:

    I know that there are people who consolidate their credit card debts? Would you recommend that?

  • Pura says:

    i just want to know the correct option of credit card releif

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