How To Get Out of Debt – A Quick Action Guide to Debt Management

by Jill H West on Saturday, December 31st, 2011 | No Comments

Debt Management

Debt Management Tips : How to Get Out of Credit Card Debt

Good ways to get out of credit card debt include not using cards and quickly paying down cards with smaller balances. Stay out of credit card debt by throwing away enticing low interest-rate offers received in the mail with advice from a certified public accountant and credit counselor in this free video on debt management. Expert: Jerrie Guthrey Bio: Jerrie Guthrey has been a certified public accountant and credit counselor since 1992. Filmmaker: Jack Guthrey
debt management Video Rating: 4 / 5

debt management question by Hestynuster: Has anyone had any dealings with “debt validation ” companies?
I am so ashamed that I have gotten myself so deeply in debt with two of my credit cards. I am keeping up with the payments and am managing to make more than the minimum payment each month. But, I’m fearful that I will not be able to keep it up much longer. I’ve not used these two cards in about a year.

I am familiar with the Dave Ramsey “Financial Peace University” method of getting out of debt and thought about trying that. But, it seems that I will be paying for several years in that situation.

Is there a better way to go about getting out of debt?
I’ve heard of:
Debt Management
Debt Elimination
Debt Settlement
Debt Validation.

Can anyone explain “debt validation” and tell me if it is any better than “settlement”, “management”, “elimination”?

I don’t think I want to go the bankruptcy route. Has anyone gone that way and let me know if they recommend it?

debt management best answer:

Answer by mwarrior 1
THe only “validation” i’ve heard of is if you call the creditor (collection agency) and ask them to verify the debt and prove its yours.
If you are making at least the minimums, at least your credit score is fine. What I could suggest is (if your score is still over say 680) apply for another credit card, but one that has a 12month 0% Interest balance transfer rate with no fee (or a capped fee).

With this, transfer your balances to the new card, and dont use the old cards anymore (or use them for like $ 5-10/month and pay off). You’ll be saving the interest and can still make the payments you’ve been making. It should help reduce your debt soon.

And no, do NOT close the old cards, as that will bring your credit score down. As long as there’s activity the banks wont close them either (unless they’ve said pay it and we’re closing?). You dont have to spend much, just $ 5-10/month and pay it. That will show a “Last activity date” as the most recent date.