- Dealing With Credit Card Debt
Do you owe more than you could possibly repay in your lifetime? Looking for a quick fix? Guess what – there is not one.
Now more than ever credit card companies are monitoring how their creditors (that would be you) are handling their ever
increasing debt. Not that it will really make you feel better but according to the Federal Reserve report from August 08,
Americans owe an amazing $969 billion in credit card debt. That rounds up to a Trillion dollars. That is a staggering
number, or it should be. However, it seems that we throw those zero's around so much that the impact is really lost. Where
the impact is still felt is when some of those zero's are on your statement – and I don’t mean no debt, I mean there is a
number in front of those zero's. Ouch!
- Sometimes your debt is a result of poor money habits and lack of discipline, other times it is from job loss or a serious
medical condition. Regardless of why you are in your current bad situation, the credit card companies have heard it all and
are not very sympathetic to your plight.
If you are current on your accounts but know that won’t be the case for much longer, be careful about calling up your credit
card companies and asking them for help. They will likely ask you about your income. If it has decreased since you filled
out your application, and they can see from your credit report that you owe on several cards, they are likely to freeze your
account and lower your limit to just above what you currently owe. They also will likely do that to any other account you have
with them.
If you are late, at least 2 months, you stand a better chance of negotiating, but not much. Banks and other lenders have a
set amount that they will not go below. Fifty cents on the dollar is the lowest I have been able to negotiate. Perhaps if your
negotiating skills are better you can get a better rate.
I wish I had an answer other than increasing your income or cutting back on your spending but with all of the books I have
read and web surfing I have done to keep current on credit, there is no magic bullet.
Linda Adams is an innovative and seasoned facilitator/educator with more than 20 years experience designing and
implementing programs for audiences of all ages. She is dedicated to helping others realize how important their credit is
to every facet of their lives.
Credit Article by Linda Adams - The Clean Credit Queen
Good Day and Good Credit
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Linda Adams, The Clean Credit Queen is not a registered investment advisor and the information provided on this website should be considered educational in nature, but it is not a substitute for legal or professional financial advice. If you believe you need the help of a Certified Financial Planner or other investment counselor, please seek a qualified professional. |
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