Consumer counseling credit card consolidating debt

14-Dec-2016 18:11 by 8 Comments

Consumer counseling credit card consolidating debt

Get Financial Help Now Debt settlement is negotiating with creditors to settle a debt for less than what is owed.

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Credit cards are the source of most financial problems for consumers.The pros and cons of debt settlement and debt consolidation vary, especially with regard to the amount of time it will take to eliminate debts and the impact it will have on your credit score. When used properly, either can help you get out of debt sooner and save money. The prospect of paying less than you owe — far less in some cases — makes debt settlement an enticing choice for eliminating debt.It is also a risky one, a debt relief option so fraught with misunderstanding and negatives that most financial experts would recommend it only as a last resort. You, or a representative negotiating for you, make an offer to your creditor to settle the debt for less than what is owed.Credit counselors also can provide solutions that you can take with you after completing the program.The downside on DMPs is that they usually take 3–5 years to eliminate the debt and some people aren’t patient enough to stick with the program that long.For example, if you owed ,000, you might offer the creditor a lump-sum payment of ,000.

If the creditor accepts the offer, you make the payment and the matter , because if you owe more than one creditor, as is often the case, you must go through the process with each one.

So if you are delinquent on several credit cards or bills (e.g.

cable, cell phone, medical, etc.), you will have to negotiate a settlement with each one before you are out of debt.

The average American family has 3.7 credit cards and owes ,762 in credit card debt.

Throw in bills for rent, cable, cell phone, utilities and on and on, and that’s a lot of accounting to keep up with every month.

The pros for debt consolidation are obvious: You are simplifying the process of paying your bills.

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