Debt negotiation on credit cards is often referred to as credit card debt settlement. Whenever you make a credit card payment- or even pay your utility bills- it usually gets reported to one- or all- of the three main credit agencies. This activity will influence your credit score, which will determine your future credit status. But what do you do, if you find that you can no longer make the minimum payments on your credit cards? If your accounts are behind, or about to fall behind, you can turn to a credit management company, that will help you with your debt negotiation.
When you enrol in a debt negotiation programme for your credit cards, you can stop making payments directly to the credit card companies and begin to pay the debt settlement company directly, which can be a relief in itself and perhaps even help you to save money. The way it works is simple. The debt management company works with your creditors to come up with a lower payoff for your accounts. You, in turn, make one monthly payment to the management company, which holds the money in a trust, making a one time payment on your credit accounts, at the pre-arranged time.
Debt negotiation on credit cards have helped many individuals to find peace of mind and relief from mounting credit card debt. However, it is important to realise that being enrolled in debt management will lower your credit score, whilst you pay back the debt management company.
So, how do you find a reputable firm to negotiate your debts for you? There are many sources to help you get started, such as the Federal Trade Commission. It is very important to remember that you can rebuild your credit in the future, so you should think very carefully about how you proceed with debt negotiation. There are many companies out there that will promise you a clean credit report for a few hundred dollars. Many of these offers are either completely illegal, scams- or both. So, make sure that the company that you will be dealing with has your interests in mind, when dealing with debt negotiation on credit cards.
Jeff Lakie is the founder of Credit Card Resources a website providing information on credit cards.
Having a better credit score not only represents easier access... Read More
You might not know it, but every time you take... Read More
Congress passed the Fair Credit Reporting Act several years ago... Read More
Here's a dirty secret, today's "non profit credit counselors" are... Read More
Bank robbery has grown to become a huge problem in... Read More
It may seem like a simple question but its important... Read More
Credit Scores That HurtIs your credit score being held against... Read More
Now in a world with so many easy to get... Read More
Raising your credit score can be a fairly simple and... Read More
Moving money from credit card to credit card to take... Read More
Get your credit report online for FREE. Many financial advisors... Read More
Chances are you have received your share of "pre-approved" credit... Read More
In the high tech world of today, credit card fraud... Read More
Ah, the sweet rewards of using credit!Not only do you... Read More
As identity theft becomes more prevalent, the need to regularly... Read More
There are a lot of questions about using credit cards.... Read More
A line of credit, roughly defined, is the amount of... Read More
Have you ever wonder about how to get good credit... Read More
In August, 2004, the Federal Trade Commission issued their findings... Read More
Consumers reject financial advice in favour of financial frivolityIt would... Read More
If you want to purchase a new home or refinance... Read More
So you ordered a copy of your credit report to... Read More
There is no end to the amount of pain that... Read More
One of the easiest ways to borrow money of a... Read More
Maintaining your Credit ProfileEvery consumer should be maintaining their credit... Read More
Most businesses want to be able to borrow money when... Read More
Can you establish good business credit if you have bad... Read More
Many companies use the slogan "Bad Credit? No Credit? No... Read More
The economic downturn of the last five years has affected... Read More
I've got some very important info I want you to... Read More
There are multiple reasons that tell us why we should... Read More
Your credit rating / credit score is based upon how... Read More
When you apply for credit one of the first things... Read More
Paying a credit card late fee is the same as... Read More
With all my bills who would possibly want my credit?... Read More
Until recently lawyers for victims of credit damage had little... Read More
"Cut Your Payments in Half!" the headline screams. "Consolidate Your... Read More
If you have considered credit counseling as an option to... Read More
Here's a dirty secret, today's "non profit credit counselors" are... Read More
Bad Debt IdentificationIdentifying bad debt is not as easy as... Read More
TURBO-CHARGED KILLER RATE SAVING INFORMATION!Let's just take a brief moment... Read More
If you begin foaming at the mouth once a month... Read More
It's the number one complaint from consumers and it only... Read More
Negotiable instruments like checks and drafts have become an indispensable... Read More
When you apply for a loan or a mortgage, the... Read More
Credit Counseling and bankruptcy are both ways to relieve the... Read More
You might not know it, but every time you take... Read More
Rewards cards have become the latest rage in the credit... Read More
Having a better credit score not only represents easier access... Read More
Identity theft is the fastest growing crime in America. According... Read More
What is trade credit?One of the major differences between consumer... Read More
In "Become the Squeaky Wheel" a book recently published, Michelle... Read More
In 2003, Congress passed the Fair and Accurate Credit Transactions... Read More
If gold medals were awarded for marketing consistency, the credit... Read More
The all important credit score! It determines the amount of... Read More
If you intend to apply for a loan, you need... Read More
By now, you have undoubtedly heard of credit card fraud,... Read More
A credit score is most commonly known as a FICO... Read More
Identity theft is the fastest growing crime according to the... Read More
One of the biggest problems people have in these modern... Read More
If you are in danger of credit problems because you... Read More
Sure, there are a lot of problems with credit cards,... Read More
Your credit score may just be a little number, but... Read More
Ok, let's face it, everybody hates high credit card rates,... Read More
With interest rates rising, low or zero percent credit cards... Read More
The three major credit bureaus, Experian, Equifax and Trans Union... Read More
Credit |