The Best Consumer Information About Credit Card Debt
People struggling to overcome credit card debt need to get the best possible information available on how to handle their situation. Many advertised debt relief programs are scams that will take your money and may worsen your debt situation.
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How to Deal with Credit Card Debt
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The Federal Trade Commission recommends realistic budgeting, and contacting your creditors if you are unable to pay. For someone in financial trouble, it also recommends credit counseling, debt consolidation, and bankruptcy as options for dealing with overwhelming consumer debt.
Settling Credit Card Debts
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Some credit card companies will accept partial payment, or settlement, of your credit card debt if you are unable to pay the entire amount. You can contact your credit company yourself, rather than using a debt settlement company, to negotiate terms for partial payment. Reputable credit counselors can also help you develop a plan to pay down credit card debt. The National Foundation for Credit Counseling can help find a certified counselor near you.
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Debt Management Plans
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Because some debt settlement companies have proved to be fraudulent, it's important to make sure the credit counseling organization you want to use is acceptable to your credit card company. If you sign up for a debt management plan, you must make all your monthly payments and should check with your credit card companies regularly to ensure those payments are being applied to your account.
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References
- Photo Credit credit card image by jimcox40 from Fotolia.com
