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I Was Looking at Credit Relief Center. How Do I Get Out of Debt? – Joni

“Dear Damon,

I was searching for reviews on credit relief center.

I have accumulated about 30,000 debt in credit cards for about 20 years. I thought I was able to catch up but the balances kept on creeping and the high interest rates don’t help. I’m sure I’d be able to rid myself of these credit card balances within 5-6 years if allowed a decent interest rate. I have a mortage, never been late. All of my cards are on auto pay. I’m never late but I will never pay off or be able to save with the high interest rates. I’m sure my situation is not new.

What do you recommend for paying off credit card debts? How can I lower my interest rate and do you recommend these debt relief type services?

Joni”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

Hello Joni,

If you feel that lowering your interest rates will get you to the point where you can finally get these debts paid down and out of your life then here are a couple of things you can try.

1. Long shot option. Contact your creditors, tell them that you are having a hard time keeping up and might have to start missing some payments. Ask if there is anything they can do. Warning, if you do this, and you have available credit, you may find that in the near future you get a letter from the creditor lowering your credit limit.

I assume this is not a problem though since you are wanting to pay off your debts.

2. Do it yourself option – If you can’t make any traction with the creditors with option 1, often times if you fall behind by one or two payments, those same creditors that would not lower your rate before will suddenly offer an internal hardship program with reduced interest rates. Warning – There is no guarantee that they will put you on a better rate and if you fall behind you are breaching the agreement. There is a chance they may raise your already high rate even higher to the default rate and then “play chicken” with you to see who will blink first.

3. Meet with a couple of Consumer Credit Counseling programs and get some monthly payment quotes from them. They should be able to tell you what sort of interest rate they can get with each of your creditors and what the monthly payment will be every month.

If you enroll with a CCCS program it will show up on your credit report but it won’t have a huge hit like a debt settlement type of approach would. Typically, all else being equal, your FICO scores are better when you finish a DMP program with a CCCS company because the debts are paid off.

You can click here for credit counseling information.

4. If you have good credit, you can look into a debt consolidation loan with a company such as Lending Club and see what sort of rate you could qualify for. You need to have at least a 660 FICO score to be approved for a loan.

Once you check out these options, if you would like to have an in depth conversation where we can review your entire financial situation, cover the pros and cons of all the options, and put together a plan to move forward with the best shot at success, feel free to schedule a private telephone consultation with me on my website.

I Was Looking at Credit Relief Center. How Do I Get Out of Debt?   JoniI Was Looking at Credit Relief Center. How Do I Get Out of Debt?   JoniDamon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at DamonDay.com

If you have a debt related question you’d like to ask, just use the online form.

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About Damon Day

Damon Day
Damon Day is a talented Debt Coach who offers fee based consultations to consumers as an alternative to the typical free debt relief consultations which are nothing more than thinly veiled sales pitches lacking any real information to help a consumer make a good decision. You can learn more about how he can protect you from getting ripped off at DamonDay.com

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