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Credit card help/relief type services

Discussion in 'Anything goes' started by doubledown68, Mar 2, 2010.

  1. doubledown68

    doubledown68 Active Member

    Just wondering if anyone has used one of these before. I've just sort of reached a point where intest is just killing me. I mean, it has for a while, but it's just not going to get any better unless the interest is reduced/goes away. And really, that's all I want. I got myself into this situation, and I intend on getting myself out. But I just don't want to finance some dude's beach house while I do it.

    Just looking for pros/cons, etc. Please feel free to PM if you wish.

    Grazi, all.
  2. Sam Mills 51

    Sam Mills 51 Active Member

    While I haven't experienced it, I've talked with enough people who have. None of them think the consolidation services are that wonderful, and many of them have disclosed that the prices the companies charge don't allow consumers to save much.

    See if there's a credit card company with a reasonable interest rate that will allow you to transfer those funds. Do so and then commit - as if your financial life depended on it - to paying those debts down.

    If you have more debt that a low-interest card or two can take, then try to commit to paying down some of the smaller debts, making trying to reorganize your financial picture a little simpler as well as giving yourself some of those small victories which will give you the impetus to take on the bigger projects.

    Good luck.
  3. hacksaw2828

    hacksaw2828 Member

    The best thing to do is to go to a credit union where you can get a low-interest personal loan and pay those damn cards off immediately. Then with a personal loan you can at least pay it off at a more comfortable pace with a lower minimum payment and save a few bucks in interest. But always make above the minimum pavement, even if it's just 20 bucks extra a month. You'll be surprised at the end of the year what a difference it makes. Cash, cash, cash is the way to go. I've spent the last 6 months doing nothing except working and coming home and I have cut my debt almost in half. Discipline is the key.
  4. Point of Order

    Point of Order Active Member

    Debt relief is generally a scam. Here's an example of a recent one that was shut down and what they really did. There are different ways they set up, but bankruptcy is going to be the only sure-fire way to know what you're doing with the credit card companies are legit.

    Trying the link again:

  5. farmerjerome

    farmerjerome Active Member

    Quickly, my latest credit card bitch.

    I took Dr. J out for cheap dinner and drinks at bar tonight to watch the SU game, intending to put it on my card (friend dragged me out, Dr. J had to pick me up).

    I went to pay with my card. Denied. Tried again. Denied. A couple of more times. Same result.

    So I called the company, and it turned out my payment didn't go through earlier this month. Didn't go through late -- didn't go through at all.

    I calmly exlplain to the woman that I had paid this credit card like clockwork -- same amount every month -- for years now. Obviously it's a computer glitch. I clearly remember my balance and putting in the payment earlier this month.

    She didn't care, wouldn't remove the late charge, kept telling me I had to check my bank records. I politely told her I couldn't, since it's 9:30 at night and I'm at the eatery. She' says she's sorry I'm unhappy with my service, I say cancel the card.

    I know my credit will take a hit but I'm paying my balances way down at this point and it felt good to tell a company to go fuck themselves. I'm writing them a nasty e-mail tomorrow. I know it won't make a difference, but at least I get the small satisfaction of getting the last word.
  6. Point of Order

    Point of Order Active Member

    If you really feel like doing something about it, don't take the credit hit. Pay what you legitimately think you owe and dispute the rest. Write the credit reporting agencies and monitor your credit report at annualcreditreport.com. If you get a report from one bureau each time you can get 3 free a year. They are required by law to not report negative credit falsely.

    Here are the numbers and addresses for the CRAs to dispute any negative reports:


    P. O. Box 9595 [see note], Allen, TX 75013-9595 Tel: 888-397-3742

    When ordering your credit report, you might be asked to provide the following information: First, middle and last name; current address; previous addresses for the past five years; social security number, date of birth; spouse's name. If you are not entitled to a free credit report, they will charge you a fee around $10 for a copy of your credit report

    Note: Experian has a long history of changing its mailing address periodically, so the mailing address provided may not be accurate.

    P. O. Box 740241, Atlanta, GA 30374-0241 Tel: 800-685-1111

    When ordering your credit report, you might be asked to provide the following information: Full legal name, address, social security number, most recent former address. If you are not entitled to a free credit report, they may charge you a fee around $10 for a copy of your credit report.

    Trans Union
    P. O. Box 1000, Chester, PA 19022 Tel: 800-888-4213
  7. zagoshe

    zagoshe Well-Known Member

    Be like me and pay for everything cash, don't ever go into debt, save 80 percent of your paycheck, live on salad and drive a clunker that you paid less than $50 for and you wouldn't be bitching...[\RickStain on budgeting]
  8. doubledown68

    doubledown68 Active Member

    Solid advice, all the way around. Thanks, guys (and girls?)
  9. Ace

    Ace Well-Known Member

    Transferring the balance to cards with lower rates or 0 percent transfer for a time is a great idea, but companies have gotten so tight with credit you may not have much luck.

    I always hear that the government has programs and that most of the places advertising for your credit card relief business are scams, but I don't know the best place to go.

    I would start with calling your current credit card companies and say that you are struggling to keep up the payments and they may have some kind of deal if you ask. Don't bitch about them jacking it up to 39 percent or whatever.

    They might say they will lower the rate to 3.99 percent if you agree to make a payment of xxx each month and may want to take it as a direct deposit.

    So you can probably work with them to some extent. They are used to dealing with many people struggling and you have some leverage because -- bottom line -- theoretically you could declare bankruptcy and wipe all that out if you were so inclined.
  10. germaine

    germaine New Member

    I would not recommend taking out a personal loan to pay off credit card debt. First, you're changing unsecured debt to secured debt (CC companies can't take away your belongings, they'll just bitch a lot if you don't pay). Second, it does nothing to address the behavior that resulted in CC debt to begin with. Behavior is huuuuge when it comes to handling money.

    Check out Dave Ramsey. Set up a budget, live as frugally as possible (don't eat out, etc, but still allow a small amount of fun money), use cash, and don't use credit cards again.
  11. farmerjerome

    farmerjerome Active Member

    I cancelled the card on the spot. It may have been a rash decision but there is a sort of relief knowing that when I pay this off (I'm in the process of paying off a different card now, I'll just pay off this one) I won't have the choice to run up this one again.

    I fired off an e-mail to them today, going point-by-point. It doesn't matter, but at least I got to bitch.
  12. blacktitleist

    blacktitleist Member


    It will show up on your credit report that you have entered into debt re-structuring if you try one of those relief services. Not nearly as bad as BR, but still not so great.

    Hurts when applying for car loans, mortgages, etc when they see that stuff. Just exercise caution
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