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Consolidating Debt? Don't Fight The Credit Card Companies Alone

Mar 21, 2008
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?

Some companies claim to help make deals with creditors and they may be dishonest and try to scam you, but in reality, several companies do exist that can really help to get your financial situation back on track. Many credit card companies will strike agreements with such organizations to waive late fees and charges for being over the limit on the credit card. Your interest rate can be lowered from over $20% to a more reasonable rate of 8% or 10%.

Credit card companies are willing to work with debt consolidation companies in order to ensure that they will continue to receive some payments on your debt. When consumers fall behind on payments, they also move closer and closer towards bankruptcy.

In a bankruptcy settlement, credit card companies receive little or no money at all. Working with debt consolidation companies, the consumer can regain control over their financial situation and credit card companies can hold onto some of the money owed to them.

Trying to call the credit card companies on your own does not typically give you the leverage you need to make the best agreement possible. Carefully look for a debt consolidation organization that is reputable.

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.
About the Author
Debt consolidation isn't the only way to get out of debt. Another effective system for debt reduction is to snowball credit bills. Learn how the snowball method works on the Debtopedia website at http://www.debtopedia.com
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