Credit card debt eats away at your wealth fast. It is important that you pay this off as quickly as possible. There is a smart way to pay off your credit card debt, but this takes a different approach that saves you big.
Save 25-80% Off Of Your Debt
When you don’t pay your credit card bill for months, the creditor attempts to collect and may eventually sell your debt to a collections agency. The creditor or collections agency will use aggressive tactics to get money from you. At this point, you can negotiate a settlement at a highly discounted rate and in some instances get the debt removed from your credit report. However, it’s much easier to have a debt consolidation company do this for you.
Hire A Debt Consolidation Company
A company such as Debt Consolidation Care can handle everything for you. Companies like these specialize in the following:
- Debt settlement – Negotiating balances for less than your balances
- Debt management – Reducing your monthly payments to an affordable level and paying off unsecured debts (credit cards, medical bills) in 4 to 5 years
- Bankruptcy – Where you can discharge your debts, or be placed on a court sponsored repayment plan
What you would want would be debt settlement. Here’s how it works.
- Give the company a list of your credit card bills.
- Decide on a monthly payment you can afford (you decide, not them).
- Start and continue making those monthly payments you decided on.
- Send any and all debt collection phone calls or letters to the debt settlement company.
- Stick to the plan.
Once your total paid is high enough, the debt consolidation company will begin negotiations on your behalf.
Read This WarningBefore going this route you should know that your credit score is going to drop, but your net worth is going to rise.
Lessen The Impact
To lessen the impact of your credit being affected, be sure to keep at least one account in good standing, if possible. This should be either your longest major credit card account, your major credit card account with the highest credit limit, or your major credit card account that you’ve never made late payments on.
Be sure to always pay the balance off on this card. Also be sure to make all your payments to the debt consolidation company.
As creditors become aggressive and as your credit score falls, the light at the end of the tunnel can appear dim. It’s not. It’s bright and shining on you always.
Continue to track your net worth. It will increase rapidly as you continue to pay off old debts and not accumulate new ones.
You got this!
Our Debt Consolidation Company Recommendation
Debt Consolidation Care. They take care of you.
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