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HomeBlog Debt ConsolidationCredit Card Debt Consolidation With Bad Credit
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Credit Card Debt Consolidation With Bad Credit

May 2, 2012 by Adam Tijerina

You’d love to pay off your debts but you have bad credit. This may not even be your fault. past due bills leads to debt consolidation with bad creditYou may have lost your job and have had to use credit cards or borrow money just to get by. Or someone in your family may have had an emergency medical condition that resulted in high medical bills being unable to pay off.

Almost everyone has a problem with debts at one time or another. It has been reported that American families are not carrying $19,000 plus in debt and you can guess that many of them now are also struggling to achieve credit card debt consolidation with bad credit.

There is no miracle cure

Have you seen ads for credit repair companies that promise to get your credit fixed–100% guaranteed? Or that claimed they could get bad credit reports erased?

Don’t believe them. In fact, they are probably scams. The fact is, nobody can remove negative information from your credit report that is accurate. If you find there is information in your file you believe is not true, you can ask for it to be investigated. You will not be charged for this but if it turns out the information is accurate, it will stay in your file. If you have filed for bankruptcy, this will stay in your file for 10 years, as will any accurate negative information.

There are three credit reporting bureaus: Experian, Trans Union and Equifax. All three keep track of your credit history by accessing information from those companies with which you do business–banks, credit unions, credit card providers and any others that provide you with credit. Once a bankruptcy, judgment, lien or bad loan goes on your credit history there is nothing that can be done to erase it – unless you can prove it was false – which may not be easy.

Your alternatives

If you do have bad credit, one good alternative is to go to your local consumer credit counseling agency. One of their counselors will analyze your finances and develop an affordable repayment plan. She or he will contact your creditors to convince them to accept the plan and usually at lower interest rates. Assuming that all your creditors agree to the plan, you will then send a payment monthly to the consumer credit counseling agency and it will pay your creditors. This is one option for debt consolidation with bad credit

Debt settlement

If you choose debt settlement, the company or law firm you select will negotiate with your creditors for a lower payoff amount and reduced interest rates. This usually means you’ll have to find the money to settle your debts, which the company or law firm will then put in trust until all your credit card debts have been paid off. Of course, the big issue here is where do you get money to settle those debts?

Bankruptcy

Of course, the ultimate way to get credit card debt consolidation is by filing for bankruptcy. If you have assets you want to keep, you can elect to file a Chapter 13 bankruptcy. This gives you the opportunity to reorganize your debts and pay them off in anywhere from 3 to 5 years. A Chapter 13 bankruptcy is often called the “wage earners” plan because it allows you to keep your properties and your income stream. However, the type of bankruptcy chosen by many American families is a Chapter 7 that allows you to discharge your credit card debt and other unsecured debt. However, you could see some of your assets seized.

Debt relief

Even if you have bad credit, you may be able to achieve credit card debt consolidation through a technique called debt relief. This is where you hire a company to negotiate debt settlements with your creditors where you get as long as 24 to 48 months to pay off your debts. A skilled and experienced debt relief company such as National Debt Relief should be able to negotiate a settlement that would reduce your debt to a fraction of what you owe.

Do you qualify for debt consolidation?

Adam Tijerina
Adam Tijerina

Adam Tijerina is a personal finance expert for National Debt Relief, a BBB A+ accredited business offering debt settlement services since 2009. Adam knows a thing or two about debt resolution after successfully settling $43,250 in credit card debt on his own. He has also co-authored two books about overcoming adversity and has been featured on Credit.com and USNews.com. Adam holds a Bachelor’s Degree from Trinity University and lives in Texas with his wife and four children.

Follow Adam Tijerina: Linkedin

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By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
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"National Debt Relief is like a headhunter. Until you sign up..."

Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/24/2021 Charlotte: Before I begin, I have to let you know that our call may be recorded. Can you tell me, how did you first hear about our National Debt Relief? JOAN: Oh, I don't know. I don't remember. I don't know how I heard about it. Charlotte: What made you decide to work with them? JOAN: Well, obviously, I needed to consolidate my debt. Charlotte: Tell me about the service program that they provided you with. JOAN: Well, I'm not done. But for me, it’s costly. What I did not like about it was that they add on. They say it's going to be X amount of dollars. But then what they do is they say, “Oh, well, we found another creditor that you need to…” So that'll be at a different part of the month and I don't like staggered bills. If I'm gonna pay a bill, whether it's to the phone company, the insurance company, whatever it might be, I want to pay that bill once a month. That's the only drawback. Charlotte: So let me get this. Normally, they are collecting the bills upfront. And then they work to get them paid off at a different rate. So everything wasn't collected all at once, if that's what I'm hearing correctly. JOAN: No, no, no. Every month, money is taken out of your account. And they pay X amount of dollars. Like let's say you owe $5,000 with Citibank, $500 in Credit One, whatever. They work out a deal with them and then they say, “Well, you have to pay $350 a month.” And they'll pay $20 a month towards -- they give you like around about how long it's going to take. Two years, two and a half years. And then they work it out that way. Charlotte: Now, what did you think about your negotiator? JOAN: I don't know. I just called up. It's a completely different department. So when you call up to sign up, it's very different. I don't remember that. It's just that they collected all the information. It was easy for me. I didn't have to go through and find whatever bills I wanted to put in the debt relief. They did that. Charlotte: So say you have questions or concerns. How did you get your questions or concerns addressed? JOAN: I would just ask and they answered it. They're very helpful like that. They'll answer any questions you have. And if they don’t know, they will find out. Charlotte: So was there not a particular person that you spoke with? JOAN: No, you don’t have one person that you deal with that just handles your account. Once you do – they’re like headhunters. Until you sign up, you're going to have that one person and even other people calling. Once your name is out there, they're going to keep calling you. So, once you sign up, then it's whoever answers the phone. It’s customer service. Charlotte: How comfortable did you feel working with National Debt Relief through this process? JOAN: I felt very comfortable, very safe. I was not worried about anything. Charlotte: Is there anything about this process that you would have liked to seen handled differently? JOAN: Yes. The way the payments come out. I'd rather have them one instead of … Charlotte: Everywhere. JOAN: Right. Well, not everywhere. For the most part, the bulk of them were. But then if there's one here, one there, they don't just extend it to another payment. And then the payments change, like the payment amount. You could pay $20 for six months, and then all of a sudden, it's $80 for the next three months, so you really don't know. Charlotte: So if you have to rate this experience on a scale of one to five, five is you’d recommend to friends, one you're pretty dissatisfied… JOAN: No. I would definitely recommend it to a friend. Charlotte: How would you say working with National Debt Relief has impact your life? JOAN: Well, it did help until I hit a speed bump. I'm in the middle of a divorce and my husband closed our checking account, of course. But so far, as a matter of fact, that's why I thought you were calling. I have to postpone the next month, so hopefully, they'll be able to postpone it, because I've been postponing it for a few months. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? Because you did give us some really good feedback. JOAN: Yes, but not using my name. Charlotte: Okay, I will make it anonymous for you. I will also send over a link so that you can have it as a record for yourself at jdola20@yahoo.com. JOAN: Yes, but do not put that public. Charlotte: Oh, no, no, no. That doesn't go public. Definitely. How would you say working with National Debt Relief has impact your life. JOAN: Well, really, it would have helped if I could have stayed on the program. Charlotte: We’re recorded.

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