Uchenna Ani-Okoye asked:


Credit card debt relief is what every debt-struck credit card holder is looking for. Credit card debt relief is not just about reducing or eliminating credit card debt; credit card debt relief is also about getting de-stressed. Credit card debt relief is about working for oneself and not just for the credit card debt that you have on you. Yes, it's unfortunate but true. In fact, you can hear statements like 'I have got a better job, now I can pack up my credit card debt even faster'. So, in that sense, credit card debt relief is really about getting your life back on the normal track.

The most important credit card debt relief comes in the form of de-stressing you. Everyone knows about the harmful effects of stress; so, if credit card debt relief means postponing your purchases for later, you should do so. There are no goods out there that can give you as much joy as credit card debt relief can. Besides postponing the purchase of your favourite goods, there are few more things that you need to bring into practice in order to get credit card debt relief.

Most of these credit card debt relief mechanisms advocate restraint spending e.g. preparing a (tight) monthly budget and sticking to it. Using cash instead of card for making the payments for your purchases is another advice. Debt consolidation is another popular way of getting credit card debt relief.

You will find a lot of advice (and you can even hire a consultant) for ways to achieving credit card debt relief. So, there is no dearth of advice on credit card debt relief or credit card debt consolidation or credit card debt elimination. However, what is not so common is the advice on how to act in the post 'credit card debt relief' period i.e. after credit card debt elimination. It goes without saying that if you don't exercise care in the post 'credit card debt relief' period, you might again fall a prey to credit card debt.

So, if you have been refraining from making purchases, you should not, all of a sudden, start purchasing all those favourite goods that you had been avoiding. The recommended guidelines for post 'credit card debt relief' period are not much different from the ones for achieving credit card debt relief.

Here are the top 5:
1.Plan your expenses using a monthly budget
2.Do not buy anything that you don't need
3.Do not go for too many credit cards (just one or two should be sufficient)
4.Always make full payments of your credit card bill and do it before the due date
5.Never use more than 60-70% of the credit limit available to you.

Nathan Dawson asked:


Money is a tricky thing and sometimes can be hard to manage. As many of us watch our debt pile up and the interest keeps accruing it can become very overwhelming and devastating. These factors are magnified by the confusion that creditors create with tricky payment terms and hidden and outrageous fees. Needless to say, when you are in over your head, creditors take very little sympathy for you. They want their money, and they don't care how they get it.
If you are one of the millions of people in this country struggling to keep your head above water it often feels like it's you against the world. When you have severe debt, there are usually two options, enlisting the services of a debt relief organization or declaring bankruptcy. While many of us know the ground rule for declaring bankruptcy, debt relief organizations are still huge benefactors about which, little is known. Debt relief services offer a way out. They can help consolidate your credit card bills, tuition loans, and medical bills all into one monthly payment that you and the debt relief organization set together. If you are in debt this is an excellent way to reduce your debt.
By using a debt relief organization you should no longer receive those harassing phone calls from collectors. The monthly payment is a fixed rate and will never increase. You are no longer dealing with collections or a specific credit card company. The debt relief process works by consolidating all your bills, and the debt relief organization makes an agreement with your credit card company to make the payments upon your behalf. In turn you pay the debit relief organization your monthly payments. Thus taking you out of direct contact with the creditors and reduces you debt faster than you could on your own without interest continuing to pile up.
Your alternate option to using a debt relief service is to declare bankruptcy. By declaring bankruptcy you are protecting all of your inherit assets and stating that you can not pay your debt off. This relinquishes you from debt and without paying back the money you owe. However it is strongly advised not to go this route as recovery from a bankruptcy declaration will take seven years to recuperate from on your credit report. Although it looks like the easier of the two, declaring bankruptcy has severe long term consequences. The chances of you ever having good credit again are nonexistent. It will be extremely difficult for you to obtain a loan or even a credit card. Another thing to take into account is whether you will ever need to make a large purchase such as a car or home. If you declare bankruptcy you are not longer qualified to receive a loan. Though there are a handful of organizations that will loan you money, they will only do so at tremendously high interest rates and sometimes unethical business practices.
There may be other options than these listed here that would require special circumstances and considerations. However these are the general choices you have. By going with a debit relief organization you are ensuring a better future you and your family. Declaring bankruptcy has negative consequences and should be considered a last resort. Remember, working with a debt relief organization should take up to five years to get everything paid off but being debt free is a wonderful feeling regardless on how you get there.

