Best way to settle credit card debt on your own?
I was going to go with a debt settlement company, but I am getting way to nervous about it so I think I am not going to do it. For some reason my gut is telling me not to go with them. They want their fees first before they start working on my debt which makes me think they will just take their money and run.
So I was wondering can I settle my own debt with my credit card companies? I have been reading a lot of articles that say the credit card companies are willing to settle your debt for less now so they will still get paid some of it? What is the best way to do this…I would like to do it on my own so I don’t have to pay anyone else. That way I also know that my debts will definitely get paid off. One of the issues I have though is let’s say I have ,000 on a credit card and call them and they agree if I pay ,500 of it they will mark it as paid in full. I don’t have the 00 right away do you know will they let me pay the ,500 off without fees and over a payment plan? How does all of this work when you are trying to do it on your own?
As of right now I am 3-4 months behind on paying my cards off.
you must be late 90 plus days for them to even look at doing this. but if it is in collection then it can be much easier where they want something and yes part of the deal is having them get rid of negative marks on your credit. Hard to give you concrete advise where I don’t know if your debt is current with the original creditors or in collections, how old, how late ETC.
February 11th, 2010 at 2:37 pmbut if you are current what benefit do they have taking and accepting half of your balance plus marking it pd if full?
Well first of all absolutely do not committ to plan you cannot do. Or one that is too close for comfort. Offer a plan you can afford. Maybe $100 for 24 months and call it even. Or whatever you can do. But again make darn sure you can do it. If you fail on payment plan it will be costly mistake.
I used this one to reduce rate to 6% on my cards. They did not charge fee up front.
http://www.moneymanagement.org/
February 11th, 2010 at 2:37 pmBest thing to do is pay it off. If you plan on paying only half of the $3000 and call it settled, then don’t expect to get a credit card again for the rest of your life. He He
February 11th, 2010 at 2:37 pmI have this sort of not-too-much debt before,I tried to settle it myself,to be honest,it is so time consuming and not so effective,then I tried to use a professional debt settlement service here http://www.DebtFreetips.info/debt-free.htm ,which is recommended by one of my friends,it dose help me out of my debt in an effective way,save me a lot of time and money.Good luck for you.
February 11th, 2010 at 2:37 pm