Free Debt Information

When you find yourself in mounting debt and you are finally ready to start digging yourself out, the first step is to educate yourself. Credit card debt information is easy to find, but it is important to get as much information as you can before making any final decisions on debt alternatives and solutions. There are a variety of debt resources as well as debt information to help you begin your education.

Since consumer debt information is abundant it can take a while to get through it and find an educational resource you like and feel you can trust. However, if you want to make a difference in your financial future, it is important for you to spend the time to learn as much as you can. This is your money we are talking about. The people who get scammed by shady debt relief companies are often the ones who did not take the time to learn about the various solutions, their benefits, and drawbacks. Understand, there is no free lunch in any debt relief process, it takes some discipline and requires some sacrifices. The more you know, the better questions you will ask, and the less likely it is that you’ll find yourself in worse trouble because you picked a bad debt relief company. There are good reputable debt solutions available to help you.

You are not alone. Read through my credit debt information to get an idea of what solutions may be best for your situation. Only you can make the determination but the more you know the quicker you’re likely to be debt free. I put together hundreds of pages of debt relief information on this site to help you.

Dear Scott – Due to medical issues my financial situation has become rather dire. I have 2 credit cards which hold the majority of my credit balance of approx 83,000 dollars. If I could get the companies to settle immediately and at a percentage of 35 to 40 – I could get at the funds..what are my chances and what kind of business vehicle could achieve this without charging me 15% for a short term negotiation? Thanks – D

Your question is a valid one and one that I hear often, namely, can I avoid

I’m making monthly payments on time to the credit card cos. MY credit score is or was 754 but my debt to income is a problem. I’m seeking help now before it gets worse if the finance charges go up, I’ll drown. How do you keep your credit good, keep one card for emergencies, and get rid of the debt?

Thanks for the question. I wish I had a ingenious

Should I close my credit card accounts before being late to avoid fees being added on during the settlement process?

You should follow the instructions of the settlement company you use to a tee. They will let you know exactly what to do and when in order to make the process go as smoothly as possible. Thanks.

i just lost my job. i have a mortgage payment and a line of credit. the company has gone out of business and i need to lower the rate on the line of credit from the 15.999% no matter how many payments have been made the finance charges keep going up. now i am going to be on unemployment. the credit line is 15,000.00 can you help?

I am very sorry to hear about your situation. I am not certain

Hey, Scott, a couple months ago I contacted a company based in FL to help me with my creditors with the amount of 18000 in debts. I dont think they are helping me. what can I do?

If you feel uncomfortable with how things are going with your debt relief company

Would it be to my advantage to do consolidation even though I will be paying more each month than I plan doing it my way even though it would reduce the years to pay off the remaining cards. Im still not sure if the company is trust worthy because my research does not come up with them search or the BBB.

This question is in regards to

If you have good credit and pay all cc compamies on time & you only are late on 1 card for 4 days and they up the rate from 8.99 to 32.9 what can you do about it besides calling and complaining every month. / If you are trying to re-finance to pay off high interest rates but want to keep the cards that are low interest rates , can you do that. I don’t want my credit score to go down if I deal with a debt relief agency???

Unfortunately credit card companies have had the right to dramatically increase interest rates as a result of

I have 55,000 in credit card debt and due to hardships am struggling to pay bills. Do I have to be behind in payments in order to get help? I am not behind yet but will be soon.

It really depends on the type of debt relief you choose. With a debt

We are in debt but are not in arrears. We have worked very hard to keep our debt current. It seems to be taking forever. Is there help for people who are doing all the right things?

Non profit credit counseling agencies often offer advice on your options one of which is

Using a Professional Financial Debt Solution – What Tax Effects?

You must be aware of tax effects of the solution you select. Yes, depending on the type of financial debt solution you choose based on your situation there may be tax consequences. For instance, there are no tax changes for you if you enter into a debt management program as that is a process that more »

How Do Consumer Credit Debt Counseling Companies Work With My Creditors?

The two primary forms of unsecured credit card debt relief are debt settlement and debt management. The latter is a service offered by consumer credit debt counseling companies who work very closely with the credit card companies to develop programs that allow you to repay what you owe over time. These programs include creating a more »

all these credit help companies talk about lowering your credit or cutting it in half with all the stimulus package the government has given to the banks, that that savings are being passed on to their creditors?

This is an interesting point and one that I’ve been hearing a lot lately…Namely that somehow the government stimulus

considering debt settlement … they want me to open a seperate checking account … is that normal ?

Typically debt settlement companies will request that you make your payments into a

DEar Scott: If I decide to join the program on debt relief. Would I be able to apply for a student loan as guarantor to my Kids?

Most debt relief programs affect

Hi, Recently I got a letter from a debt relief company. I called the tel no. But I have no idea what is all about. At first I presumed that I will be paying them to pay off my credit card in 58 months. I have no idea what was all about. I got limited knowledge what to ask questions and we were talking about the amount I can afford to pay monthly. I was procedded to another person via phone from another State to signe a contract. As I read the contract via email I have some doubts which I was not sure I will agree,while It was to be explained to me the detailed. But the thing is I have not come back and the works as an administrative has not call me back to expain the contract and I decided to consult to my Attorney and the contract were copied and sent to my Atty. I decline the offer until today I am learning your website and the lists of co. given by my Atty. within the state. I am thankful I got to learn many things. What can you say about my situation? Thank you. from Virgil

Hello Virgil….It sounds like you did

I am approximately 5 months behind in credit card payments. I am trying to pay them, but have found myself over my head and frustrated. My paycheck is too small to beable to pay them. I am looking for other options but have not found one. My credit score is low because of not being able to pay on time. I have creditors calling and don’t know what to do. I tried looking into a credit counselor, but they told me they cannot help me because I dont make enough to even begin to consolidate. They gave me one option, file for bankruptcy. I don’t want to file for it makes it harder to even fix your credit problems. It is like a dead end for a long duration of time. Do you have any suggestions?

Unfortunately, your situation typifies what millions of people are now facing in terms of

I have been talking to two different debt relief companies with 2 largely 2 different payment plans. Just wondering if the one is too good to be true. one company has plan to pay the principal without the interest, while the other has plan to pay whatever deductied amount the credit co. will agree too( that is the cheaper payment option for me). I have been trying to check out the companies and have been unsuccessful. Any suggestions?

It may be that you are speaking with 2 different types of

If a company takes the 15% fee up front within the first 12-18 months from your escrow account which basically leaves nothing in there by the time of settlement. Does that sound right to you?

15% is the standard fee in the industry and yes some companies do try and

We are currently in talks with a debt reduction company. They are claiming that they can reduce our debt by 50%, but for the next two years our credit score will suffer and we will be hassled b creditors. Is this a viable option to get out of debt as quickly as possible?

If you want to get out of debt as quickly as possible, debt reduction through a debt settlement company is often

I read a question from someone about the BBB rating of a debt company, what are some other ratings, there are other ratings called TASC and International Assoc. of Professional Debt Arbitrators? Are these good associations to judge a company by?

Basically there is no rating system that’s adequate to help you select a debt relief company. The BBB is good in my opinion not for its letter rating but instead for knowing the

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