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What is the best way to settle credit card debt?

adams asked:


I am in search of a company or method that will allow me to settle or consolidate my credit card debt. I have researched some companys but I am not sure what is real or a scam. Fidelity debt solutions is one of them. Has anyone had any luck with any of the debt consolidation programs or debt settling programs? Let me know. I need help.

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This entry was posted on Monday, November 23rd, 2009 at 10:43 am and is filed under Credit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “What is the best way to settle credit card debt?”

  1. Website content says:
    November 26, 2009 at 10:42 am

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    There is only one that is financed by the creditors with no cost to the applicant and is non profit. That is Consumer Credit Counseling Service or CCCS. Look in your phone book or the phone book of any larger city and contact them to see what Information they need from you to do an analysis of consolidation or settlement

    Many of these companies make 10% on your money and never loan you one cent. In many States they are outlawed but can operate through the mail only.

  2. Website content says:
    November 27, 2009 at 12:11 pm

    debt

    You can find a CCCS near you thru this site: .
    They have debt management programs available for a nominal fee. They don’t negotiate settlements of your debts but they do negotiate lower interest and payments so you can pay off your debts.

    You want to avoid settlement companies. They take your money every month and let all your accounts go 90 days past due. Then the offer lowball settlements under threat that you will file bankruptcy. Not only does this trash your credit, but many credit card companies refuse to play and will immediately sue you. The settlement company won’t represent you or assist you in that lawsuit either.

  3. Kansieo.com says:
    November 27, 2009 at 5:02 pm

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    Try calling the credit card companies especially if u are 90 days late on the payments. Ask them if they will take ‘payment in kind’. This means if u owe 2000 they may take 1200 cash. If they agree tell them to send u the paperwork which should state they will not report you to any of the credit bureaus. Then send them the agreed upon amount via certified mail. If they wont do that ask them to lower your interest rate. Most will do that.

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