Credit Card Debt -- Personal Finance / Debt Management

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Subject:

Credit Card Debt

Author:
Christina Athens

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Date Posted: Wed, Aug 04/04, 09:02:am

How much is too much debt?

Are you borrowing from 'Peter to pay Paul'?

Are you making only the minimum monthly payment?

Is most of the monthly payment being applied to finance charges only?

Are you receiving calls from creditor's or collection rep's?

Are you wondering about your options to clear up this debt?
You could stuggle to pay off this debt. But keep in mind that a simple $8,000.00 debt can run as long as 21 years to pay it off. A revolving credit card account with a monthly high periodic rate is rather costly.

You may have even kicked around the thought of bankruptcy. Filing a chapter seven would mean almost instant debt relief, no collection calls, no more monthly payments.
But this will stay on your credit report for a minimum of 7 years and you will have to inform any future creditor, employer, insurance salesperson that you filed for bankruptcy.

You can file a chapter 13 bankruptcy which would allow you to repay a portion of your debt. You will work with a court appointed trustee who will handle your case from start to finish. This action will stay on your credit report for at least 7 years because you did not repay the original debt.

You could use a Consumer Credit Counseling company to assist you in lowering your monthly payment to the creditor. This course of action would also involve the creditors lowering your annual percentage rate so that more of your monthly payment is applied to the principle. The creditors will also, in most cases, eliminate late, over the limit and late fees, which can save a typical cardholder about $105.00 a month if that client is behind in making payments. A legit CCCS will not require one months payment upfront, for fees,for services rendered. All monies of your monthly payment will be applied to your creditors.

Of course, check out any potential company with the Better Business Bureau and ask the company for references.

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Replies:

Subject	Author	Date
Re: Credit Card Debt	kgoQNpqwYD	Tue, Sep 19/06, 08:31:pm


Re: Credit Card Debt	jbIvBscuAW	Sun, Sep 24/06, 07:52:am