Hello i am 29 i have 3 credit cards all with a balance totaling about $28k. I have had the cards long term and never missed a payment or late on a payment the interest is the lowest they offer at 12.9%. I always make at least the minimum payment, mostly double or even more but it seems they are taking forever to pay off. Talked to a debt settlement company’ which seemed very high pressure into getting me to sign up with them assuring me this was the best route sounded to good to be true so i decided now to go with them. Also spoke with a credit counselling society, they offered to put me in a debt management program which would bring all the cards down to 0% interest and have them all payed off with one monthly payment in 5 years. My concern with this is I would not be able to purchase a home or finance anything for a long time. I have good credit just high debt ratio also have a mortgage for 4 years in good standing and many car loans paid off through the years. What do you think my best option is to pay down this unsecured debt faster and be debt free? Applied for a debt consolidation loan through my bank was not approved because my income was to low last year (self-employed) and cannot borrow from my home equity because they changed the mortgage rules here in BC this year.
Our experience with Clearpoint Credit Counseling is remarkable as they have helped us understand how to remove that overwhelming and disastrous financial burden from our lives. Our Clearpoint counselor is always welcoming, empathetic, professional and experienced and he has allowed us to live our lives as we had dreamed—free from the nightmare of the intimidating phone calls, the threatening letters and the guilt we felt.
Ask for a rate reduction. If you haven’t looked at the interest rates you’re paying, especially on credit cards, take a look at your statement and find out. If you have been a consistent, on-time payer, your card company will want to retain your business. Tell them they can, if they drop your interest rate to the lowest levels. This is one area where “Ask and ye shall receive” should actually work.
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If a consumer’s financial problems resulted from too much debt or inability to repay their debts, a credit counseling agency might recommend enrollment in a debt management plan (DMP). A certified credit counselor will review a consumer's overall financial situation and offer customized money management advice. This advice may include a DMP designed for the client's unique circumstances. 

Chapter 7 bankruptcy allows you to discharge most debts, which means the debt disappears after bankruptcy proceedings. But there are strict income limits to be eligible -- generally your income must be below the median in your state -- and you might have to turn over some of assets to be sold so proceeds can be used to repay creditors. Your house, a very low-value automobile, and tools used for business are usually exempt from being sold. 


Yes and no. If you begin with the biggest debt, you won’t see traction for a long time. You might think you’re not making fast enough progress and then lose steam and quit before you even get close to finishing. It’s important to pay your debts in a way that keeps you motivated until you’ve wiped them out. Getting quick wins in the beginning will light a fire under you to pay off your remaining debts! Listen—knock out that smallest debt first, and you will find the motivation to go the distance. 

It makes me so sad when I hear people longingly say “I wish I could do that” because chances are THEY CAN. Maybe not the same way as me, or at the same speed (heck maybe they could even go faster!), or under the same circumstances, or using the same exact methods (except for the only spending money they already have part…) but they can certainly do more than just wish or feel bad about themselves.
This is a form of assisted debt consolidation that works extremely well if you have a large volume of debt and a less-than-perfect credit score. You enroll in a program through a credit counseling agency, who works out a payment plan that works for your budget. Then they negotiate with your creditors on your behalf to reduce your interest rates. Total monthly payments are typically reduced by 30-50% and most people complete the program within 60 payments or less.
This only happens in the first month of the program. After that, your payments are made on time according to the new schedule. As a result, most people see their scores improve because they have low credit scores starting out. That one month of “missed” payments is usually a drop in the bucket compared to all the other payments that might have been late or missed while you were struggling.

