Several Charge Card Debt Relief Options For People - iWebdeveloper

It is no secret, many people use charge card accounts and as a result of overuse, many people have found themselves in the position of overwhelming credit card debt. But, when it comes time to start dealing with their charge card debts, people simply don?t know where to start. What are the options? As the owner of a charge card website, I am often emailed questions and one of the most common is, what are options consumers have for charge card account debt relief? There are indeed a few options that Americans have when it comes to getting out of charge card debt. Things like balance transfers, working with our bank directly or even using a third party charge card account debt settlement or consolidation company might be what Americans need. Here are the different options and who they are right for:

#1: Balance transfer charge cards: One option that Americans have when they want to get out of credit card debt is to use balance transfer charge card accounts. These specialty charge cards come with low promotional interest rates often times as low as 0% for anywhere from 6 to 18 months. This period of time with no APR has proven to be just what thousands of consumers needed to get back on their feet and deal with their charge card debts at the same time. However, not all people will qualify for balance transfer credit card accounts. Generally, only people with good to excellent credit scores will qualify for balance transfer charge card accounts. So, if you have good credit ratings, this may be your best option. The people that don?t have good credit ratings however will need to choose either option 2 or 3.

#2: Work directly with your lender: Another option that consumers have when it comes to getting rid of charge card debt is to work directly with their credit card account banks. The truth is, most lenders have started to offer financial hardship programs to consumers. As a result of the financial recession that our entire country just faced, many lenders have provided these credit card account hardship programs to people as a way to help them get back to normal. Most financial hardship programs are designed for those people who can?t quite afford to pay their charge card bills each month but are not yet thinking about bankruptcy. The consumers that are thinking about bankruptcy should use option 3 as a last resort, all others should try to work with their lenders first.

#3: Credit credit card account settlement or consolidation: Finally, an option that consumers have to get out of charge card debt is charge card account debt consolidation or settlement programs. However, I only advise these to those people who are strongly considering bankruptcy. These programs provide consumers with a great last resort when it comes to dealing with their credit card account debts. These special programs will help to consolidate all charge card payments into 1, reduce the APRs that Americans will have to pay and in some cases reduce entire balances. However, people should remember, these programs detrimentally effect FICO scores in many cases so, consumers should think twice before entering into a program like this!

I hope that I?ve answered any questions you may have had about this topic. For more information on this topic and other personal finance topics, please feel free to click one of the links below!

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Source: http://iwebdeveloper.co.uk/2012/08/30/several-charge-card-debt-relief-options-for-people/

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