Have you ever used a credit card counseling service/debt management service and what was your experi

it was bad, I was laid off from work and was within 6 months

of being debt free. Somehow the Counseling Service

REVOKED eight months worth of bills and closed my Account when I told them I was laid off. I had to claim

bankrupcy. Will never do that again unless they are

in my town and I can knock on their door.

www.creditinfocenter.com

Have you ever used a credit card counseling service/debt management service and what was your experience?

Yes. Consumer Budget Counselors. They helped me greatly. It goes on your credit record I believe for 10 years. My experience with them was good.

Have you ever used a credit card counseling service/debt management service and what was your experience?

Yup. About 15 years ago my wife and I went through Consumer Credit Counseling Service of Ventura County, California after my wife was laid off of work. They worked with our creditors and got our monthly payments reduced significantly (went from almost $500.00 a month to $225.00 a month). They also got our interest rates knocked down with some of our creditors. They charged us $10.00 a month for their services and we had to pay them via money order by the 15th of each month. There were two catches: (1) We couldn%26#039;t buy anything else on credit -- including a car -- while they were helping us out, and (2) If we missed a payment our creditors could demand payment in full IMMEDIATELY. The good news is we made it through after a little over 2 years, and they worked with the credit bureaus when we got done to repair our credit rating. So our experience was GREAT!!! Be warned, though: There are a lot of scam artists out there that say they can help you but are just looking for gullible people. Here%26#039;s a quick clue: If they ask you for any money up-front, it%26#039;s a scam -- they%26#039;ll take your money and you%26#039;ll never hear from them again.

Have you ever used a credit card counseling service/debt management service and what was your experience?

Never had experience with any but you might try daveramsey.com. His plan works the same way but you do the work yourself. That may be a hassle but you teach yourself to manage money. Also, Dave%26#039;s plan doesn%26#039;t go on your credit like Counseling services do which, as I understand it, is about the same as bankruptcy.

Have you ever used a credit card counseling service/debt management service and what was your experience?

BE VERY CAREFUL----If you can salvage your credit on your own you are way better off..

SARGE 927--- debt counsellors cannot repair your crdit the only ones who can fix your credit are the original creditors listed on the credit bureaus!!!!! They are the only ones that can remove derogatory accounts not credit counsellor, and you can report payments to the credit bureau yourself.

THIS WILL RUIN YOUR CREDIT FOR 10 YEARS!!!!!!!

Need more info than u provide by far 2 answer thhis better...

Should I borrow from my 401k to pay credit card bills?

In a tough financial position. Have nearly 13,000 in credit card debt. Some of the percentages--29% interest, 28%. I can borrow from 401k and rapay at lower interest, or is it better to take from my savings, and have no cushion or emergency fund. HELP

Should I borrow from my 401k to pay credit card bills?

Borrowing from your 401k is like stealing from your retirement.

Bare that in mind.

Yes, you will be paying that money back at lower interest than your current credit card debt, but you will lose precious time that your 401k would be earning interest on that money, and that can never be made up.

Here%26#039;s another reason why it%26#039;s a bad idea: Contrary to what we hear in the news on a daily basis, credit card companies do not want to charge you into oblivion with high interest rates. You can%26#039;t get blood from a stone, and banks know that there is a point at which you can never pay them back and may even declare bankruptcy, which means they never see the money you owed them.

You can make it a win-win for you and the credit card company, but it will take some effort on your end.

First, call them up and plead your case that you simply cannot keep up with the minimum payments ESPECIALLY while you are accruing so much in interest finance charges. Be honest with them and tell them that you want to make good on your debt, but they need to work with you too. You should be able to get them to lower your rate to at least 15%, but try for under 10% or 0% for a limited time, ex: Can you knock the rate down to 8% for 12 months so I can get a jump on this? Or maybe stop the interest clock for 6 months? Alternatively, you may be able to get them to forgive a portion of the total amount.

The important thing then is to STOP USING the credit card and PAY DOWN your balance. Otherwise, you%26#039;ll only be POSTPONING THE PAIN.

I%26#039;ve been through this myself, though it was only a little over 7k in credit card, but I was able to pay off that plus 2 car loans ahead of schedule once I got fed up with all the interest payments and became determined to turn my life around. If you%26#039;re interested, you can read about it here:

http://onlinemoneyfinance.blogspot.com/2...

