Are you one of the many Americans who are drowning in a sea of credit card debt?
So many people have thousands of dollars in credit card debt and can barely make the minimum monthly payments. Since the credit card companies have increased the minimum monthly payment amount, numerous families have fallen behind on their credit card payments.
When consumers are left wondering what they can do to consolidate debt, they are often forced to contact their credit card company to make payment arrangements. Its not recommended to go about the task of consolidating your credit card debt on your own.
You may have heard about companies that will deal directly with your credit card companies to make arrangements to lower interest and minimum payment amounts. Ads are all over the media talking about these great consumer credit organizations.
Are such companies too good to be true?
Although there are indeed many dishonest companies who will try to scam you, there are indeed several companies that exist that can really help your debt situation. These organizations will strike agreements with credit card companies, waiving late fees and overlimit charges. Your card’s interest rate may also be significantly lowered to a more reasonable rate of 8% or 10%.
A credit card company is willing to work with these debt consolidation companies to help ensure they will continue to receive some money from you. As consumers fall behind on payments, they are inching closer and closer to trouble. When financial circumstances become so far behind, the consumer is more likely to file bankruptcy.
In the case of bankruptcy settlements, credit card companies do not receive money. Therefore, they are willing to work with debt consolidation companies, and assist the consumer in gaining control over their financial situation, thus ensuring they still receive some money owed to them.
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It is not recommended to call credit card companies on your own, for it does not usually give you the leverage you need for the best agreement. Your best option is to look for a reputable debt consolidation organization that can assist you.
You can work towards getting yourself out of debt, and there is no need to do so alone. Find a company that you can trust that will help you secure manageable payments and create a long-term plan to get out of debt.