Question

looking for a way past due credit card consolidation company. Know any?

Taylor S.

Answer

Taylor

Creditrepair.com will match you with the most reputable debt consolidation company in the country based on your individual need.  Call us @ 800-445-8540.

Choosing a debt company will depend on the type of debts you have, the amount of debts your have, if your debts are current, behind or in charge off status and your ability to repay these debts in the future.

Let us give you a free evaluation so we can help you determine these answers and we will recommend the right company to help you become debt free!

Thanks

Question

I am overwhelmed in credit card debt and would like to try the debt settlement.  A company called Zwicker and Associates has already taken over my Discover card.  What can they do to me?  Is debt settlement a good idea?

Julianna H.

Answer

Julianna-

Debt settlement is usually a good program for old unpaid collections, charge offs, judgments or tax liens.

Usually, in the cases I just listed, you can get a 40 to 60% reduction in the balance that you owe.

There a few pitfalls to be aware off.

1)      The remaining balance that you do not pay on your settlement may be considered income by the IRS and is taxable as ordinary income.

2)      Your credit report will be updated as a “settlement for less than full balance” which can be a red flag for future creditors that you may apply for new credit with.

3)      Lastly, some settlement companies will take monthly payments from you until you have enough to equal the settlement amount.  Be aware that these monthly payments are going to the settlement company and not your creditors.  This means that the creditors still have the right to attempt to collect the debt including garnishing your wages, getting a judgment or seizing your assets.

Let us know if we can be of any assistance finding a reputable partner for you.

Candice

They teach a lot of things in school. One thing they often fail to teach, adequately teach, is financial wellness. In fact the average American holds four credit cards yet credit cards are often warrant less than an hour’s worth of conversation throughout the typical 4-year degree at most US colleges.  What do Americans know about credit cards?

Americans typically know what their minimum monthly payment is, their credit card limit, how to finance education on a credit card, or perhaps general knowledge that a higher credit score will allow you to hold a higher number of credit cards. 

Here are 10 things you may not know about Credit Cards.