Several Charge Card Debt Relief Options For People ? Long Live ...

It is no secret, many Americans use charge card accounts and as a result of overuse, many people have found themselves in the position of overwhelming charge card account debt. But, when it comes time to start dealing with their charge card account debts, Americans simply don?t know where to start. What are the options? As the owner of a credit card account website, I am often emailed questions and one of the most common is, what are options people have for credit card debt relief? There are indeed a few options that consumers have when it comes to getting out of charge card account debt. Things like balance transfers, working with our lender directly or even using a third party credit 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 consumers have when they want to get out of charge card debt is to use balance transfer charge cards. These specialty credit card accounts 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 interest rate has proven to be just what thousands of people needed to get back on their feet and deal with their credit card account debts at the same time. However, not all Americans will qualify for balance transfer charge cards. Generally, only Americans with good to excellent FICO ratings will qualify for balance transfer credit cards. So, if you have good FICO scores, this may be your best option. The Americans that don?t have good FICO scores however will need to choose either option 2 or 3.

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

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