Credit card debt settlement is a process designed to help those who struggle with credit card debt. It involves negotiating with creditors to reduce the balance of a consumer’s debt by potentially eliminating large portions of it altogether. Reddit is a great resource for anyone looking for advice and information on credit card debt settlement options.
Table Of Content:
- I worked in the debt settlement industry. AMA : r/IAmA
- My big mistake while paying off credit card debt — and how to avoid it
- Best Debt Consolidation Loans Of July 2022 – Forbes Advisor
- How to Avoid Debt Consolidation Scams | LendingTree
- This guy racked up $16,000 in credit-card debt — 7 ways he found ...
- How to tell the difference between a legitimate debt collector and ...
- IRS Offers Options to Help Taxpayers Who Can't Pay | Internal ...
- The Truth: Should You Never Pay a Debt Collection Agency ...
- Is It Better to Pay Off Debt or Settle It? - Experian
- Hardship Plan: What It Is and How It Affects Your Credit | Credit Karma
1. I worked in the debt settlement industry. AMA : r/IAmA
https://www.reddit.com/r/IAmA/comments/cb4fn/i_worked_in_the_debt_settlement_industry_ama/
First, what's going to happen is that you you enroll your 5 credit cards into the program and stop making payments on them. You are defaulting on these debts.
2. My big mistake while paying off credit card debt — and how to avoid it
https://www.cnbc.com/2021/11/01/my-big-mistake-while-paying-off-credit-card-debt-and-how-to-avoid-it.html
Nov 1, 2021 ... My bank didn't offer any refinancing services, so I applied online for a debt consolidation card to collect my debt into one, low-interest ...
3. Best Debt Consolidation Loans Of July 2022 – Forbes Advisor
https://www.forbes.com/advisor/personal-loans/best-debt-consolidation-loans/
Jul 5, 2022 ... This is because, unlike credit cards, medical loans and other forms of debt, personal loans often come with lower interest rates—especially if ...
4. How to Avoid Debt Consolidation Scams | LendingTree
https://www.lendingtree.com/debt-consolidation/avoid-debt-consolidation-scams/
Mar 30, 2021 ... You can consolidate debt using a variety of methods, such as a personal loan or credit card. Unfortunately, you might encounter debt ...
5. This guy racked up $16,000 in credit-card debt — 7 ways he found ...
https://www.marketwatch.com/story/this-guy-racked-up-16000-in-credit-card-debt-here-are-7-ways-he-found-financial-freedom-2019-07-03
Jul 8, 2019 ... The Reddit poster taught himself to make skateboards to sell, and his wife learned birth photography, and they both pooled the extra income ...
6. How to tell the difference between a legitimate debt collector and ...
https://www.consumerfinance.gov/about-us/blog/how-tell-difference-between-legitimate-debt-collector-and-scammers/
Nov 20, 2019 ... When an account like a credit card, auto loan, or cell phone bill becomes past due, the original creditor may attempt to collect the amount ...
7. IRS Offers Options to Help Taxpayers Who Can't Pay | Internal ...
https://www.irs.gov/newsroom/irs-offers-options-to-help-taxpayers-who-cant-pay
Depending on the circumstances, a taxpayer may consider borrowing the tax amount due. The costs of getting a loan or even paying by credit card may be less than ...
8. The Truth: Should You Never Pay a Debt Collection Agency ...
https://www.solosuit.com/posts/375
Collectively, Americans owe $1.4 trillion to banks, credit card companies, and other lenders. There are usually two parties in debt collection cases.
9. Is It Better to Pay Off Debt or Settle It? - Experian
https://www.experian.com/blogs/ask-experian/is-it-better-to-pay-off-bad-debt-or-to-settle-it/
Apr 16, 2021 ... Settling debt can negatively impact your credit and cost you more ... you to consolidate credit card debt with a single card and pay it off ...
10. Hardship Plan: What It Is and How It Affects Your Credit | Credit Karma
https://www.creditkarma.com/credit-cards/i/how-hardship-plan-can-affect-credit
Oct 26, 2021 ... A hardship plan, also called a credit card payment plan, could be just what you need to get out of debt. Learn how it affects your credit.
What is Credit Card Debt Settlement?
Credit card debt settlement is a process in which creditors agree to reduce or eliminate the outstanding amount of an unpaid credit card balance. This negotiation can be done with the help of an attorney, third-party negotiator, or directly with the creditor.
Who can benefit from Credit Card Debt Settlement?
Consumers who need assistance managing their high credit card debt may benefit from credit card debt settlement because negotiating a lower balance can significantly reduce the amount they owe and free up funds for other financial goals.
How do I know if Credit Card Debt Settlement is right for me?
It's important to consider your individual situation when determining if credit card debt settlement is right for you. Do research and talk to experts about all your options before making a decision that could affect your financial future. There are numerous resources available on Reddit that can provide more detailed answers on this topic.
What should I do if I decide Credit Card Debt Settlement is right for me?
If you decide that credit card debt settlement is the best route for you, consult professionals or experienced advisors who work in this field or read more about it on Reddit in order to gain an understanding of how exactly it works and what steps need to be taken in order for it to be successful.
Conclusion:
Credit card debt settlement can be an effective way to reduce your existing balance, but it's important to make sure that this option makes sense given your individual circumstances before committing to any plans. Reddit offers resources—such as FAQs about this type of negotiation—that can be helpful in providing more guidance and insight into how this process works.