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.

If you sign up with a “so-called law firm” that handles these debt negotiation programs, how do you know that your credit card co. is even for sure going to settle with them???

There are no guarantees with any negotiation process and that’s the case as well with

I am $42,000 in credit card debt. I pay about $1100/month in credit card payments. Most of these are just minimum payments. My paycheck is mainly to pay off these cards where my husband pays everything else. We have recently put the house on the market to pay these off, but the market is so bad, we really can’t count on the money from the house. Not enough equity in the house either for a home equity loan. I have considered debt negotiation, but is that the route you would suggest?

Debt negotiation (settlement) is intended for those who:

HI SCOTT: My wife and I both got divorced from our former spouses in the early 80’s, sold our houses and bought a new house together in 1997. All 6 kids have graduated from high school and 5 have graduated from college. Our divorces created…(cont.)

Question Continued…financial hardships on both of us that resulted in credit card debt. When we bought

We did a short sell 3 years ago and then mortgage co. financed the remainder. We paid on for 3 years at $210/mo and paid on time. Rec’d letter last August from mort. co. stating “exciting opportunity”, send us a money order or wire within 14 days and we’ll waive 90% (cont…)

Question continued…: of your balance

My husband is self-employed and I’m not working. So far we’ve been able to pay our bills, but he only has a week left with the company he has been sub-contracting for. I have $40,000 in a 401k which is our only savings left. We have $55,000 in combined credit card debt. My mortgage is a neg am fixed at 6.50 with 2 years left, but I can only afford to make min payment, so $20,000 has been added to the original principal balance of $500,000. We won’t qualify on a full doc loan to refinance. I have a free and clear rental in Nevada, but would take too much money to fix up and sell and would rather wait until market is better. How do I reduce credit card debt and modify my mtg if we aren’t late and can’t qualify?

I am not sure why you do not think you can qualify for

I have 18k in debt…

(a total of 3 credit cards, one a business credit card and the other 2 personal credit cards). I’m self-employed. I live in Texas and was hit hard by Hurricane Ike. As a result (cont…)

Please explain how the $$$ saved can be taxable when it is not income? If I owe $50,000 and settle for $25,000, how can they tax the 25,000 saved when I have not claimed the 50,000 as an expense? What am I missing?

This is a great question and yes your logic is 100% correct however, the

Why Can’t Debt Settlement Companies Tell You Exactly How Long Their Program Will Last?

Debt settlement is a negotiation process and until an

While making my monthly payments to the debt settlement, will my balances still be open on my credit cards that are part of the settlement, and thus have interests and fees accruing on them still?

Yes, you will still be accumulating interest and late fees on your cards during

My question is: what is the difference between companies that say they can provide no legal help if you are sued by the creditors, those that say they can tell you what you need to do if this happens, and those that guarantee (because they are a “legal firm”)you will be protected from legal action by their legal expertise in these matters? I really appreciate a response. Also, which organizations, i.e. TASC, etc. are really a valid gage for knowing if a company is legit? THANK YOU!!

Lawsuits are relatively rare but they certainly can and do happen. A reputable

Hey:Scott. Nationwide assets.also known as Global solutions.

I am sorry

I have 20k in cc debt. I have never missed a payment and have a relatively good credit score. However, my student loans which I can no longer defer need to be paid starting in three months. I can’t afford to pay both so I’m trying to find a solution before then to relieve my debt. I signed up for a debt settlement program for my credit cards a week ago but now I’m having second thoughts after reading your Q&A’s about the severe effect on my credit score. I was looking for the fastest way to get out of the cc debt so I can only worry about my student loans. Not sure what I should do. Suggestions?

Unfortunately, I do not have a good answer for you. If you have both types of

I owed about $2000 on a credit card I had back in college now they are coming back and they want for me to pay them $6000 or that they are pressing a lawsuit against me. I don’t have much money because I have a premature baby that is sick and needs medical attention, but I do want to settle this account that has been bothering me because it just adds to my stress is there something I can do. My overall debt that is in collection is about 10,000 not including my student loans which are in forebearance and my car which I pay on a monthly basis. I want to look at consolidating companies, but from reading several reports it seems that you need to have a lot of debt in order for it to be worth it. What should I do? Is there a way to stop a lawsuit from happening? Where should I start? sorry for the long questions :-) but I am desperate for answers.

It sounds like you have several types of debts which can pose a problem. The student

I have a good credit but my income has decreased. My credit cards rate are excellent 3.99 % and 6.99% but the balance are high (50K). Can I protect my credit score and drastically reduce my debt payments, or since the rates are very good banks can’t go lower? Will a debt management program or credit counseling agency help me to reduce my payment . It is a way to get the rates I’m paying lowered?

It sounds like your interest rates are already exceptionally low so a

When entering a debt settlement program, and start paying the debt settlement company and stop paying creditors, will they start harrasing you, or do you consult first with the creditors so they know what is going on?

As you mention, the process of debt settlement entails a suspension of payments

My husband and I have $120 in credit card debit due to the building of our home and because the market is the way it is we cannot refinance. Would speaking with a debt settlement company be a good idea. We are using all our savings to pay the minimum on all the bills and our savings account is just about depleated.

It sounds like your options are getting lean so I suggest you

all the debt I have is due to the business shut down but some are business cards and some are personal. Do I have to pay the business card debt and how can I reduce the payment on my cards?

The way to reduce your payment balances is through a

I was recently forced to retire due to my job being outsourced. I contacted Washington Mutual to find out if they would be willing to close my accounts with them and defer payment and interest until 2/1/09 at which time I would be able to pay off the cards in full. They told me they did not work with consumers regarding this and gave me a number for a counseling service. This is not what I asked for. Do you know why Washington Mutual would rather have their card holders claim bankruptcy and default on their balances than work with you?

Banks have loaned way too much money to too many people in the past and now

Enlisted a debt solutions company and have been sending almost $400.00 every month for 7 months thru direct debit. Company will not return my phone calls or answer mail. What should I do?

If you cannot get someone at your debt solutions company to respond to you, that is inexcusable

I have $25k in cc debt that a got from a divorce. A debt settlement co. made the offer of paying it off in 18 at $750/mo. I can pay about $1,500/mo or more. My credit score right now is 710. How much will it get hurt if I sign up for this program?

It depends on the type of debt relief program you use. Debt settlement will

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