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Stop your credit card debt now
By plrprousers | July 4, 2009
You didn’t mean to. It may take a long time to realize that you have large amount of debts and there doesn’t seem to be a way out. Always be honest about your financial situation. If you’re like everybody, the thought of not paying your bills has crossed your mind. Before you stop thinking about this, take a minute and see what happens if you do not pay your credit card bill and a better way to manage this debt as the rules so that you avoid bankruptcy and you have no delinquency on your credit card bill.
First, if you don’t pay, unpleasant things will happen like creditors at your door, being reporter to the credit bureau and some legal action against you. You don’t want creditor agencies to call you at home and work, day and evening. You’ll feell like being harassed even if they follow all legal guidelines. After that, your case will be reported to the credit agency and they will add a negative note on your credit score. Not really good, believe me. In the last step, your creditors will fill a legal action against you. As it represents lot of work, they are less interested in the job but they will do it.
Instead of taking this route, why not consider credit counseling, debt consolidation, or debt settlement? Check for reputable agencies that can help you decide what is the best solution for your credit card debt. First, they will evaluate your financial status and calculate how much you owe. To get the debt paid off, you’ll make a small, realistic budget.
A consolidation of your credit card might be suggested to you. This is accomplished by the agency taking your outstanding debts from different cards and either getting you a lower interest rate loan or a new credit card account with a 0% balance transfer fee and lower interest rates. By consolidating your accounts to only one, you have only one lower payment to make.
If your credit cards are loaded, the counselor will probably suggest you a debt settlement. Again, the agency needs to do this for you. They negotiate with the credit card issuers and settle your accounts for a much lower amount. Even if you can do it, we recommend that you use the services of a professional.
It is advisable that you don’t consider don’t paying your credit card bill as an option for debt relief. I can’t lie to you, the process is not a party but it’s better than having a bad credit rating or filling a bankruptcy.
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