Avoiding The Pitfalls Of Everyday Purchasing With Credit Cards By Michael D. Strauss Credit cards go all the way back to the 1920s when gas companies and hotels issued them to pull in customers to their establishments. In the 1950s, Diners Club and American Express began issuing Read more...
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Credit Card Counseling: Pull In The Reins On Debt By Martin Tan Consumers have been forced into a spiraling debt cycle as a result of changes in the economy. These changes have left consumers unable to make minimum payments on card debts. The inability to pay these debts impacts lifestyles and leads to a struggle to regain control. Taking action to prevent the cycle from escalating and prevent bankruptcy and foreclosure when the debt is unmanageable.
Through card counseling and nonprofit debt consolidation companies, you may be able to free yourself from your crushing debt and rest comfortably knowing that you are on your way to clearing your debts. By using a loan consolidation program, you will immediately see several benefits.
The harassing telephone calls from bill collectors will stop. Your card debt will be instantly reduced - often by up to 70% - and your interest rate will also be lowered. Professional counselors will work with your creditors on your behalf to lower your payments and stop fees and additional charges from accruing.
A single negotiated monthly payment will be established and paid to the card counseling service. The funds are disbursed by the service as regular payments to respective creditors as negotiated. The debt consolidation company and creditors will then send monthly statements detailing the actions taken. These monthly statements will make the debt reduction more visible to you, the consumer.
With card interest rates averaging somewhere around 22 percent, making only a minimum payment each month can leave you paying that debt for 30 years
or more. By taking full advantage of card counseling or a nonprofit debt consolidation program, those ridiculous interest rates can often be reduced and the fees that are associated with them eliminated entirely. Your creditors will be paid in a timely manner and your rating will improve in turn.
Before you commit to any debt consolidation company research the available services and read all the fine print regarding program benefits. Choose a company that has a dependable reputation and that will provide the services promised.
Request a fee schedule up front. The fee schedule will reflect the amount being paid to the company and creditors before you pay anything and will help you to determine which card counseling company will provide the best option and services.
An agreement with a reputable card counseling service or nonprofit debt consolidation company will reap the benefits of reducing and eliminating debt one step at a time. It is an illusion to believe this will happen overnight! The harsh reality is that the debt was not created overnight and will not disappear that quickly. Regular monthly payments to your card counselor and establishing a consistent payment history will improve your rating and will soon reflect your efforts.
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