We value transparency in a debt settlement company, and National Debt Relief was one of the most forthcoming with information. When we spoke on the phone with a customer service rep, they explained the program in detail, spelling out the benefits and drawbacks and offering recommendations on alternatives. They were quick to respond to our follow-ups and provided some of their onboarding information for us to look over.
Student loans:The federal government and private lenders issue loans to cover education costs. Federal student loans generally have a low interest rate and important borrower protections. Working in a qualifying public-service job entitles you to loan forgiveness after 120 on-time payments. Income-based payment plans also cap payments and allow a portion of your loan to be forgiven. While private student loans don't come with all these protections, rates may still be relatively low. And if your income is below $80,000 as a single or $165,000 if married filing jointly, you can deduct up to $2,500 in student loan interest from your taxes. Because of these perks, you may not want to pay off student debt early.
This really depends on the agency you work with and what they offer. In some cases, a company pairs credit counseling and credit repair. To do this legally, that means that they have both certified credit counselors and state-licensed credit repair attorneys on staff. In this case, they help you eliminate your debt, and then help you dispute any lingering mistakes in your report.
It’s hard at first, because most of us aren’t used to doing that. (Especially if we’re living on a low income.) But it’s absolutely doable, and gets easier with practice. And once you start paying stuff off, it becomes even easier because your money isn’t flying out the door to service debt. You have MORE money available, which makes things easier still. It’s the exact opposite of a vicious circle.
Whether you’re worried about being able to make ends meet, considering filing for bankruptcy, or just totally lost about the debt relief process, give us a call. Our specialty is connecting you with trained experts who are able to help you get the debt relief you want regardless of your specific situation. Better yet, the advice we give is always 100% free!
We offer loan facility to both individuals and companies who needs loan to finance their business ideals, to pay off their bills, expand their existing business, consolidate debts, to finance good projects e.t.c at interest rate of 3%. We also guide and render financial advice to our clients. Kindly contact us today for all your financial needs, so that we can discuss, sign agreement and then finance your project or business for you. E-mail: (barrymoreloans12@gmail.com) or you can text on this number +19725345446
Here’s how balance transfers work: As a way of attracting new customers, credit card companies will let you transfer a balance—in other words, a debt—from one credit card to a new credit card at 0 percent interest for a certain number of months. For example, if you were to transfer a $2,000 balance from one card (15 percent APR) to a new card (0 percent APR for 12 months), you could save up to $300 in interest.
This was a really great article! It is true that you can’t approach debt like a fad diet, it needs to be a lifestyle! And everyone has different lifestyles so it’s okay to approach paying off your debt differently than your friends or family! It just is important to keep at it and make a change to the way you used to live when you were getting yourself in debt! Thanks for sharing this with us!

This company works with unsecured debt – typically credit cards – as well as medical debt, private student loans and personal loans. Its debt settlement plans require you to stop paying your creditors and instead make payments into an escrow account set up by National Debt Relief. You control the money in this account. After several months of making installments into this account the settlement firm will begin negotiating with your creditors.
Pros: National Debt Relief is one of the most affordable debt relief programs. It has a plethora of options to choose from, depending on your debt. National Debt Relief also is offered in 34 states, which is more than most debt relief programs. National Debt Relief also has one of the best reputations in the debt relief world. And the obvious pro, National Debt Relief can help you pay down your mountain of debt.
It’s important to know that as part of this first call National Debt Relief will run a soft credit check to see who your creditors are, how much you owe and if your debts are eligible to be included in a debt settlement plan. We recommend taking quick stock of your budget and your monthly expenses. The debt specialist you speak to will ask about this so they can calculate how much you can afford to pay into a debt settlement plan.
I am currently with this company and I must say their success rate is so high because they automatically drop any account that they can not resolve leaving you at square one. If you find yourself needing to use this company or companies like this do yourself a favor and just work with your creditor directly. You will save money and to my surprise my creditor’s attorney was more willing to work with me directly than with this company.

National Debt Relife did nothing but lie and scam me. I asked to leave the program so that I could got to another company. I still had a refund due to me so I submitted the request. I have documentation that states when my refund of $2439.40 will come to my bank which is 9/13/2018. As of today I have not received my refund and the company is holding it so that I am charged more fees. Please help, I have already paid late fees and penalties because of this. I am speaking with an attorney now so that I can recover damages caused by the not returning my funds in the mannar promised.Read More


For example, when you initiate a debt management plan, you may be asked to close credit card accounts. Doing so changes your credit utilization ratio — the comparison between the total amount of credit you have available versus the amount you're actually using. Closing accounts lowers the amount of credit you have available (your credit limit), which increases your credit utilization rate and negatively impacts your credit score.
Fortunately, there are several methods to reduce debt – and maybe even eliminate it – in a consistent and logical manner. This can be done on your own, if you have discipline, but it’s often beneficial to partner with financial professionals, who can negotiate lower rates with lenders, refinance homes or create budgets that keep you on the right course.
Chapter 13: Yes. Chapter 13 also discharges debts, but many of the nondischargeable debts like recent taxes and past due child support must be paid in full in the Chapter 13 plan. Unsecured debt like credit cards will only be paid in a Chapter 13 plan if you have the income to cover it. Sometimes unsecured creditors receive a portion of their debt and sometimes they receive nothing at all. But even if they’re not paid they’ll be discharged if you complete your plan. To see how this works, visit Chapter 13 Bankruptcy Basics. 
Within five days after a debt collector first contacts you, the collector must send you a written notice that tells you the name of the creditor, how much you owe, and what action to take if you believe you do not owe the money. If you owe the money or part of it, contact the creditor to arrange for payment. If you believe you do not owe the money, contact the creditor in writing and send a copy to the collection agency informing them with a letter not to contact you.
Having said that, the other posters are correct. You can settle debt on your own without the help of a debt settlement company. It does take a lot of time and energy though. That is why some people choose to use a company to do it for them. Due your due diligence and search for reviews of the companies you are interested in and see what others have to say.