I talk about some of the bigger-picture things I did to change my life style and conquer my debt. $13,000 is a lot, but it%26#039;s not insurmountable and you can do it without stealing from your future- hang in there!

George.

-=-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-=-=-

http://onlinemoneyfinance.blogspot.com

Should I borrow from my 401k to pay credit card bills?

no

Should I borrow from my 401k to pay credit card bills?

no it is a good Idea to borrow from your 401k just don%26#039;t rack up more debt feeling that it is being taken care of....

Should I borrow from my 401k to pay credit card bills?

no you soulden%26#039;t

Should I borrow from my 401k to pay credit card bills?

Honestly? YES. Any time you can borrow money and pay off a debt with a high interest rate with money borrowed at a LOWER interest rate (which is PAID TO YOURSELF in the case of a 401(k)), you should jump at the chance. You will owe less money in the long-term, and it all goes back to you!

Should I borrow from my 401k to pay credit card bills?

Use you bank account it is the lowest interest rate. If you need some cash in the future borrow against your 401k. But try not to do this tighten your belt and cheap out till you can reload the saving account.

Should I borrow from my 401k to pay credit card bills?

Hello, well its really a matter of what your savings are and can they afford the 13k -

29 -28 % which you are indicatiing are very high intrestes so i think its your choice to sort it out as soon as possible-

Should I borrow from my 401k to pay credit card bills?

no first look at other options

a helpfull website listed below

Should I borrow from my 401k to pay credit card bills?

Don%26#039;t take it out of 401K, that%26#039;s your future retirement. Use the savings. You don%26#039;t really need the %26quot;cushion%26quot; since in a worst case scenario you could always use your credit cards for cash (once they are paid off). Get rid of that debt however you can. You cannot move forward with interest rates that high on that much money. It will always drag you down.

Should I borrow from my 401k to pay credit card bills?

First, it would depend on how much you make..I would avoid it at all costs..You are going to get raped in taxes! 13000 is not much...Is there a second job you can get to pay it down? What kind of car are you driving?? Can you sell it and just get a beater car for a while? Do you have anything you can sell?? I would explore all options before you do this..

Also, check out dave ramsey....

Should I borrow from my 401k to pay credit card bills?

See www.401k.org for details on premature withdrawals from 401(k) accounts.

How should I write a letter to a credit card company to put my father in charge of my accounts?

i have some credit card debt and i want my father to be the keeper of the accounts. What would i need to include in the letter to do so? and is this possible? please help. thanks

How should I write a letter to a credit card company to put my father in charge of my accounts?

Dear Sirs

I appoint my father, (his name), as Power of Attorney over my account numbered..............................

Please acknowledge receipt.

Yours faithfully

Your Name

How should I write a letter to a credit card company to put my father in charge of my accounts?

I think u should call them first..

What's the trend of credit card use, is debt on the rise?

Being of the older generation, my opinion is definitely. My parents went in debt for nothing except their home. I have gone in debt for very little--property and car. I do use credit cards but pay them off as soon as I get my bill;. How many of the younger generation can say this?? Very few.

If someone had about $600-700 dollars in credit card minimum monthly payments......?

Without knowing what the interest rate is, what would be an estimate of how much credit card debt they had?

If someone had about $600-700 dollars in credit card minimum monthly payments......?

2-3% is a common minimum payment, so 30-40k might be a good estimate, but that could depend on a number of factors.

If someone had about $600-700 dollars in credit card minimum monthly payments......?

An OMG amount !

If someone had about $600-700 dollars in credit card minimum monthly payments......?

On a credit card? Tens of thousands of dollars, like enough to buy a nice car, maybe a small house.

If someone had about $600-700 dollars in credit card minimum monthly payments......?

Cards vary quite a bit. Could be as low as $20K (unlikely to be less), as high as $35K.

If someone had about $600-700 dollars in credit card minimum monthly payments......?

Probably around 20k or more depends on the intrest rate!

If someone had about $600-700 dollars in credit card minimum monthly payments......?

he must be having atleast 20000$ in debt

Can banks take money fromeveryday account for part payment of cancelled credit card?

anz has taken $550 out of hubbys account leaving $21 of his wage and they have paid it onto his credit card which was over the limit and has been cancelled 4 months ago....the accounts aren%26#039;t linked, they sent no notification, they took more than the overdue amount aswell as next months payment plus and extra $18, his wage is $556 and they took all but $6 of it, after contacting the bank he was told that they took the money to stop legal action and they are doing HIM a favour, he asked fo ombudsmans details and was told to go home a find the details on a letter they aren%26#039;t going to help any way..... can anybody tell me does the bank have the right to take his wage from his account without his permission to pay part of a cancelled credit card debt???

