Pay Yourself First – Cash vs. Credit Cards Reviews

by Jill H West on Tuesday, February 18th, 2014 | No Comments

Debt Relief

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debt relief question by Pete: Credit Cards and Debt Relief Programs?
Anybody have experience with those debt relief programs. I am considering doing that to get out of credit card debt.

debt relief best answer:

Answer by CatDad
Debt consolidation/”relief” firms have you deliberately default on your credit cards to settle for less. When you use such a firm, the monthly payment you make is going towards their settlement fees and to build a settlement account. Their fees are taken out first. Your credit cards will not be paid and will go into complete default during this process, which ruins your credit rating. This is deliberate so that they can attempt settlements for 50%.

People signing up with debt settlement firms often have the mistaken impression that their creditors will gladly work with such companies..or that they are obligated to accept settlements. You can never predict how your creditors will respond..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. If the process fails you can end up in a much worse financial situation.

Here’s an example of what can happen when you use a debt settlement firm:
http://www.ripoffreport.com/credit-debt-services/square-one-debt-sett/square-one-debt-settlement-th-97842.htm
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If you’re overwhelmed with credit card debt and you’ve exhausted all self help options like slashing expenses to the bone, selling valuables and getting extra work, then there are really only 2 options: Entering a debt management plan through a non profit credit counseling firm like NFCC or filing for Chapter 7. NFCC can negotiate reduced payments and interest but NOT settlements. Referral at: http://www.nfcc.org – If this does not work out, the other option is Chapter 7 bankruptcy.