Erine Adams asked:


Struggling to make your payments?  Is it the luck of the draw of who is getting paid next? Finding yourself in a situation when your payments exceed your income can be both frightening and frustrating.  It is important to know the differences between these programs and the long term impact that it can have on your credit.  Stress created by calls from collections departments, arguments with your spouse over what bills should be paid first,  and your families basic needs not being met, can destroy a family.  There are some basic rules to follow to begin to relieve some of the stress comes with financial problems.  We will cover these briefly and offer insight regarding the difference between credit counseling and debt repayment programs.  1. Be honest with yourself and your spouse.  Promise each other that you will remain calm and rational then sit down and list EVERY bill that is owed, note the status and the amount past due.  2. Categorize the debt by order of importance.  List your debt that affects your basic needs first.  Housing, transportation, and utilities would be my primary concerns.  Follow those with anything that is at risk of repossession or being sent to collections.  Then anything left can follow.  3. Get through the toughest day of your life.  Once the debt is categorized and you fully understand where each account is in the repayment process, now it is time to make the calls.  Contact each creditor, be honest with your situation and arrange an acceptable payment plan if possible. Companies lose millions of dollars a year to bad debt write offs.  If they have any business sense, they will do whatever it takes to help you settle the balances.4. Assess your situation once all calls have been made.  Are you still in a position where you cannot meet all of your obligations?  Hopefully not but if you are, read on.There is a huge difference between credit counseling programs and debt repayment programs.  Fees vary and the impact on your credit differs greatly.  Both are run by "for profit" and non-profit organizations.  Don't fool yourself though, they both incur expenses to do business and a majority of the cost is covered by fees associated with their services.  Some companies receive percentage "Kick-backs" on balances that they "help" you settle.Credit counseling are programs designed to assess your debt situation much in the way you did earlier.  After assessing your bills and income, they will provide insights on the best avenues for repayment and may even set up a schedule of payments for you.  You are not contracted with these organizations and because of that, you are completely responsible for the repayment of your debt and managing the creditors calls.  On a positive note, unlike most debt repayment programs, working with a credit counselor does not impact your credit score or credit report.  Their goal is to work through you to help you re-shape your budget in order to eliminate debt, provide relief from the stress being caused and hopefully help you develop good spending happens so that you no longer are at risk for developing bad debt.  I can not stress enough the importance of ensuring the organization you are considering is reputable and offers clear explanation of how they will protect your personal information.Debt repayment programs are a completely different avenue for debt relief.  The services offered range from credit management advice to a complete take over of your debt management.  You will likely be required to sign a contract with the organization, allowing them to negotiate on your behalf over interest, balances, and payment schedules.  In return, the company may assess fees that are charged monthly, generally included in your payment and possibly in addition, percentage fees for the negotiations.  Fees vary and I caution that you fully understand all fees that can be assessed.  I pride myself in being unbiased with the information that I bring to you, but a debt repayment program would be one of the last avenues that I would advise if you are seeking debt relief.  Creditors can and will report to the credit bureaus that you have entered into a debt repayment program.  This information gives the perception that you are no longer able or willing to meet your obligations and can stay on your report for up to 7 years.  The only longer standing hit to your credit with public information is a bankruptcy which will haunt you for up to 10 years.  Depending on your circumstances, each type of program can provide a level of relief in dealing with the debt.  Debt repayment programs are professionals in negotiation, often reaching an agreement with your creditors regarding the amount you owe, interest, and repayment terms.  These programs have the potential of reducing your debt at a greater rate than other counseling programs, but you must weigh the damaging effects that it will have on your credit.  I advise that you make every effort to manage your debt and repayment on your own.  There are many resources available to educate yourself on the best ways to tackle the concerns.  There is nothing wrong with seeking help when you need it.  I would rather see the money spent on fees be applied toward your debt.  Remember that committing to making changes in your spending habits is a great step toward improving your financial health and finding relief from the debt.  Budgeting, spending control, and not procrastinating are all ingredients to the success you deserve.  Start today.

Muna wa Wanjiru asked:


You will see that there are many ways and forms of getting rid of your debts. These routes for the most part will entail that you pay the money that you have borrowed for this purpose. There is however another way that you can reduce your burden of debts. This route is to look at the various debt relief grants from the government that is available from the government.

While you can find different debt relief grants from the government these should be applicable to the debt that you are laboring under. For this reason when you are looking at the different debt solutions that are readily available you may want to have a good idea of how much trouble you are in.

Once you have found the information that you need from the internet you should start looking at each of these debt relief grants from the government individually. Before you start applying for any help from these, be sure that you meet the standards and requirements that are needed.

Seeing to these matters will help you with getting the loan that you need. There is one fact that you should keep in mind. For the most part the debt relief grants from the government are usually provided for companies that need this help, businesses that provide help to other people in the community such as providing low income housing.

A little searching around on the internet should provide you with some information about the different debt relief grants from the government that you can get to help you in your debt crisis even if you are not part of the earlier stated categories.

The nice thing about looking at these debt relief grants from the government is that these loans don't need to be paid back. This route also lets you not worry about any interest that is gathering on these debt relief grants from the government. You also have the freedom of worry from tax payable to these relief grants.

As the government is the backer who is providing this debt relief grants from the government you do need to make sure that you meet their requirements. The first requirement is that you are an American citizen. The next requirement is that you do need help badly. Thirdly you have a good idea of how you are going to stay debt free.

By thinking of all of these items you can decide on the best course of action. While getting these debt relief grants from the government is a step in the right direction you will need to implement the changes in your life to be free from debts.