How to fix credit card debt?

Question

my credit card bill have sky-rocketed. and i feel i won't be able to pay substantial amount to keep it down so i've decided to call the credit card company and "come clean" tell them about my predicament..i've somehow saw it once on tv that it can be done..i just missed the other parts though..i think you can have this "settlement" with the cc company...i just wanna ask what to expect with the conversation..i mean, in the end would i benefit from this..meaning:no hidden add-on rate..or is it really their call.

im clueless..please help.

Answer 1

You might need professional debt advice help. Check website like http://oktutorial.com/debtadvice.htm .

Answer 2

dear sir,

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Answer 3

they can freeze your debt. But youre credit rating will be affected badly. So you'll find it hard to get credit in the future.

Answer 4

you ave nothing to loose. But while on the phone ask them to reduce your rate as well and tell them you have offers in the mail to transfer the amount at a --- rate. They have no idea if it is the truth or not

Answer 5

http://www.daveramsey.com

Answer 6

if you "settle" then your account is closed and it still goes on your credit report....if you are current in payments.....keep on paying and try paying half every 2 weeks instead of once per month....this will help... closing the accounts like CCC does hurts your credit score since you no longer have any available credit.  ask for a lower interest rate and get your balances to 50% of your limit.  do everything possible to avoid collections since that will ruin your credit for 7 to 10 years.

Answer 7

Ask your credit card company to reduce your rate first. Then stop putting charges on it or you'll never pay it down. Look and see if there is another company that you can transfer your debt to that has a low introductory rate. This may buy you some time to bring the principal charges down.