While National Debt Relief claims that people who finish its debt relief program save on average 30% off their original debt, it’s important to consider the interest and fees you’ll accrue during the time you’re enrolled in the program. Furthermore, If you don’t finish the program, or if National Debt Relief is unsuccessful at negotiating the terms, you can end up stuck with a higher balance than you started off with.
American Consumer Credit Counseling is a nonprofit organization that offers credit counseling services, debt management services, and financial education to consumers nationwide. With branches in various parts of the country, as well as certification to do business in all 50 states, ACCC aims to help Dallas residents manage their credit card debt and gain financial peace of mind.
When I expressed my concern about not paying my creditors because I had never been late on a payment ever…. I was told not to worried about it. It was going to slightly lower my credit score, you stated that not to worry it will drop off slightly but they will have everything settled within 3 to 4 months and it will go back up after they settle with my creditor and we start making the payments.

But it’s more than a method for paying off bills. The debt snowball is designed to help you change how you behave with money so you never go into debt again. It forces you to stay intentional about paying one bill at a time until you’re debt-free. And it gives you power over your debt. When you pay off that first bill and move on to the next, you’ll see that debt is not the boss of your money. You are. 


Look for a licensed, accredited, non-profit agency, and be sure to verify that they are currently licensed in your state (unless you're in a state that doesn't require licensing), have current accreditation and that they do indeed have non-profit status. Understand, however, that while these measures can help establish a firm's legitimacy, they are no guarantee, and you still need to research the agency. Note also that a non-profit company does not mean that they do not charge for their services, it only means that the company will distribute all profits to the corporate officers at the fiscal year end, thereby zeroing their profit.

The debt relief company has had minor legal issues in the past, but it has overcome those obstacles to become one of the most popular accredited debt relief companies online. Despite negative reviews, it’s clear that Freedom Debt Relief isn’t a scam. In fact, many Freedom Debt Relief clients credit the company for getting them out of debt and teaching them how to avoid future debt. You should always compare several companies before choosing a debt relief option, but this one stands out as one of the top debt management companies.
While National Debt Relief claims that people who finish its debt relief program save on average 30% off their original debt, it’s important to consider the interest and fees you’ll accrue during the time you’re enrolled in the program. Furthermore, If you don’t finish the program, or if National Debt Relief is unsuccessful at negotiating the terms, you can end up stuck with a higher balance than you started off with.

Since debt management plans are individually tailored to each consumer, one plan can be wildly different than the next. McClary said your plan can vary depending on how much debt you owe, your current interest rates and payments and how your interest rates and fees are negotiated down. This is a huge benefit for consumers since debt management plans come with specific advice instead of blanket solutions that may or may not work.

Warning: Debt settlement may well leave you deeper in debt than you were when you started. Most debt settlement companies will ask you to stop paying your debts in order to get creditors to negotiate and to collect the funds required for a settlement. This can have a negative effect on your credit score and may result in the creditor or debt collector filing a lawsuit while you are collecting settlement funds. And if you stop making payments on a credit card, late fees and interest will be added to the debt each month. If you exceed your credit limit, additional fees and charges may apply. This can cause your original debt to increase.


