Credit Card Debt Relief Services

Credit card debt relief is a legitimate option when eligible candidates work with a licensed and compliant debt relief company. However, outcomes vary based on individual circumstances and creditor participation. 

Credit card debt relief services can be a good idea for those struggling to manage high-interest balances through standard repayment options. Schedule a consultation for personalized support. 

If you and your former spouse opened any joint credit card accounts or other credit lines – including mortgages and auto loans – then you’ve got to stay on top of these situations. Contact each creditor to determine whether you can convert joint accounts into individual accounts, and make every effort possible to remove your former spouse as an authorized user from any credit card accounts that bear your name.

There isn’t a number to assign to the answer of this question – but rather it is a matter of how you are managing your debt level, the amounts you are paying off each month, and whether you have been using credit cards for extravagances and unnecessary experiences that are truly beyond your means. If you’re paying only the minimum monthly payments, that’s a sign that you’ve got too much credit card debt and insufficient amounts of disposable cash to pay off what is often high interest rate (12-20% or higher) credit card debt. If you’re using one card to pay off another card (exclusive of low-interest rate balance transfer promotions), that’s another sign that you’ve got too much credit card debt. If you’re buying things on credit that you cannot afford to purchase for cash, that’s another sign that you’ve got a bad credit card spending habit in place and have too much credit card debt. Other signs that you have too much credit card debt include when you are denied additional credit when you apply, and when your card(s) “don’t work” at the point of purchase – because the credit lines associated with them are already close to “maxed out.”

Consolidating credit card debt without hurting a credit score is a relatively straightforward process. A debt consolidation loan, such as a personal installment loan – or even a promotional low-interest rate credit card balance transfer – consolidates multiple debts into one single loan, typically resulting in a lower interest rate and monthly payment. Debt consolidation loans streamline the repayment process while simultaneously lowering interest expense and the total amount repaid over time.

Negative consequences result almost immediately following a missed credit card payment. Late fees, an increase in the required minimum monthly payment, followed by penalty APR after 60 days of missed payments – your interest rate can quickly go as high as 29.9%! Interest expense mounts, things get expensive in a hurry, and your credit card billing department will contact you with increasing frequency via phone, text and email. Your credit score gets impacted negatively as the three major credit bureaus (Experian, Equifax and TransUnion) are notified of your delinquency at the 30, 60, 90, 120 and 180-day hallmarks. After 180 days, your credit card issuer will charge-off your account (write it off as a loss) and sell it to a collections agency, who will begin their own steady pursuit of you and the debt. Meantime, since your debt is now over 180 days delinquent, your credit report will bear the stain for seven years, holding back your credit score further.

Structured debt settlement, debt relief and debt consolidation programs can help shorten repayment periods for those who qualify. Taking action sooner can help prevent further credit card debt accumulation. 

Yes, credit card debt can sometimes be negotiated with creditors. Professional debt relief companies handle negotiations based on creditor policies and account conditions.