For many people, debt is a way of life. Don’t be discouraged if you have to search for credit card debt relief options; you are not alone. There are millions of others out there in the same situation. It usually starts with someone falling behind on a couple of payments, and before you know it, interest rates and late fees spiral out of control.
There are options for relief. There is no need to sit around biting your nails all day wondering if you are about to be sued, or when/if you should start filing for bankruptcy. The good thing about credit card debt is that it’s easier to deal with than tax debt problems and late child support payments.
If you’re already falling behind, chances are your credit score is already taking a hit. It will take some time to get everything back on track and recover. What you can do is start doing damage control, either by freeing up more money each month with an arbitration program or paying it all off with a consolidation loan.
It might be worth getting credit counseling. Most of the companies involved in the debt relief industry offer some type of counseling service. A certified advisor can help you create a more affordable budget and learn to live within the new media. The counselor will also offer advice on what best suits your situation, increasing your financial literacy.
Some credit repair/relief companies even offer FREE consultations to help you get started. You may just need to fill out a quick survey about your situation and provide details about how much money you owe.
How to Choose Between Credit Card Debt Relief Options
Don’t just choose any old company. Choose a counseling service that will help you understand all of your options for credit card debt relief. One of those options could be a “hardship program,” which will temporarily lower your interest rates to give you a chance to catch up. If you choose a company that has experienced negotiators, you may have the opportunity to reduce the amount of debt. If you have the right people working on your behalf, the lender can forgive 20% or more of your debt. However, you will need to pay the rest immediately.
Unfortunately, there are no guarantees. Avoid any credit card relief company that makes promises. There is never a 100% guarantee that a creditor will accept anything. Even if they do, it probably won’t be an instant fix. You are looking at a 3-5 year time frame to fix everything.
You can learn about all your credit card debt relief options with CuraDebt. It only takes a minute to complete the survey for a free consultation. They will let you know if your chances of getting any relief are good.