I owe about $ 15,000 in credit card debt. His interest in very low at this time. I'm torn between throwing $ 1000.00/month it to its past, or the investment of 1000 in an index fund and just pay the card below with a few hundred per month. I know this is a no brainer to some, but I am seriously torn between the two. Thanks.
Debt. While it is tempting to invest and do a better return than you're paying on your card, the market can turn quickly and could actually lose money. Now you have the worst of both worlds: high DC and debt reduction. Investments a CC payment, then start investing. Once that is gone you will have peace of mind. Do not underestimate the value thereof.
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If you're thinking about using a service of debt consolidation or debt settlement to help you get out of debt faster and save money on your payments monthly, be sure to do your homework before choosing a company. There are definitely scammers and scams out there.
First let me say that the consolidation debt is * not * the same as debt settlement / negotiation, which most people do not realize.
Debt settlement companies charge hundreds of dollars as initial administrative expenses "to set up your account, plus a monthly service fee. Rates vary depending on the company and the amount of their debts.
These companies take your money every month, but do not make monthly payments to your creditors! Instead, they put in a trust account, negotiate their debts with creditors, then make a lump-sum payment when there is enough money in your account to pay a creditor in full.
That * may take years depending on the amount of debt you owe each creditor. Meanwhile, you can be sued by your creditors and your wages can be garnished! (Or just do not make payments to your creditors. You'll end up in the same place without having to pay someone to help you get there!)
Settlement companies do not ask your creditors to stop all interest, surcharges and fees that exceed the limit of derivatives. That means that while negotiations are ongoing, their accounts will continue growing! So if you're sued and the decision goes against you, you will owe more money than before!
And shoddy companies, which is a large amount of, do not tell you * any * of this front up. I called it "getting permission by omission" because they simply do not tell you how your program * before * You sign an agreement with them. Or after, for that matter. But if the right questions, eventually you're going to find out. (Or when shit hits the fan. What happens first.)
Let me give an example of how the debt settlement.
Say you have $ 20,000 in unsecured debt card credit. You owe $ 10,000 to a credit card company, another $ 6,000 and $ 4,000 to third. You agree to a plan of five years in which pays $ 250 a month to the settlement company. (After all, $ 250 a month for 60 months is only $ 15,000, so you're saving $ 5,000 you will be debt free in 5 years, right?)
The administrative expenses will cost you $ 750. Your name 3 monthly payments go towards that and nothing is put into your account trust until the 4th month.
The settlement company keeps $ 50 of your payment of $ 250 each month for the service fee. That means $ 200 per month being added to his trust account.
Most debt settlement companies claim to be able to negotiate its debt by about 50% of what you owe. So we will use the credit debt lower card as an example.
If you owe $ 4,000 and your creditor agrees to accept $ 2,000 as payment in full, it will take 10 months at $ 200 per month to have enough money in your escrow account to pay only a credit card.
But remember, their first 3 payments to the settlement company only paid the administration fee. This means that your first credit card settlement is 14 months * after * started sending them money.
So what is the problem? It is very simple. Your lender will not agree to accept half of their actual debt unless, or until they can be paid in full. Otherwise, you are expected to make their normal monthly payments.
Since you do not have $ 2,000 in his trust account and not are up more than a year after it stopped paying your creditor directly, is likely to lead to court and ask that your salary is arrested long before you have accumulated $ 2,000.
What about your other creditors? Well, I'll be waiting longer to get your company money the establishment. $ 6,000 debt will take 15 months * * more to pay, assuming your creditor expects long and agrees to 50%. And that $ 10,000 bill? Do the math.
On the other hand, if you subscribe to a plan for three years with the company's establishment, its debts would be paid faster. But the question is, will your creditors wait that long? Probably not.
The facts are, you can negotiate with your creditors yourself. Most will agreed to have a smaller monthly payment and let all accrued interest and fees. And, of course, will save thousands of dollars in fees to a company liquidation.
Before signing up for any services, please make sure you check out the company thoroughly. And do not let the words "without profit "fool either. Many debt settlement companies is intended to be non-profit.
Returning to the example above, if you pay $ 15,000 over a frame of 5 years time and settle your debts at half of what he owed, which will make you $ 5,000. I would call it a benefit, especially because it can might not have helped in any way.
Most companies allow you to cancel your account and get a refund of what you paid, minus administrative costs non-refundable and monthly service charges. If you feel you have been misled about its program, do not hesitate to argue until the cows come home. Present a complaint with the Better Business Bureau or hire an attorney if you feel you are carrying anything.
