Let’s face it: We live in a society fueled by credit cards. That new pair of designer shoes? Charge ’em. New furniture? Whip out the plastic. That winter trip to Cancun? Start punching in those digits.
Don’t get us wrong—credit cards can add value to our lives. If you pay your bill on time every month, it could do wonders for your credit score. And credit cards can be great for covering upfront or emergency costs.
However, if you’ve found yourself charging more than you can handle—and you don’t have a solid plan to pay off those bills, the balances can quickly add up. And that means bad news for your credit rating, not to mention your stress level, and your ability to get future loans.
Add to this the exorbitantly high interest rates levied by many credit card companies, and it’s easy to see why making progress toward paying down your credit card debts can seem impossible—especially during a global pandemic.
But we promise you . . . it isn’t impossible. In fact, lots of help is available; you don’t have to deal with your credit card debt alone. Read on for some helpful tips on tackling your credit card debt.
When should I seek credit debt relief?
Often it can be difficult to know when you should stop fighting the uphill battle of tackling your credit card debt yourself and bring in some help. It’s generally a sign that you should consider debt relief if:
- Your outstanding debt equals more than half of your annual income.
- You’re looking to restructure your repayment plan or schedule.
- You’re missing or struggling to make your monthly payments.
- You feel like you owe too much to be able to pay it all back.
- Your credit rating is suffering due to your credit card debt.
- You have a lot of debt and aren’t able to pay it off with your savings account.
- You’re getting calls from creditors.
- Your credit card debt is a source of stress and worry.
Another great tool to determine whether debt relief is right for you is the CreditAssociates debt calculator.
What exactly is “debt relief”?
Debt relief is any activity taken to reorganize or refinance your outstanding debts. There are many options when it comes to credit debt relief, and choosing the right one will depend on your specific situation. Read more about the various debt relief options.
What’s the best relief option for credit card debt?
As we mentioned, the best solution will vary depending on your specific case (if you want more guidance about your specific case, feel free to give us a call for a free debt consultation). With that said, if you answered yes to many of the questions above—or if you’re looking to get out of debt quickly—in most cases a process called “debt settlement” will likely be the best option for you.
Okay, so what is “debt settlement,” and how is it different from “debt relief”?
“Debt relief” is an overarching term that encompasses many different options, and “debt settlement” can be one of the most effective options under that debt relief umbrella. Debt settlement involves negotiating with creditors to reduce the total amount you’re required to pay back. In fact, debt relief agencies are often able to negotiate the level of debt downward by half or more! Put simply, this means you may be able to get out of debt by paying significantly less than what you currently owe.
However, as with any debt relief method, debt settlement isn’t a strategy to be entered into lightly—and it can be tricky to try to tackle it yourself. Instead, it’s wise to engage a debt relief company to handle these negotiations for you. These agencies (such as CreditAssociates) have been playing hardball with credit card companies for years, and they’ll marshal all of their expertise and power to get you the best deal possible from your creditors.
It’s important to make sure that you hire a reputable debt settlement company. One way to tell if a debt relief company is legitimate: They won’t charge any upfront fees and will have industry accreditations from organizations such as the American Fair Credit Council, and the Better Business Bureau.
How do I know if debt settlement will work for me?
Debt settlement could work for you if:
- You need to reduce the amount of money you’re required to pay back.
- You’re looking to become debt-free quickly.
- You owe more than $7,500 in unsecured debt.
I think I’d be a good candidate for debt settlement. How do I get started?
At CreditAssociates, we specialize in negotiating with creditors to help our customers become debt-free for less.
If you’re being weighed down by a mountain of credit card debt, we’d be happy to talk to you about how you can settle your debt. In fact, credit card debt relief is the most common type of debt we help resolve. We’ve helped thousands of customers in similar financial situations shed their credit card debt—and we’re confident we can help you, too. When you hire CreditAssociates to go to bat for you, we’ll work with you to create a custom credit debt relief plan that fits your specific needs. Then we’ll serve as your trusted advocate, approaching the credit card companies on your behalf. We could have you out of debt in as little as 24-36 months.
There’s no risk to get started. Call 1-800-983-6693 for a free debt consultation, or click here to get your free, personalized debt assessment today.