There are many ways to get out of credit card and medical debt. You can consolidate it, enter into reduction programs, get up to 60% of your debt waived or even completely eliminate it. Various options are available to consumers. Some of these debt reductions solutions and assistance programs are offered by credit card issuers, private companies, non-profit counselors, and other organizations. Just one example is shown by the fact that many credit card issuers are now offering more assistance directly to consumers. They are offering individuals credit card hardship programs, interest rate reductions and similar plans. According to studies, almost 3 million consumers were signed up for hardship type plans last year.
Also, there are steps that you can take yourself that can help you reduce your debt. Consider that according to the Federal Reserve, the total amount of credit card debt owed by Americans reached almost $965 billion last year, which is an increase of 25 percent in the past decade. So the problem continues to grow, and is not getting any easier to deal with. This shows that families need all the assistance they can get in order to become debt free and pay outstanding bills.
Debt settlement is a process by which you can greatly reduce or eliminate the total amount of debt you are currently paying or committed to pay in the future. Solutions are available for various types of accounts, including credit card, medical, and even personal loans. Learn about debt settlement companies and the programs they offer.
While some private companies offer this service, many lawyers and debt settlement attorneys may also be able to help you through this process. They help borrowers reduce or eliminate your debts, and will work directly with your creditors. Many of these attorneys work on a contingency basis, meaning you pay them only if they are successful and save you money. Read more attorneys that settle debts.
Eliminate and consolidate medical debt to deal with health care costs that are continuing to escalate and that are really out of control. There are ways to consolidate medical debt from programs offered by directly hospitals, medical providers and counselors. These plans are becoming more common in today’s weak economy and when also considering the aging population. Unsecured personal loans are also another option that people have used for these types of bills. Learn more on how to eliminate medical debt.
Debt consolidation loans can help you pay off bills. They are a type of personal loan in which you can consolidate all types of outstanding debts and expenses, including credit cards, unsecured loans, and medical bills. The individual will take out a new loan, at a lower interest rate. This will reduce your monthly payment, and therefore will save you money. Click here for more information on debt consolidation loans.
Debt management plans, or DMPs, will lower your interest rates and monthly payments. These so called DMPs are available directly from a credit card issuer, lawyer, debt management company or a non-profit credit counseling agency. The company that you enter into a DMP with will negotiate on your behalf with your creditors. This can help you get lower interest rates, waive fees, provide you additional time, and will reduce the total amount of your monthly payments. More on debt management plans.
Get the answers to the most common questions on credit card bill and debt consolidation that can help you decide whether taking the approach of credit card consolidation is right for you. Maybe it can help you in your personal and financial situation. More.
Low interest rate bill consolidation loans - Find out what they are, how they can help, the advantages and disadvantages, and learn the truth. Get both the pros and the cons of bill consolidation loans.
Compare debt settlement vs. debt consolidation programs have differences between the two. One or the other may be a better option for you and your family, and it depends on your personal financial situation. Get information about the pros and cons. Read tips on which option may be the best option for and your situation. Click here.
Find free, simple steps to take in order eliminate credit card debt and to save money on bills. Experts offer free, do it yourself and simple steps that you can take yourself to eliminate credit card debt and to become debt free in a fairly short time frame. While there is no easy button to press, taking some small steps now can put you on the right path. Many are tried and true. Read more eliminate credit card debt.
Find ways to get help, lower interest rates and consolidate debts. Get information on the six best approaches from Bankrate for how to consolidate debt and save on interest expenses. Many of these are proven approaches to take.
Reduce interest rates on credit cards and other debts. You can save money by reducing the interest rates you pay on your credit cards, loans and other debts. Depending on exactly your current terms and how much you owe, you can save hundreds or thousands of dollars in total interest expenses. There is a 50-60% success rate of receiving a lower interest rate when you try on your own to reduce interest rates on your financial obligations. Learn more.
Peer to peer lending low interest loans can be applied for. This is a fairly new business, but a number of peer to peer lending sites may offer help, such as Prosper, Lending Club, and Zopa. These companies and their services can help you reduce, consolidate and pay off credit card, automobile loans, medical debts, and other higher interest rate loans. More.
Help from debt collectors is available. Find how to get help from debt collectors and learn how to stop collection calls and receive other assistance. Many government laws and regulations can also help protect you from aggressive collection tactics. Find how to get help from debt collectors.
Debt Pay Down Solution from Wells Fargo was created as a new program to help consumers and customers of this bank. The Debt Pay Down Solution provides a number of free tools and resources that individuals can and have successfully used. More.
Pay more than the minimum on your accounts. See examples of how you can save thousands of dollars in interest costs and potentially late fees by paying more than the minimum balance on your credit cards. Paying more than the minimum on your account is arguably one of the best ways to reduce your debts over a reasonable period of time. You need to start with your higher interest rate commitments first. Click here.
Negotiate credit card debt and loans - While it is possible to contact a credit card card company and negotiate yourself, unfortunately getting the best deal you want or that you may need won't necessarily be easy, if it can be done at all. If you do try to negotiate yourself rather than using a professional counselor, find do it yourself ways to negotiate and get out of debt.
Consolidate and pay off debt and loans with a home equity loan. If your total debt load, including credit card, medical, and other unsecured loans seem insurmountable for you to pay off, then you can use a home equity loan to consolidate and pay off these bills. While there are some risks if you do not do this correctly, a home equity loan can help you eliminate your higher interest, unsecured debt and improve your financial situation.