Can banks take money fromeveryday account for part payment of cancelled credit card?

depends, you need to read the credit card agreement. You may have agreed that if the card is in arrears they can take from your acct. Just because the card is cancelled you still owe the money.

Can banks take money fromeveryday account for part payment of cancelled credit card?

I pretty much guarantee they can do it. He would have agreed to the arrangement as part of the terms and conditions he signed when he got the cr card.

Banks are very very sneaky with their terms and conditions and people generally don%26#039;t read them before they sign.

I would read the card terms and conditions very carefully and see what they say, if you are still unhappy then find out what the ombudsman can do to help you.

Can banks take money fromeveryday account for part payment of cancelled credit card?

When he established the bank account he may have signed an authorization for withdrawals for over due bills. If the bank can not show you this signed document you have the right to sue them and demand the funds to be returned to his account. If there is a signed document there is no recourse but make them show it to you. The original. Good Luck

Can banks take money fromeveryday account for part payment of cancelled credit card?

No if the account is not linked they must advise in writing what they are going to do unless it is stated in the terms %26amp; conditions of the credit card. It might say that they are able to then you have no legal case. I would pay off the credit card asap.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.

I am a widow. This will clear my credit card debt but decrease my savings quite a bit.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

I%26#039;m not that financially savvy, but I think you%26#039;d be bettter off chipping away at the card and keeping your savings. Who knows when you might need it? Make decent sized payments and get it paid off quickly, but keep your savings at a comfortable level for you.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

You are only paying 3.5% on your Discover?

The only reason to pay it off is if that $4,100 is bringing down your credit score. If your total credit available / credit balance ratio is above 30%, you should pay it off or down anyway.

Otherwise, don%26#039;t be in a big hurry to pay it off. You can put the cash in an online high-interest savings account. Why lose the liquidity?

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

yes or that debt will grow and grow and grow

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

I would definately pay off any debt that you have with credit card companies.

Not only will it improve your credit, but you will deal with less stress in your life as well. The rate your card is charging you is probably the same (if not more) than you are earning off that 4100 sitting in the bank. So yes, pay it off.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

WOW, are you sure? 3.5% interest, not 35%????

Pay down on that debt every month, paying double (or triple) the minimum due, but if it%26#039;s 3.5% truly, just keep paying it off. You%26#039;re not getting much interest on the money and it%26#039;s very cheap interest. Pay on time each month, pay double the minimum, and you%26#039;ll have it paid off without depleting your savings.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

Pay off your debt!!

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

Is that right - your card has a 3.5% interest rate?

It really does depend on what rate you are getting with your savings. If it is a high yield savings where you are earning close to 5% then I would suggest just gradually paying it off. You could make more than the minimum payments to save money on paying interest, but this way it wouldn%26#039;t diminish your savings quickly.

However, most people have a traditional savings account which usually earns 0.5% interest or less. If that is what you have, you are accruing more interest fees through your card than you are in your savings. In other words you are actually accruing more debt.

Rule of thumb - if your credit card interest rate is more than the interest rate you are earning on savings - you are losing money by just letting your money in savings sit there instead of paying off your debt.

So then my advice to you if you have a regular savings is to pay off the credit card balance. Then that money you were using for payments each month - you can put that into your savings account and rebuild it rather quickly.

I%26#039;d also suggest putting your money in a high yield savings account if you haven%26#039;t already.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

I had this same question when I got my tax refund. A very wise man (okay my dad) told me that when you have a credit card debt it is better to pay your monthly bill instead of paying it all off at once. It builds better credit that way. It makes you look really good to. So my advice is...if you can hold onto that 4100 dollars, make your usual monthly payments until you are paid up.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

Dave Ramsey is a great help on this. You should set aside $1000 as an emergency savings fund, then pay every spare dime you have at your debt (and CUT UP YOUR CREDIT CARDS, you don%26#039;t need them, you can do the same things with a debit card). Once your debts are paid off, try to get a fully funded savings (around 3-6 months of your income). visit www.daveramsey.com. Think of the freedom you would have if you had no debt and a fully funded emergency savings. WOW!