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Have Credit Card Debt Questions? Get Debt Answers Today!

Anyone dealing with financial issues is bound to have debt questions; here is where I provide you with debt answers! I’ve answered hundreds of credit card debt questions about everything from debt settlement and negotiation to debt management and credit counseling plus answers about credit scores, bad companies, and special situations. In fact, I’ve probably already answered the question you have right now, take a look!

Dear Scott – Due to medical issues my financial situation has become rather dire. I have 2 credit cards which hold the majority of my credit balance of approx 83,000 dollars. If I could get the companies to settle immediately and at a percentage of 35 to 40 – I could get at the funds..what are my chances and what kind of business vehicle could achieve this without charging me 15% for a short term negotiation? Thanks – D

Your question is a valid one and one that I hear often, namely, can I avoid Read the Entire Post >

I’m making monthly payments on time to the credit card cos. MY credit score is or was 754 but my debt to income is a problem. I’m seeking help now before it gets worse if the finance charges go up, I’ll drown. How do you keep your credit good, keep one card for emergencies, and get rid of the debt?

Thanks for the question. I wish I had a ingenious Read the Entire Post >

Should I close my credit card accounts before being late to avoid fees being added on during the settlement process?

You should follow the instructions of the settlement company you use to a tee. They will let you know exactly what to do and when in order to make the process go as smoothly as possible. Thanks.

i just lost my job. i have a mortgage payment and a line of credit. the company has gone out of business and i need to lower the rate on the line of credit from the 15.999% no matter how many payments have been made the finance charges keep going up. now i am going to be on unemployment. the credit line is 15,000.00 can you help?

I am very sorry to hear about your situation. I am not certain Read the Entire Post >

Hey, Scott, a couple months ago I contacted a company based in FL to help me with my creditors with the amount of 18000 in debts. I dont think they are helping me. what can I do?

If you feel uncomfortable with how things are going with your debt relief company Read the Entire Post >

Would it be to my advantage to do consolidation even though I will be paying more each month than I plan doing it my way even though it would reduce the years to pay off the remaining cards. Im still not sure if the company is trust worthy because my research does not come up with them search or the BBB.

This question is in regards to Read the Entire Post >

If you have good credit and pay all cc compamies on time & you only are late on 1 card for 4 days and they up the rate from 8.99 to 32.9 what can you do about it besides calling and complaining every month. / If you are trying to re-finance to pay off high interest rates but want to keep the cards that are low interest rates , can you do that. I don’t want my credit score to go down if I deal with a debt relief agency???

Unfortunately credit card companies have had the right to dramatically increase interest rates as a result of Read the Entire Post >

I have 55,000 in credit card debt and due to hardships am struggling to pay bills. Do I have to be behind in payments in order to get help? I am not behind yet but will be soon.

It really depends on the type of debt relief you choose. With a debt Read the Entire Post >

We are in debt but are not in arrears. We have worked very hard to keep our debt current. It seems to be taking forever. Is there help for people who are doing all the right things?

Non profit credit counseling agencies often offer advice on your options one of which is Read the Entire Post >

all these credit help companies talk about lowering your credit or cutting it in half with all the stimulus package the government has given to the banks, that that savings are being passed on to their creditors?

This is an interesting point and one that I’ve been hearing a lot lately…Namely that somehow the government stimulus Read the Entire Post >

considering debt settlement … they want me to open a seperate checking account … is that normal ?

Typically debt settlement companies will request that you make your payments into a Read the Entire Post >

DEar Scott: If I decide to join the program on debt relief. Would I be able to apply for a student loan as guarantor to my Kids?

Most debt relief programs affect Read the Entire Post >

Hi, Recently I got a letter from a debt relief company. I called the tel no. But I have no idea what is all about. At first I presumed that I will be paying them to pay off my credit card in 58 months. I have no idea what was all about. I got limited knowledge what to ask questions and we were talking about the amount I can afford to pay monthly. I was procedded to another person via phone from another State to signe a contract. As I read the contract via email I have some doubts which I was not sure I will agree,while It was to be explained to me the detailed. But the thing is I have not come back and the works as an administrative has not call me back to expain the contract and I decided to consult to my Attorney and the contract were copied and sent to my Atty. I decline the offer until today I am learning your website and the lists of co. given by my Atty. within the state. I am thankful I got to learn many things. What can you say about my situation? Thank you. from Virgil

Hello Virgil….It sounds like you did Read the Entire Post >

I am approximately 5 months behind in credit card payments. I am trying to pay them, but have found myself over my head and frustrated. My paycheck is too small to beable to pay them. I am looking for other options but have not found one. My credit score is low because of not being able to pay on time. I have creditors calling and don’t know what to do. I tried looking into a credit counselor, but they told me they cannot help me because I dont make enough to even begin to consolidate. They gave me one option, file for bankruptcy. I don’t want to file for it makes it harder to even fix your credit problems. It is like a dead end for a long duration of time. Do you have any suggestions?

Unfortunately, your situation typifies what millions of people are now facing in terms of Read the Entire Post >

I have been talking to two different debt relief companies with 2 largely 2 different payment plans. Just wondering if the one is too good to be true. one company has plan to pay the principal without the interest, while the other has plan to pay whatever deductied amount the credit co. will agree too( that is the cheaper payment option for me). I have been trying to check out the companies and have been unsuccessful. Any suggestions?

It may be that you are speaking with 2 different types of Read the Entire Post >

If a company takes the 15% fee up front within the first 12-18 months from your escrow account which basically leaves nothing in there by the time of settlement. Does that sound right to you?

15% is the standard fee in the industry and yes some companies do try and Read the Entire Post >

We are currently in talks with a debt reduction company. They are claiming that they can reduce our debt by 50%, but for the next two years our credit score will suffer and we will be hassled b creditors. Is this a viable option to get out of debt as quickly as possible?

If you want to get out of debt as quickly as possible, debt reduction through a debt settlement company is often Read the Entire Post >

I read a question from someone about the BBB rating of a debt company, what are some other ratings, there are other ratings called TASC and International Assoc. of Professional Debt Arbitrators? Are these good associations to judge a company by?

Basically there is no rating system that’s adequate to help you select a debt relief company. The BBB is good in my opinion not for its letter rating but instead for knowing the Read the Entire Post >

If you sign up with a “so-called law firm” that handles these debt negotiation programs, how do you know that your credit card co. is even for sure going to settle with them???

There are no guarantees with any negotiation process and that’s the case as well with Read the Entire Post >

I am $42,000 in credit card debt. I pay about $1100/month in credit card payments. Most of these are just minimum payments. My paycheck is mainly to pay off these cards where my husband pays everything else. We have recently put the house on the market to pay these off, but the market is so bad, we really can’t count on the money from the house. Not enough equity in the house either for a home equity loan. I have considered debt negotiation, but is that the route you would suggest?

Debt negotiation (settlement) is intended for those who: Read the Entire Post >