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TAG | Credit Cards

Feb/11

11

Which credit card should I pay off first?

5 Comments · Posted by sanbank in Credit Card Debt Settlement

RubenT asked:

I have 3 Credit Cards:
(1) $4000 balance with interest of 9.00%
(2) $500 balance with interest of 22.00%
(3) $350 balance with interest of 19.00%

Should I start with the $4000 credit card or should I start off with the one with the highest interest?
Any help would be greatly appreciated thanks!

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    Dec/10

    12

    What site can I go to in able to order items on the internet without a credit card?

    1 Comment · Posted by sanbank in Credit Card Debt Settlement

    Diva asked:

    Few years ago I snipped ALL of my credit cards to eliminate the urge to buy on credit. Now, I need a few things purchased but is still afraid to apply for another. Just safe guarding myself from unnecessary debt. I live in the Caribbean and need to purchase stuff in the US. Please help!!!!……..I would hate to no that I would have to resort to the one thing im trying to stay away from. Some one please give me alternative solution. Mind u I hv great credit but I hv a tendancy every now and again to splurge.

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    · ·

    Jul/10

    6

    Credit Card Debt Settlement?

    1 Comment · Posted by sanbank in Credit Card Debt Settlement

    I spoke to my credit card company and gave me two options. They can let me close the account and offer low APR so I can pay it off in 5 years. By doing so, my minimum monthly payment goes down from 400$ to 0. They also advise me that I can settle the total amount of the debt in that case the debt can be reduced ~30% however they warned me that my credit score can be screwed. Does anyone know how much it will affect my credit score? I have 3 credit cards with that bank and does it mean I will have three settlement?

    THanks,


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    Jun/10

    5

    What's the best action for a credit card debt settlement letter?

    1 Comment · Posted by sanbank in Credit Card Debt Settlement

    My husband and I recently purchased a house. Right before our purchase we found out about a delinquent credit card. To make a long story short, it was a credit card that was in my husband’s name that he was to use when he was in college that his mom was supposed to be paying for. My husband had no idea that there was a delinquency until we were notified by our lender. The account has been closed since 2002. It states on his credit report that the "account closed at consumers request, charged off account, bad debt; placed for collections; skip." We do not want to bother his Mom about this. After no communication with Discover, for 5 years, we have now received a letter from Northstar Location Services, a collection agency (not from Discover), for a settlement amount which is 40% of the debt. What should we do, contact Discover, deal with the collection agency, or something else? I realize everything needs to be in writing beforehand, but can anyone advise me on this at all?
    I will check out your other posts, Studly, thanks…as far as my concern with it, it is mainly because of the recent contact with the collection agency now after so many years. We were still able to get the loan for our house, so I am not really concerned about that part of it. Since it "technically" wasn’t our debt, but my mother in law’s, the bank didn’t really care. Actually the amount was pretty significant, 00 with an offered settlement of 00, which is why I’m extremely surprised that we were not contacted before about this. I believe the statute of limitation on credit cards is 3 years in our state. I know they can still take us to court over it but its probably unlikely since the statute of limitations has run out. I just don’t want to settle on an amount and still have it show up on our credit history for another 7 years. I think this just may be a last ditch effort by the collection agency to get some money and I just want to make sure we make the right decision.


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    Jun/10

    2

    Any suggestions about credit card debt settlement companies?

    1 Comment · Posted by sanbank in Credit Card Debt Settlement

    I owe a substanstial amount on credit cards 30K which I can no longer make payment. There is this debt settlement company that says they will settle my account for %45 there fees included? It will be in a 3 year payment plan. Is this all some sort of a scam? Has anyone had experience with these types of companies?


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    May/10

    29

    Has anyone had luck with debt settlement companies for credit card debt?

    1 Comment · Posted by sanbank in Credit Card Debt Settlement

    I am in Ohio and do not want to file chapter 13. Looking to make settlement to credit cards. I am looking for reputation companies that do credit card settlement. What do these companies charge. 50,000 in credit card debt at 23% apr.
    Do not want to go to consumer counseling, we can get a loan from family for 25,000 to pay off total. Can not afford to pay anymore. We need to help our son who has some medical issues.


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    Feb/10

    20

    Please help with, Credit Card Debt Negation Settlement Or Other options?

    1 Comment · Posted by sanbank in Credit

    To Financial Freedom asked:


    Seeing a friend fall deep in debt in no time, I like to help him, get an idea of what his options are – Bankruptcy or Settlement.

    He made huge debt (over 50 thousand) to 4 major credit cards while in New Jersey.

    Since Feb 2006, he has no job, no nothing … literally nothing, stopped paying, moved out of state, no contact with creditors or response to court orders. (A lot happened with other cards). Now,

    Card-1:
    With Original Creditor
    Principal 10K.
    With penalties 15K

    Card-2
    Been sold 3 times and with an outside recovery company.
    Principal 19K.
    With penalties 27K.

    QUESTIONS:

    We understand Bankruptcy may be best option… its apparent it’s quite easy in his case. BUT please advice on the below.

    1) In this scenario, how much these agencies would agree for one time payment?

    2) How should we proceed OR should we hire an attorney to do this work for us?

    3) Are there any better options such as consolidating?

    4) Plz recommend attorneys, consolidators, any thing.

    Big Thanks.

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    Feb/10

    11

    Any reccomendations on paying off a credit card debt of $20K.Does debt settlement really work?

    4 Comments · Posted by sanbank in Credit

    pendy49 asked:


    I was able to negoiate and close CCs and set up other credit cards on low 2-3% interest rate 5 year plan…The bank will not negotiate my other $20K…has anyone ever refused to pay off a credit card & settle with the bank

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    Feb/10

    8

    Credit Card debt.Settlement Question?

    8 Comments · Posted by sanbank in Personal Finance

    England Chick asked:


    I am young and went a little over on my credit cards. I have about four credit cards and it equals up to about $4000.00 they are already in collections and are closed. Due to me being out of work and having some other personal problems I wasn’t able to pay anything for several months. I was lucky and was able to save a little over a thousand dollars from working two jobs. I want to call them to try and settle one company already sent me a letter saying I could settle for about a hundred and I owed six hundred. How should I go about settling with the other credit card companies?

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    Jan/10

    31

    Is it beneficial to go through a Debt Settlement company for high interest credit card debt?

    5 Comments · Posted by sanbank in Personal Finance

    clnelson22 asked:


    We have some credit cards with high interest rates and we can’t afford to pay more than the minimum payment because the interest is so high.

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