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Credit Relief – Three Tips For Getting Relief From Credit Problems

Woman holding glasses in right hand with left hand to her head looking worriedIs your goal to get rid of your credit problems? If so, we can certainly understand. Being seriously in debt is no fun at all. In fact, it can turn your life into a living nightmare. If you’re not already receiving calls from debt collectors, you probably soon will. For whatever it’s worth, you’re in good company. There was a report released recently that 30 million Americans have debts subject to collection. This means if they’re not already being harassed by debt collectors, they soon will be.

Tip #1: Consolidate those debts

Are you making payments on multiple credit cards, personal loans and/or medical bills? Then you’re probably being eaten alive by interest charges. Make a list of those credit debts, along with their interest rates. You’ll probably find your paying an average of 20% or more APR. If this is the case, you would be money ahead to get a debt consolidation loan and pay off all those debts. For example, you might be able to get a second mortgage or home owner’s equity line of credit at 8% or less. This would not only save you money but you’d have only one payment to make a month. And trust us. It’s much easier to keep track of just one payment then the half dozen or more you may be making now.

Tip #2: “Snowball” your credit card debt

If you do have multiple credit cards, you may be able to use a technique called “snowballing” them. Again, you will need to make a list of all your credit card debts, along with their balances and interest charges. Pick the card that has the highest balance and start paying it off as quickly as possible. You may have to scrimp in order to do this or even take on a second job. And you will need to keep making the minimum monthly payments on your other cards. When you pay off that first card, this will free up money you can use to start paying down the card with the second highest balance and so on. Alternately, you could begin with the card that has the lowest balance as you should be able to get it paid off fairly quickly, which can be a great motivator. Of course, once you get it paid off you would then move on to the card was the next lowest balance.

Tip #3: Try negotiating with your creditors

If reducing your spending, earning more money or “snowballing” your credit debt isn’t enough to solve your financial problems, you could start contacting your creditors. The idea here is to see if they would be willing to negotiate with you for more affordable debt payment plans or reduced interest rates. While the idea of talking with your creditors may not seem very attractive, it is certainly better than having to deal with threatening calls from annoying debt collectors. Of course, not all of your creditors will agree to negotiate with you. But if you’re behind in your payments and can show that you’re honestly struggling with your debts, many of them will agree to work with you. You might ask for a total “timeout” of two to three months to catch up with your payments or several interest free months. You might also ask for a reduction in your interest rates, which could also help you get current on your debts.

If you just can’t face your creditors

In the event you feel you just can’t face your creditors and that you’re not a very good negotiator, a better option might be debt settlement. This is where you contract with us to negotiate with your creditors on your behalf. We’ve helped families save thousands of dollars in debt reduction and with affordable payment plans. Call us today or start a chat so that we can explain debt settlement and how we could use it to help you find relief from credit problems.

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