They tell you to do something illegal. A certified credit counselor will never tell you to try and create a new identity to get away from your old debt. Companies that advise people to get new Social Security or Employer Identification Numbers (EINs) are scams! Credit counselors won’t even advise that you run or hide from creditors or collectors; they help you find ways to face your challenges directly.
Rachel Kampersal said debt management plans require you to change your habits dramatically since you will have to stop using credit. “Per requirements from creditors, any card that is entered into a debt management plan will be closed, meaning you can no longer make charges to these cards. While difficult, it’s important to stop incurring new debt.”
Not all forms of credit are actively bad, and many folks are able to use debt as a responsible means of augmenting their purchasing power. When you're dealing with a million competing priorities, however, it can be tough to keep your finances straight. If your expenses are rising faster than your income, you can only keep up this dance for so long.
Through a nonprofit credit-counseling agency, you can work with a counselor to resolve your financial problems on your own, says Bruce McClary, vice president of public relations and external affairs at the National Foundation for Credit Counseling. Or you can enter what’s called a debt management plan. Through that plan, you can consolidate your credit card payments and get the cards’ interest rates reduced, making your financial obligations easier to tackle.
Credit counselors at nonprofit credit counseling agencies operate under strict state and organizational guidelines designed to insure they act in their client’s best interests. Non-profits are frequently audited by states to insure they comply with all of that state’s regulations, and they must demonstrate that they are acting in the best interests of all of their clients. For example, InCharge offers clients monthly newsletters with money-saving tips and stories of people who have gotten out of debt to help motivate clients to do the same.
The information contained in Ask Experian is for educational purposes only and is not legal advice. You should consult your own attorney or seek specific advice from a legal professional regarding your particular situation. Please understand that Experian policies change over time. Posts reflect Experian policy at the time of writing. While maintained for your information, archived posts may not reflect current Experian policy. The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team will include it in a future post.
While maybe not as widely known, this may be the leading non-profit organization to call for debt management plans, help for paying loans, and other credit counseling in western Texas. They can help qualified individuals refinance their debts and pay off outstanding bills over a period of time using DMPs, consolidation, or so called hardship programs. Services are offered in Spanish too.
Consolidate with a home equity loan. If your total debt load, including credit card, medical, and other unsecured borrowing seem insurmountable for you to pay off, then you can use a home equity loan to consolidate and even pay off these bills. While there are some potentially major risks if you do not do this correctly, the approach is an option. A home equity loan can help you eliminate your higher interest, unsecured debt and improve your financial situation.
Seek the help of a psychologist or another mental health expert if your concerns about debt are negatively impacting your day-to-day life. A licensed health expert can help you confront your anxieties head on and offer strategies for dealing with them effectively. Also, reach out to your personal network and let those close to you know that you could use their support. It helps to know that you’re not in it alone.
It’s important to know that as part of this first call National Debt Relief will run a soft credit check to see who your creditors are, how much you owe and if your debts are eligible to be included in a debt settlement plan. We recommend taking quick stock of your budget and your monthly expenses. The debt specialist you speak to will ask about this so they can calculate how much you can afford to pay into a debt settlement plan.
Learning how to get out of debt can be time-consuming, but it doesn’t have to be difficult if you do it the right way. It can take a lot of careful budget planning, self-discipline and be making conscious financial sacrifices, but the reward is more than worth it. While being able to pay off all your debts doesn’t usually happen overnight, there are efficient “get out of debt” plans and strategies to make you debt-free. Use the above effective expert tips to get out of debt fast.
The creditors don’t have the time or manpower to negotiate with every one of their customers individually. They work with credit counseling agencies like us to create a set of standard concessions that we may offer to clients when appropriate. The creditors also understand that we provide counseling and education, which makes our clients more likely to succeed in repaying their debts.
Starting your own business has never been easier! Do you have a knack for making things? Sell your products online! Are you an animal lover? Take up dog walking or pet sitting. Do you have a good eye and a nice camera? Start taking on clients for photo sessions. Christy Wright’s Business Boutique is a great resource to walk you through the process!
You should take the time to shop around. FICO says there is little to no impact on your credit score for rate shopping as many providers as you’d like in a single shopping period (which can be between 14-30 days, depending upon the version of FICO). So set aside a day and apply to as many as you feel comfortable with to get a sense of who is ready to give you the best terms.
In the end, you would save {{ vm.currentMortgage.totalLoanValue - vm.newMortgage.totalLoanValue | currency:undefined:0 }} over the course of the loan, or {{ vm.currentMortgage.monthlyPayment - vm.newMortgage.estimated_payment | currency:undefined:0 }} per month. While your loan situation might be a little different, the moral of the story is you stand to save a ton.
A lot of young people borrow more money than they can realisticly pay back. I have a son in college, who recently turned 20. I moniter every penny he borrows becuase when he does receive his undergraduate in the next two years, he will have less $5000 in student loan debt. Is your daughter attending a traditional university or college or is she going to an online college. I hope she has not chose the online route because those colleges tend to be more expensive. If she has federal student loans not private student loan. She can take out a hardship forebearance or deferment. In both scenerios, she can postpone payment until her finaces are more stable.
A credit counselor also may be able to negotiate lower interest rates with your creditors and get late payment fees and other fees waived, which will help to lower your monthly payment amount. Because of the lower interest rate, more of your monthly payment will be applied to your outstanding balance, and this will help to speed along your repayment. For example, one agency reported that clients reduced their monthly interest payments by an average of $209.81, and their total monthly payments went down an average of $172.48 each month. (Cambridge Credit Counseling Transparency Report #8).

