May 20, 2009
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Credit Card Debt: The Options, Pt.3
Start a plan now.Shedding debt is seldom easy. For example, if you only go with your credit card issuer’s plan of paying the minimums, you could easily find yourself 32 years later, still paying on the debt even if you never make any further purchases. It’s hard to imagine why credit card lenders could object to this method (although some do) when they’ll have collected ten’s of thousands of dollars from you in finance charges and fees. Credit card fees and penalties can bury you quickly.
Credit Counselors: Although there may be some worthy and honest credit card debt solution agencies (and lawyers too), the jury’s still out on most. They may showcase a single example where they’ve done phenomenally well but you rarely see the overall picture of all their clients. It’s probably safer to enlist the help of Credit Card Counselors instead. Many of these agencies are funded elsewhere and don’t charge. Others charge-as-you-go. In many states it’s illegal to take moneys up-front for this industry (but still many shysters find ways around this). Best to never pay up front.
These credit card debt counselors are adept at setting up a structure and plan that is easy to follow and is proven to work, if adhered to faithfully. With the plan intact, their work is done and they’re no longer charging (if they ever did). Two of the best nonprofit umbrella organizations are the National Foundation for Credit Counseling and the Association of Independent Consumer Credit Counseling Agencies. In any case, don’t find yourself paying any more than $30 - $50 for this service.
You Do It: that’s right. There are many free models on the Internet to get you going. Find one that fits your situation and commit sincerely to the best one. More-over, don’t stop there. Be open with your credit card lender and see what terms they’ll offer you. They know that, if you succeed, they win also. Strike more favorable terms and assure them that you will be faithful. Try with all you’re worth to not place any further charges. Open a new 0% APR account and perform a balance transfer. This very site you’re on right now has some of the best deals going. One-stop shopping. Feel free to browse our home page, I do.