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A Brief Overview of Credit Card Debt Assistance

by

Kris D. BickellAt some point or another, regardless of how much you budget and cut back on your spending, you may find that you are simply unable to make your debt payments each month. If you’ve tried talking to your lender and they refuse to compromise, it may be time to seek out help from a debt counselor or a debt assistance company.

Here’s what they can do to help with out of control credit card debt:

Negotiate with creditors on your behalf:

Credit card companies frequently work with counselors and debt assistance companies, and phone calls from these third parties will likely be more effective than personal calls from you. By talking with your creditors, counselors and companies may be able to get your interest waived or reduced, get any late or over-the-limit fees waived, or even get your creditors to accept less than you owe to erase the debt. Creditors will likely be willing to negotiate if they know you are considering bankruptcy, which can mean that they will receive nothing at all.

Help you set up a realistic repayment plan:

Using your financial information, credit card debt assistance companies and counselors will help you figure out how much you can afford to pay back each month. You will submit your payments to the company that is assisting you, and they will forward this money to your creditors on your behalf.

Assist with the development of strong budgeting and financial planning skills:

An important part of the services offered by debt assistance companies and credit counselors is helping their clients avoid getting into the same situation in the future. That means developing new financial habits and budgeting strategies. For that reason, many debt assistance companies offer sessions on budgeting and effective debt management strategies which can be completed while the debt is being repaid.

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