Global Debt Systems.com Launches Consumer-Focused Credit Counseling PR Web (press release)
Minneapolis, MN (Vocus) August 24, 2010
Global Debt Systems, a leading training services provider to consumers and debt settlement industry professionals, has launched a new series of online courses designed to empower credit consumers with the skills and knowledge to negotiate with lenders and improve their credit scores. More consumers are struggling with credit issues today than at any time in our country’s history, yet government legislation and regulations are making it more difficult to find help. Global Debt Systems has developed a comprehensive information portal and credit community where members can research credit options, share information with each other, and track their progress through a debt settlement negotiation.
Until now, consumers looking to resolve credit issues have been at the mercy of bank-funded non-profit credit counseling organizations, unscrupulous debt settlement companies, or high-priced private attorneys. Too often, those representatives took advantage of vulnerable consumers by charging outlandish fees without delivering the credit relief sought. Global Debt Systems believes consumers are capable of negotiating for themselves, if they have the knowledge and tools to execute the process.
Thrift Savings Plan Webcast
Information for federal government workers about investing in the Thrift Savings Plan.
Credit Card Debt Settlement When You Cannot Pay Your Bills
Reader Question: I am in financial crisis and cannot pay my overdue credit card bills. Is there any way the card companies will lower the interest rate or let me pay less? Or will they be able to settle in some kind of way?
There are always ways to settle credit card debt. Just keep in mind that any form of debt settlement will have a negative impact on your credit score. Anytime you hear the word "settle" used in this context, it means you are paying less than the full amount owed. For many people, this ends up being the only viable option. And if your credit score is taking a hit anyway (from all of those overdue bills), then a credit card debt settlement may be something to consider.
I usually recommend settlement as a last resort, or at least a secondary option after you've tried other things. The first and best step is to come up with a budget that allows you pay your credit card balances in full. But when the debt becomes too large, with too much interest on top of everything else, this can sometimes be difficult.
Credit card companies will often agree to settle the outstanding debt in some way. In their eyes, some kind of payment is better than none at all. Often, this type of settlement involves a lump sum payment or monthly payment plan on the part of the customer, and in exchange the card company will waive some of the fees and/or interest. In some cases, the fees alone can account for 30 - 40% of the overall balance, so it's a pretty significant reduction on their part.
If I had to create a scale of best options to worst options for handling credit card debt, it would look something like this:
Best option - Managing finances to avoid debt accumulation.Second best - Creating a payment plan to pay down the debt.Third best - Settling the credit card debt in agreement with the card company.Fourth best - Filing for bankruptcy.Worst option - Ignoring the problem altogether.
This shows you where I would...
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Debt settlement - Wikipedia, the free encyclopedia
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1099 c cancellation of debt form - Debt < BondsDebt.net
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