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Bad Debt Loans -A Four-Step Programme to Eliminate Debts.
Mr. Henderson would often think of times when he had a good
credit history and there would be a long line of loan providers
desirous of offering debt consolidation loans. Things took a
sharp turn after he underwent a few defaults and CCJs. This...
Congress Toughens Bankruptcy Laws but Americans Get Deeper in Debt
ATLANTA, Ga. - Bankruptcies and foreclosures are at an all-time high, and millions of Americans are struggling without success to get out of debt, but help is on the way with a free financial fitness workshop Oct. 22.
Congress has created new laws...
Debt Counseling Solutions for Credit Repair
Is debt counseling a solution for credit repair? Debt Counseling
Services and Credit Services are organizations that are
sponsored by most creditors. Most debt counseling services are
nonprofit organizations; however, there are a few that...
Different Ways Of Dealing With Debt.
Bills, creditors, debt collectors. Are you yearning for the days when all you had to worry about was the money in your piggy bank? If so, you are far from alone. Whether its illness, loss of a job, or simple overspending, it happens to the best of...
Getting Out and Staying Out of Credit Card Debt
Credit card debt is a major cause of over one million
bankruptcies each year. The reason is that many people get a
credit card without researching and reading the fine print. By
the time annual fees are added on, along with...
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Debt Consolidation – Can You Negotiate with Your Credit Card Company?
The average American household has nearly $10,000 in credit card debt, and many people are only able to make the minimum payment of 2% of the balance. Even 2% is $200, and by paying the minimum payment, you could be paying on the balance for decades before you finally pay it off. Since new legislation will make it more difficult to file for bankruptcy, it may occur to savvy debtors to try to negotiate a better deal with their credit card company in order to make it easier to pay off the balance. Is this possible?
It might be possible, depending on your credit history, interest rate, and current balance. Your best bet, especially if you have a history of paying on time, is to simply call your credit card company and ask if they will lower your interest rate. They might, especially if you tell them that you got a better offer from another bank. If you have a history of paying late, however, they probably will not be willing to lower your interest rate. That’s unfortunate, since paying late has probably prompted the credit card company to raise your interest rate in the first place. Still, it’s worth a phone call; you may get lucky.
If you’ve been paying your bills on time, asking for a lower interest rate may be the only option available to you. The credit card companies aren’t going to be too sympathetic to your financial woes if they’re receiving payment on time. On the other hand, if you’re late on your payments, especially if you’re more than three months behind, you may have some negotiating leverage. That leverage comes with a
few strings attached, however. You may be able to negotiate a lump-sum settlement for your outstanding balance, where the credit card company accepts a portion of your debt and writes off the rest. They’re often willing to do this instead of turning your debt over to a collection agency, as it’s cheaper just to settle. The settlement amount will vary, depending on your interest rate, your balance and your payment history. This type of settlement comes with a couple of problems of its own, though. What if you don’t have the money to settle all at once? If you can’t pay your bills on time, you probably don’t have the cash to settle at once. Additionally, the amount of your debt that gets written off will show up on your credit report as bad debt, and that will stay there for seven years.
Your credit card company may or may not be willing to work out a payment plan, but it costs you nothing to ask them, and negotiating a settlement with them may be cheaper for you than if you consult with a debt consolidation firm. If your credit card debt is substantial and you just can’t make the payments, it’s worth a try.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and StructuredSettlementHelp.com, a site devoted to information regarding structured settlements.
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Advertisements Promising Debt Relief May Be Offering Bankruptcy |
Cautions consumers about ads in newspaper, magazine and telephone directories that offer quick fixes for debt problems. |
www.ftc.gov |
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Welcome to Debt Relief International |
Welcome to the web site of Debt Relief International. |
www.dri.org.uk |
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Debt relief steps, your free guide to debt help. |
Articles on debt relief, and credit management and repair. |
www.debtsteps.com |
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Factsheet - Debt Relief Under the Heavily Indebted Poor Countries ... |
The HIPC Initiative is a comprehensive approach to debt reduction for heavily indebted poor countries pursuing IMF- and World Bank-supported adjustment and ... |
www.imf.org |
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Special report: debt relief | Special reports | Guardian Unlimited |
February 6: A year ago the Guardian set out to track the west's promises of action for Africa on aid, trade, health and debt relief. As G8 finance ministers ... |
www.guardian.co.uk |
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Debt Relief Options - Findlaw for the Public - |
Welcome to Debt Relief Options. This section contains information about the ... To begin, select one of the Debt Relief Options topics from the list below ... |
bankruptcy.findlaw.com |
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William Brewer |
The Brewer Law Firm. William E. Brewer, Jr., Attorney at Law Board Certified Consumer Bankruptcy Specialist. 619 N. Person Street Raleigh, NC 27604 ... |
www.debtrelief.com |
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Debt Relief - InCharge Debt Solutions |
There are many ways to get out of debt, for good, and it may be easier than you think. The first step is knowing your options, the second step is taking ... |
www.incharge.org |
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Economic Policy and Debt |
May 2006, IMF And World Bank Support Cameroon’s Completion Point Under The Enhanced HIPC Initiative And The IMF Immediately Grants 100 Percent Debt Relief ... |
www.worldbank.org |
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Economic Policy and Debt - The Enhanced HIPC Initiative |
The Initiative’s debt-burden thresholds were adjusted downward, which enabled a broader group of countries to qualify for larger volumes of debt relief. ... |
www.worldbank.org |
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Debt relief - Wikipedia, the free encyclopedia |
Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. ... |
en.wikipedia.org |
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Debt Analyzer, Debt Reduction Software, Home Page |
Debt Elimination at its best! Potential savings of hundreds or thousands of dollars! Build debt reduction, timed elimination or consolidation schedules. |
www.debtanalyzer.com |
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Superior Debt Relief |
We help you get rid of credit card debt much faster than you may believe possible with credit card debt settlement and negotiation tactics, providing debt ... |
www.superiordebtrelief.com |
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Debt Relief - Social and Economic Policy - Global Policy Forum |
Aid Inflows, Debt Relief Yet to Translate into Reduced Poverty (March 20, 2006) ... Fearing that the IMF could tie debt relief to economic benchmarks, ... |
www.globalpolicy.org |
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Debt Relief - Global Policy Forum - Social and Economic Policy |
Debt Relief - Global Policy Forum - Social and Economic Policy. The Debt Relief Page Has Been Moved to: ... |
www.globalpolicy.org |
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BBC NEWS | Business | Q&A: African debt relief |
BBC News looks at the progress of international debt reduction efforts, and the sticking points which continue to hamper the process. |
news.bbc.co.uk |
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Debt Relief Australia - Start Reducing Debt Today! |
Debt Relief offers Australians in debt assistance with finding the most appropriate debt relief solution. |
www.debtrelief.com.au |
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Debt Consolidation Australia, Debt Relief & Bankruptcy Information |
Specialising in debt agreements, mortgage refinancing and bankruptcy. Company profile, calculators, solutions, media releases, testimonials and existing ... |
www.foxsymes.com.au |
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Oxfam - Debt and Aid - Debt Relief for Nicaragua: breaking out of ... |
Oxfam policy paper on relationship between international debt servicing and poverty. Linked to table of contents and also zipped for download. |
www.oxfam.org.uk |
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What debt relief means for Africa | csmonitor.com |
This weekend's $40 billion debt cancellation deal could spark major improvements in the lives of the world's poorest people. |
www.csmonitor.com |
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