Negotiate a Debt Settlement

whats good companies are there to eliminate credit card debt?

Public Comments

1. You cannot eliminate an honest debt by any means other than by filing bankruptcy. You can reduce credit card debt by calling the credit card firms and negotiating a payment plan or a reduced amount owed. If you make it clear to them that you cannot pay them the full amount and are feeling a lot of pressure that can only be solved by filing bankruptcy, they are likely to offer a 50% reduction of debt in exchange for full payment of the reduced amount. Get the promise in writing before sending any money.
2. Any good scissor company can solve your problem in the long term.
3. Don't believe anyone that tells you that there is something or someone out there who can eliminate your credit card debt. The only way to reduce or eliminate your debt is by filing for bankruptcy or bill consolidation/repayment. Anyone or any company that says that they can do so is lying to you. They will take your money and do just this: They will (with your permission) retrieve a copy of your credit report. They will begin to dispute every "negative" account on your credit report. By law, credit reporting agencies have to repond to your request within 30 days or automatically remove the account in question. The person taking your money hopes that will him/her disputing every line of negative accounts on your credit report, that maybe it will take longer than 30 days for them to verify and reply. In the event that he/she is successful in there approach, the negative information will be deleted. THE CATCH is that you may get by a month or even 2 this way, but creditors ALWAYS report account status monthly. And when they do, it will reappear on your credit report once again. Thus leaving you with the BAD credit you already had and money lost to this person for deceiving you. The only way to eliminate debt is by paying it off or following the first above mentioned suggestions (bill consolidation or bankruptcy).
4. Do not go through debt relief or consolidation companies. Here is some advice to do this on your own. First thing of course would be to cut up the credit cards and make a commitment to never charge again. Then follow the following plan. Make a list all your debts by amount you owe from smallest to largest. Then begin by paying the "most" amount you can each month to the smallest debt with the idea of paying it off quick. Then, only pay the minimum payment on the larger debts. Continue doing this every month until you have the smallest one paid off. Everytime you pay off a debt, call the company and tell them to close the account ... that you paid off the debt and that you do not want to leave the account open. They will try to talk you into leaving the account open. Don't do this as it is too convenient and you will be tempted and will sink into debt again. You then start paying the most you can on the next smallest debt in line and go on from there until you have each paid off. Every time you get any extra money, whether it be $5, $10 or more, apply it against your debt even if you have already sent in a payment. You can send in payments more than once a month. Don't go out to eat. It's "beans and rice, rice and beans" as Dave Ramsey always says which just means (cheap meals that you can fix at home). LOL Also do things to make money like garage sales, sell on eBay, get a second job, anything to help you get money to apply toward that debt. It's not about obtaining the best credit score, it's about eliminating the debt. You can get more help on how to accomplish this by reading and listening to Dave Ramsey. He has a talk show which you can hear on line through his archives, or live on line or by radio by entering your zip code and find out what time of day his show airs. Plus there is a lot of reading material on his site to get you started. In addition, he has forums from his site to get help and advice from other people who are in debt. Dave has been there (with debt) and knows what it is like and is now helping people to get out of it. There are people that have followed this method with over $100,000 in debt and have gotten it paid off without going through bankruptcy and without getting some debt help company to do it for them. Dave's website link is below. I hope this information helps you and you get the relief you need. Best of wishes to you. http://www.daveramsey.com