Refinance your car loan - Many people do not know that they can refinance their existing car loan, and there is usually not a fee involved. With today’s historically low interest rates, even on automobile loans, individuals can potentially save thousands of dollars in interest over the life of their car loan. It is free to submit an application for this service. Read more refinance your car loan.
Consolidate debt using a low interest rate credit card. Discover the 10 best low interest rate credit cards as determined by CardRatings and Consumer Reports. A low interest rate credit card can greatly reduce the amount you need to pay on your outstanding credit card bills and debt. More.
Credit card programs from various banks and card companies - Find a comprehensive list of credit card issuers and the assistance programs they offer customers. Locate their contact information and phone numbers. While not everyone will qualify for the solutions they offer, there is no harm in trying. It just takes a little of your time and a phone call. Between the programs they offer and the other resources you will find on this site, your chances of getting out of debt in a fairly reasonable timeframe are improved. Find programs that provide credit card help.
Learn about types of assistance programs from credit card companies. While it is true that many credit card companies are increasing fees and in general turning up the pressure on credit card holders, there are also an increasing number of companies that are creating assistance programs to take a more pro-active approach n an effort to truly help people. They are more willing to reduce and cancel unpaid debt. In today’s challenging and still weak economy, banks and credit card companies are more likely than ever to forgive or cancel credit card debt and unpaid bills. They offer card holders a number of assistance programs and services. They really do this selfishly, as they would rather settle with the consumer vs. see them file bankruptcy, as in that case they receive nothing. More on credit card assistance programs.
Help With My Credit assistance program - Most major banks, including Citigroup, Bank of America, Visa, and more have launched an assistance program called “Help With My Credit”. It is a service offered to help families and individuals of all backgrounds and incomes. Read more on Help With My Credit.
Federal government interest free loans, which are interest-free, deferred-payment loans may be available to small businesses. The government loans can be used to pay mortgages, credit card bills, health care costs, and other expenses. Government loans are a great debt reduction option.
Debt management plans from Consumer Credit Counseling Services and other third party organizations exist that can help you find solutions to credit card debt problems. These not for profit credit counseling agencies offer a host of solutions, including debt management plans, assistance with negotiating, and information on other programs that may aid you. Find out more.
Free advice from credit counseling agencies is available. Several different organizations, all of which are non-profits, operate across the country. A number of agencies operate regionally as well. They provide a number of low cost or free debt reduction programs, offer ways to improve credit scores, can advice on bankruptcy, offer budgeting services, and in general provide information on ways to gain control of your bills and debts. Find a listing of non-profit credit counseling agencies.
Union members and AFL-CIO debt management plan - Union Plus wants to remind members and organized labor that they offer a debt management plan to help members. Individuals are able to consolidate their bills at a lower interest rate, enter into payments plans, and otherwise get out of debt. They will also reimburse participants in this program some of the monthly fees that may be due. Click here.
Credit card modifications are becoming more common. For example, Bank of America expects to modify the credit card terms of over 1 million cardholders, Chase is rewriting the terms of thousands of card agreements, and almost every other lender and bank offers some form of modifications. It is more possible than ever today to get out of debt with help from credit card issuers. Read more credit card modifications.
Credit card hardship programs are also more widely available. Citibank, Bank of America, Discover Card, JP Morgan Chase, Capital One, GE Money Bank, and others offer consumers assistance with paying credit card bills and their debts from credit card hardship programs. They do not advertise these plans to customers, and there are certain steps that individuals need to take. Find how to get help with paying credit card debt from a hardship program.
Most of the major banks and card issuers are more aggressively offering their own debt reduction and settlement plans for unpaid debt and bills. It is in their best interest to do this as well. Not only are they cutting out the middle man, but they will also receive at least some payments from the customer, rather than nothing. Find a list of credit card company settlement programs.
Many banks and credit card issuers, such as Bank of America, HSBC, Wells Fargo, and Capital One offer consumers their own debt management plans (DMP) as part of the Call to Action. This is a government supported debt assistance program that will reduce interest rates, eliminate fees, and help in other ways. Continue.
Credit card forbearance programs are offered by companies. Once again, the major lenders including Chase, Bank of America, Citibank, Discover Card, and others offer credit card forbearance programs that may allow consumers to delay monthly payments from six months to over a year. These programs may also lower interest rates, reduce a customer’s minimum monthly payment, or waive all fees. But they were really created to provide consumers with more time. Click here for more details on credit card forbearance programs.
Military credit and debt counseling is offered to active service members as part of the Military OneSource Program. The federal government created this program in partnership with non-profits such as the National Foundation for Credit Counseling. Any member of the military, whether active duty or a reserve, may qualify for free advice and counseling. Clients can have a number of financial issues addressed, including excessive credit card or medical debts, sign up for budgeting workshops, credit repair and more. Read Military OneSource Program.
Salary advance or payday loans can be difficult for borrowers to pay off due to their high interest rates and associated fees. Find ways both eliminate and consolidate payday loans. In addition, many states and the government has created laws and rules are put into place regulations that payday lenders need to follow. Read more on the payday laws in your state.
There are several steps you can take yourself to repair your credit scores, even if they are very low. Having a higher credit rating can lower the amount of interest you need to pay on your debts, it allows you to get approved and the ability to take out more loans, such as an auto or mortgage, and has other benefits. For example, a better credit score can even help you land a job. Read more.
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