You can visit the Better Business Bureau's website ( http://www.bbb.org ) and find reports on hundreds of companies. Here is a small list of companies that have a poor reputation with the BBB:
National Consumer Council debt LLC – Irvine, CA (AKA NCDC, United Consumer Law Group)
Financial Recovery Services – Burbank, CA
Debt of Legal Services – Anaheim, CA
Debt Relief of America – Los Angeles, CA (AKA AM Debt, American Relief Debt, debt relief)
Please be careful when choosing a debt company and help make a lot of questions before accepting anything. If you finds that they are evading your questions, run faster and run a lot. There are reputable companies out there, so keep looking until you find one.
Denise Hall wrote this article from her own personal experience so that others can avoid the traps that she fell into while searching for debt help. Her search finally turned up an honest company, and she highly recommends that anyone who needs help getting out of debt contact CareOne Debt Relief Services. Denise receives compensation for advertising the CareOne brand of debt relief services based on each qualified consumer who links to the CareOne website directly from our site.
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Elimination of credit card debt is a major concern among the millions of consumers. However, many people fail to define a realistic strategy for debt reduction. Many approaches that you must get in the way to become debt free. Each person must evaluate their own situation and create a plan. Here are three tips to help you become debt free within a few years.
Recognizing the problem and change their habits Expense
Before you can take steps to reduce and eliminate credit card debt, you must first recognize and resolve overspending change your lifestyle. Unfortunately, many people choose to live beyond their means. In addition, many gain overwhelming debts due to try to "keep up with the neighbors."
Credit cards are a valuable purpose. Are large emergencies and when you're in financial straits. Now if you are charging more than they can pay, this creates a big problem. As efforts to eliminate debts, is determined to stop using credit cards. Do not cancel credit accounts. However, you may consider reducing your or storage card away.
Pay double or triple the Minimum Payment
If you are hoping to reduce credit card debt, you must be willing to pay more than the minimum payment asking. In fact, paying only the at least make it virtually impossible to become free debts. In contrast, attempt to double, even triple your monthly payments. If possible, one large payments to reduce your balance. This method is more effective.
Obtaining a lump sum of money is difficult. You can choose to use a tax return or bonus money received from work. How a part-time work You can also offer the extra money. If you own a home, take advantage of the equity in your home. Loans home equity or cash out refinancing generally homeowners are presented with enough cash to high-yield interest credit cards and other debts.
Use a Debt Management Company
If you need help with handling large debts, think contact management agency debt. Specialists trained debt management credit review and outline a plan for reducing debt. Moreover, the company will contact creditors and negotiate a lower interest rate. Thus, a greater portion of your monthly payments be used to down the principle balance. Therefore, helping you achieve your ultimate goal of eliminating credit card debt.
My boyfriend has a credit card America Bank. There is a limit $ 7.500 on the card, but after finance charges, late fees etc, the debt is now $ 8900. She was 120 days late on payments and was called by Card Services, who say they are a division of Bank of America collection. Offered their settlement in the amount of $ 4500 instead of $ 8900 on the card. She thinks which is an agreement, because half of the debt is "disappear." We checked your credit report and not listed as in the collections of only very late time of payment. I argued with her saying that the solution is bad and it will affect your credit in the coming years, but she thinks it's a good plan. We are planning looking for a house in a year and a half and do not want this to affect our purchasing power. So how to settle your credit? Does the payment of the amount instead of looking for the best solution in your credit report even though the account is overdue? What should we do, who is right here list?
Many companies now have an internal collection division. It would be better to resolve while still in the Bank of America allow it to go further and say that a collection company independent. Then you can run the risk of two stains on your credit history instead of one. And in terms of credit history goes, the damage is done.
Debt settlement vs credit counseling for credit card debt relief
My husband and I had a JC Penney mastercard with a limit of 13,000 a few years ago when we both worked. We pay 200 automatically stopped our control each month and always keep up to date. 2 1 / 2 years ago, I fired and we ran the card up and out to up trying to get ahead. We continue to pay the $ 200 per month over the past 2 years through our bank account. We discovered last night that the money did not go to JC Penney debt, the account had been delivered in collections and $ 200 per month he would not either. So far we have paid more than 5,000 in payments, but the money is nowhere to be found? Any ideas?
You need to contact your bank and find where they sent payments. To display on your statement each month and an account number that the funds were transferred a. If that is not published in due payments to account I would suggest you file a complaint with the FTC (which here is a link to your website) https / / www.ftccomplaintassistant.gov/ attorneys general and state office. Someone has their money and if that person is not entitled to it, I not only owe $ 5000, but interest too. I hope this helps answer your question.
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