Credit Card Debt Help

Many of our clients at Debt800 share a common them. They all have credit card debt! If you have more than $5,000 in credit card debt you are not alone in your situation. Your problem can be fixed but you need to take action to pay down your balances as soon as possible. The ultimate goal is to get your outstanding credit card balance down to zero. Not only are you being hit with interest charges and possible late or over limit fees, but your long term credit score will ultimately suffer as well, as up to 30% of your score is determined by how much outstanding debt you have.


These are your options if you find yourself knee deep in credit card debt:


Pay double or triple the minimum payments. This is the most desirable option. Creditors would like to see you pay just the minimum payments because you will be in debt for years. Feel free to use our interest calculator to see how long it would take to pay off your debt by paying just the minimums. Unfortunately many of our clients are in a position where they can't even afford the minimum payments, let alone double or triple the monthly payments.

Enroll in a reputable Debt Management Program. This is your next best option if you can't afford to pay more than the minimum payments. A Certified Debt Management program will work with your creditors to setup one monthly payment with reduced interest rates on your credit cards. You will get one manageable payment and usually see your interest rates reduced to an average of roughly 10%. This is a great program but it's not for everyone. If you're already behind on your payments you probably won't be able to afford the monthly payments arranged in this program, as they are usually equal to your minimum payments required by your creditors. The benefit in this program is primarily interest rate reductions. Even if you pay just the minimum payment you're going to be debt free in roughly 3-5 years.

Enroll in a reputable Debt Resolution Program. A Debt Resolution program is definitely not for everyone. This program will significantly impact your credit score and you will end up settling out your credit card bills for less than what you owe. However, the program is ideal for someone that is already behind on his or her credit card payments. You're able to work with a company that will deal with your creditors and negotiate settlements where you pay less money than what you actually owe. If you're motivated and on board with the program you can be debt free in 1-3 years and begin rebuilding your credit. A Debt Resolution program is an aggressive option and is only recommended for someone who can't pursue the options listed previously.

Declare Bankruptcy. This is an option only if you've exhausted all previous options. Bankruptcy really needs to be your last resort. Most people think they can file for Chapter 7 but ultimately they have to claim a chapter 13 Bankruptcy. This means that a court will decide an affordable payment for you. Also, as most people know a bankruptcy will destroy your credit for years. However, as mentioned earlier it can be a viable option for someone who is flat broke and owes a considerable amount of money to their creditors.

Blow off your creditors, bury your head in the sand. We strongly discourage this. Your creditors will be relentless in harassing you. Even though you are afforded protections by the FDCPA, there's only so much you can do. Your creditors will call you, send you letters, and ultimately sue you. Assuming the creditor wins the court case they can then apply for a wage garnishment. If you're able to get past all of that you can then just wait out for the Statutes of Limitation to expire. Once they run out the creditors can no longer sue you. However, this could be up to 10 years depending on your state so we don't recommend it!



Here you can take the first step to become debt free. Get past your debt anxiety and recover from large amounts of debt, past due accounts, and collection accounts. We will not only help you manage your debt, but also pay it off faster and wisely with a number of different debt help options. Consolidating debt could be one of the smartest things you ever do. Compare your debt refinancing and debt consolidation options and pay off your debt wisely.


GoDebtHelp Details

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