debt, credit cards, credit score, credit card debt, debt settlement, debt negotiation, debt reduction, bailout

Now I have only $15,000. Keep reading. Im going to tell you how I reduced my debt by more than 90%, legally, without filing bankruptcy, without destroying my credit score, and saving over $130,000 in the process.

If youre like me, your credit card debt may also come with anxiety, doubt, fear and uncertainty. I was afraid of losing my home and going bankrupt. I was depressed, irritable and unable to fully enjoy my relationships with friends and family. I couldnt concentrate. I couldnt have fun. I was paying nearly $4000 a month in interest, on top of my mortgage and regular expenses. I was constantly worrying about my debt and my future. I was losing sleep. Losing hair. I even lost a girlfriend because I couldnt focus on life when I had so much debt in the way.

Hey Ken, I bought your book almost a year ago, followed it step by step and settled on one incoming phone call, two credit cards totaling $55,000 for $10,000. I refer you to all my friends in need, It really works!! Thanks A Million$" – Sam X. Torrance, CA "I had $235,000 in credit card debt. I was one week away from filing Chapter 7 bankruptcy when I ordered "The Do-It-Yourself Bailout." This book inspired me, and gave me the guidance and foresight to negotiate these balances down to close to $40,000, about 15% of what I originally owed. Thanks Kenny." – Steve, Roundhill, VA "Thanks to the encouragement and information in your book I’ve recently settled $54,000 of debt for $15,000." – Mark D., Los Angeles, CA "I bought your book and have been following it to the letter (!) with two credit cards that I’m unable to pay due to a 40% pay cut. The first one just… Read more…

If you are one of the many North Americans that has credit card debt, you know how easy it can be to get deeper and deeper in the hole. The most common way to get yourself into trouble with your credit cards is by not paying the full amount each month when the bill arrives.

As time passes by, your debt has increased exponentially. Up and up it goes with no end in sight. You try to dig yourself out by the interest rates are making it impossible. 50% or more of your monthly payment could be interest, So what can you do? Make a phone call.

Yes, give them a call. Tell them that you are trying to be more aggressive in paying off your debt and can they give you a break on your interest rate. Tell them that you have been a good customer, always make your payments and want to remain a loyal customer and can they please give you a break.

Don’t take no for an answer, keep on them. Do not be rude or pushy but be persistent. If you keep at them, they may just lower your interest rate a couple points and if they do, that couple of percentage points can make a huge difference in how quickly you can pay off your debt.

Let’s assume you have $7,500 in credit card debt at an interest rate of 16 per cent. You can afford to pay $250 per month on your bill. At this rate, it will take you 39 months to pay off your debt and you will pay $2142.10 in interest alone!

If you can convince your credit card company to lower your rate by just 4% our numbers change. Now it will take you 3 months less to pay off your debt and your total interest payments go down to just over $1400. Now, increase your payments to $300 a month and the results look even better. Now you will only take 29 months to be free and clear and will pay under $1200 in interest!

The one thing you cannot do is make the minimum payment. This will kill you. If you only make the minimum payment of, let’s say $150 and your interest rate is 16 percent, you are now looking at 300 months to pay off your debt…and total interest of over $12,000.

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categories: debt consolidation,credit reduction,credit score,debt reduction,debt relief,debt consolidation companies,finance,home

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It may be prudent to attempt several easy solutions first before you start searching for organizations or companies providing credit debt help.  First of all, you have to examine your expenses and find out if there are any items that can be discontinued because they are not necessities.  This may be the easiest way to get out of debt because you have complete control over this although it may require some sacrifice.  Another way to solve the financial problem is to ask for a loan from family members.  However, it is important to note this loan from a relative will need appropriate documentation to ensure that he or she will not be required to pay income tax for an implied interest or a gift tax if it is not considered as a loan or no interest is charged.

Another potential easy solution that you may consider before locating credit debt help is by obtaining a debt consolidation loan or applying for a 401(k) loan.  You may be able to consolidate your different credit card loans by using a balance transfer card that offers a low interest rate at the start.  However, you will need to check that the balance transfer card’s normal interest rate after the introductory period has elapsed will not be larger than the rates that your original credit cards carry.  Another way is to get a home equity loan if you have already accumulated substantial equity on your home.  

If you still think that you will require credit debt help after attempting the above recommendations, it is time to search for a credit counseling service.  It is advisable to begin your search with non-profit organizations that provide this type of service.  However, it is important to remember that just because they are non-profit means that they do not charge any fees.  It is also advisable to check on their joining and monthly fees and their privacy policy.  It is also essential to ask beforehand the exact nature of the services that they will provide, such as budgeting advice, a debt repayment plan or counseling.

After registering for this type of credit debt help service, you will then discuss the amount that you will be paying each month with your assigned counselor.  You will then pay this amount every month to the service provider and it will be in charge of paying your various creditors.  The immediate benefits are that you only need to issue one check to the service provider instead of one check for every creditor and that the irritating phone calls from the creditors may stop. Check out http://thedebtanalyst.com for more information