If you are like most people, you tend to use credit cards foremergencies, sudden expenses, or for doing somethingfun like taking a vacation. Unfortunately, the amount weput on our credit cards can really add up, especially withthere is really high interest charges. When your credit carddebt becomes overwhelmingly high, it often does not seemlike you will ever pay it off. In such cases, there are stepsyou can take to alleviate the debt and even pay it off. If youare in serious credit card debt and are interested inlearning how to get credit card debt relief, below are a fewsolutions that can help.
Negotiate with Credit Card Companies: Depending on yourparticular financial dilemma, you may be able to negotiatewith the credit card company yourself for a better rate.However, you should make sure you do not have a lot ofother debt such as personal loans and multiple credit cardbills. If you have just one or two credit cards, this can be agood option. The most beneficial time to negotiate for alower interest rate on your credit cards is when you’re stillcurrent with your payments and have not fallen behind.
A Credit/Debt Counseling Agency Can Negotiate DebtRelief for You: If your outstanding credit card bills are sohigh you cannot keep up with the minimum payments andthe interest is piling on, it is time for debt relief help. Thesooner that you meet with a debt/credit counselor from adebt relief agency, the sooner you can get things undercontrol and you will also have more options available toyou. It is important to see a debt relief agency that isreputable and established. These debt managementcounselors are professionals at working with creditors tonegotiate a lower payment plan.
Debt Consolidation Program: If you have multipleoutstanding bills such as personal loans and multiple creditcard bills that are really high and unmanageable, you canmeet with a debt management counselor to talk aboutparticipating in a debt consolidation program. Theseprograms are offered by a debt management agency orcredit counseling agency. The program involvesconsolidating all of your unsecured debt into one loan withone interest charge. The debt counsellor will negotiate withyour creditors for a lower payment amount. You will sendyour loan repayments each month to the debtmanagement agency and your debt counsellor will sendthe payments to each creditor. As part of this program, thedebt counsellor works with you to create a soundbudget and you will learn how to better manage yourfinances.
Orderly Payment of Debt Program: If you are a resident ofSaskatchewan, Nova Scotia, or Alberta, you may beeligible for a consolidation order that is called an OrderlyPayment of Debt program (OPD). With this program, youwill repay the whole amount on the unsecured debts thatyou owe which is normally over a three year period. Theinterest rate is fixed at 5%. You will be able to hold ontoyour assets. The creditors must be in agreement and thecourts must approve the OPD program.
Debt Settlement Program: This debt relief programinvolves repaying just portion of what you owe.You propose to your unsecured creditors that you pay alump sum of money in return for the creditor eliminating orwriting off the remaining part of what you owe on the debt.If you’re not able repay the full amount, but you are able toget a lump amount of money that would repay a portion ofwhat you owe, such as through selling a second car, thismay be a suitable debt relief option.
Before you make any decision regarding debt relief, it iswise to speak with a Debt Settlement Specialist from adebt relief agency. There are various fee structuresinvolved with the various plans so you should learn allabout them so you make a more informed choice. As well,make sure the debt settlement agency is licensed andreputable and does not have any issues with the BetterBusiness Bureau. The last few years have been a difficulttime financially for a lot of people. Fortunately, there is debtrelief options out there that can help you get out of debtand start living a debt-free and fiscally stable life.
Helping canadians with debt care and consolidationplans. For further information, click here.