Credit Card Debt Relief: Exploring solutions from over burdening debt

credit card debt relief exploring various solutions to help you consolidate your debt.

Debt trauma (see page on heat attack and debt) Can be deadly. Even so it is a fact of life today and the number of people carrying credit card debt is increasing.The average debt in each household is between $7,000 and $10,000.

Credit card companies are raking it in with high interest rates. 

Half of Americans have more expenses than they actually make. Unless they seek some sort of credit card relief, the amount of debt will climb. Interest rates are criminal. They really are. Have you looked at credit card interest rates being charged to you?

Whatever reason you fell into credit card debt, there are no easy solutions for credit card debt relief.But there are ways to climb back out of that deep dark hole of mental, financial stress which is DEBT.There are companies that can help with credit card debt relief. Agencies that are helping consumers get back on track with their bills. Get this straight, these are not benevolent companies working tirelessly for your benefit. They are there to make money too. After all, they have to make a living.

Here are ways to get relief from over burdening debt.

Consolidation loan from a bank:

You can manage your debt yourself by taking a big loan from a bank at the lowest interest rate and then paying the smaller debts from that loan. Banks usually offer two kinds of debt management loans:

Secured loans: Need collateral and have low interest rate. this would probably mean taking on a second mortgage on your home. I don not recommend this as your home is your biggest aset and with another loan on it you're biting off a big chunk of this asset.

Unsecured loans: Do not need collateral and have high interest rate, you are already paying high interest rate on your credit card already, so there seems to be no point unless the interest rate is substantially lower.

Debt help from A Professional Debt Management Company

A professional debt management company can give you relief by handling all the issues related to your debt. Here you are getting help with debt consolidation

What to consider In A debt Management Company?

  • Success rate
  • Consumer complaints record
  • Recommendations and opinions
  • Better Business Bureau (BBB) accreditation

Bad debt management has become a major profit making business for many companies

Do not jump into an agreement with any company until you have done your research. You could be facing a scam.

  • Better to Look at their credentials
  • Do a market survey
  • Analyze a company’s reputation
  • Study the contract in detail
  • Follow a proper debt pay off plan
  • Check a company’s accreditation
  • Check the license of the company
  • Maintain records of your monthly payments

A good and certified credit management counsellor will recommend following consumer credit counselling services

Personal budgeting: Managing your money more effectively

Debt management: Consolidating unsecured debt into lower monthly payment over a number of years

Home Equity Loan: Using your home for a loan

Bankruptcy: Is this the way to go?

Credit card Promos: Credit card promos with much lower interest rates, work well for well-organized money savvy people. if you’re not Uber organized and super money savvy then don't do it.

Click here for more information on debt consolidation and credit card debt relief