Best Answer:  That National Debt Relief is a Scam! But they are slick in the way that they operate and know tricks to cover up their dirt so it's hard to prove. A friend of mine signed up for their debt settlement program about 7 months ago and they screwed her over so much in fees and ruined her credit in the process that it sent her into a great depression. I knew they were up to no good because they kept relentlessly pursuing her to sign up with their scam program just like you described. I wouldn't trust this National Debt Relief with a 10 foot pole no matter how they look on the surface..they are nothing but some crooks preying on people who are already struggling! WARNING: I did a search and even found how they could be operating under different names (see source). I been around a long time and am aware of companies like this that keep changing their names, locations, and phone numbers to cover up their dirt and then keep coming back under a clean slate with clean BBB record, and more fake testimonials and all to just repeat the process, keep duping the public, and making tons of money . This makes me sick to my stomach! I sure hope the FTC and other authorities will continue to pursue and put a stop to these scams - no matter slick these crooks operate the people are getting wiser & wiser everyday not to fall for these scams. I commend you for being smart enough to ask around on this matter. Also you can check with your creditors and usuallly they will be willing to work with you if you come at them honestly and sincerely. This is what I did years ago -on my own- to settle my debt and my creditors reduced my payment and debt amount until it was cleared. Remember: If you are behind on your debt, creditors will usually like to get paid something rather than nothing at all - so this makes them highly motivated to work with you.
The federal government allows you to consolidate eligible federal student loan debt from multiple loans into one big loan for convenience. Doing so will not lower your interest rate -- the new rate on the consolidation loan is determined by a weighted average of debt you're consolidating -- but it makes sense if you have many loans from multiple years of school and keeping track of all of them is difficult. 
Try to put some money down on your higher interest student loans. The way I paid off my bachelor loans was whenever i got a refund back from the college or from taxes a portion of that went to the student loans. The more you tackle your higher interest loans the better your credit. Now if you have like tiny ones like 1,000 try paying those off if your not financially ready to tackle the bigger interest rates ones.
The fact is, more than half of Americans actually spend more than they earn each month, according to a Pew Research study, and use credit to bridge the gap. So it’s easy to see how so many people are struggling with debt — and why some choose to bury their heads in the sand. For many in debt, the reality of owing so much money is too much to face — so they simply choose not to.
Pardon me for being rude, but – are you insane, bad at math, or only joking? In what way do you believe “the tax code is better being self employed”? Unless you make over $127,200 the taxes are much HIGHER on self-employed individuals. I say this as a former employee, now an independent contractor and small business owner being taxed literally to death for the last 13+ years. Self employed people making under the Social Security cap pay an additional 7.65% tax. And yes, you can “give yourself a raise” but YOU are the one paying yourself, so…
Declaring bankruptcy is one of the most harmful circumstances for your credit, and it should only be a last resort. Depending on the type of bankruptcy you declare, the negative information will remain on your credit report for seven to 10 years. You may either have all your debts eliminated or have to agree to a plan to repay at least part of your debt.
Credit Limitation: This option only works if you have good credit; excellent credit is better. Balance transfer credit cards offer 0% APR on balance transfers when you open the account. An excellent credit score means you qualify for the longest 0% APR introductory period possible. Some cards have promotions that run up to 18 or 24 months. That gives you up to two years to pay off your debt interest-free.

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There are some downsides though that you have to weigh, our credit scores did drop down to 630-680’s and some creditors list our payments as “late” for some reason. But CareOne said that the late status should change after about 3 months of consistent payments. Some creditors also list that your payments are being made by debt management program which I can assume does not look very good on your credit report.
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