Credit Card debt consolidation tips & advice. If you cannot pay your credit card debt, then my consolidating your debt is not for you.
Most people come to debt settlement or consolidation because they think they have no other option for dealing with their credit card debts.
A typical debt settlement plan has you not paying your credit cards to set that money aside to build up a lump sum settlement amount.
At that point, you need to ask yourself, “if I cannot afford to pay my credit cards, how can I afford to set that debt settlement money aside for a future lump sum settlement?”
It could take a minimum of six months and up to a year or two for you to save enough money to be able to negotiate a lump sum reduced settlement of the amount of credit card debt you owe.
Very few people who owe or have loans can forgo paying for at least some monthly necessities, for that long , to save enough money for a lump sum settlement.
As unbelievable as it may sound, selective non-payment of credit card debt you cannot afford to pay is a better option than debt settlement for dealing with that credit card debt.
Learn why banks have a great deal of difficulty actually documenting individual consumer credit card debt to court standards, to win judgements against consumers who owe
And why that reality, makes the debt collectors threatening you .easy to defeat with the proper written communications. My name is Mel Thompson . I have helped many people get control of the credit card debt they could not afford to pay. For more information. Visit my website and blog creditsabre.com and subscribe to my Credit Card debt YouTube channel.
You can succeed if you educate yourself.
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Credit Card debt consolidation tips advice
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Q. I have a bad credit score. Can I get a debt consolidation loan?
A. Your credit score is a reflection of how you handle credit and debt. A bad credit score shows that you haven’t handled your credit accounts responsibly so a new creditor is unlikely to offer you a debt consolidation loan with a low interest rate.
Even though you may not qualify for a debt consolidation loan there is a way you can reduce your debt and save some money in the process.
It’s called debt negotiation also known as debt settlement. You can negotiate with the creditor or debt collector to settle your debt for less than what you owe. Of course, your lender will need to accept the settlement and agree to cancel the remainder of your debt. Most of them will agree to settle since they would get nothing if you decided to file for bankruptcy.
Plus, debt negotiation is not as severe a hit to your credit score as a bankruptcy filing.
If you don’t want to hassle negotiating with your creditors, you can hire a BBB accredited debt negotiation company to do it for you. Visit https://www.nationaldebtrelief.com to learn how to consolidate your credit card debt without bankruptcy.
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