Debt relief programs too good to be true?
I have been seeing the following debt relief program for seniors with over $20k credit card debt… is this legit and a good option.
5. ‘Debt Relief’ Program Helps Americans With $20,000+ Credit Card Debt
The burden of debt can be a big one to carry, especially so for seniors. Ever increasing living costs combined with interest rates that exponentially increase your debt, it can be overwhelming. All these factors could end up with an inability to pay your debt and an ever increasing pile of it! But credit card companies are hiding something from you…
Americans who have $20,000 or more in credit card debt can greatly reduce their debts through this ‘Debt Relief Program’, allowing them to become completely debt-free in a couple of short years.
If you have $20,000 or more in credit card debt, we strongly advise you to check out this program to get rid of it faster!
Terry Says
Well, thanks for copying the whole pitch! Yes, it’s too good to be true. Most of these companies tell you to stop paying the monthly minimum and instead divert the payments until you have enough money in an account with them so they can “negotiate’ a smaller payoff. Of course, they charge fees to do this. And in the meantime your credit is ruined –and some creditors might even try to put a lien on your home (or garnish wages if you’re still working).
I never recommend this route. You can call the National Foundation for Credit Counseling at 800-388-2227 for their free advice and recommendations. They try to help people repay their card balances by working with the creditors. But that also goes on your credit report if you enter a debt repayment plan.
If you do have a bit of cash set aside, you can contact the card issuer — or the one with the largest balance — and tell them the truth — that you are a senior, have no money, no assets except for a few dollars and ask if they will simply accept that as full payment. Not likely — but make sure you do get it in writing if you are going to negotiate yourself.
On the other hand, if you nave no money to negotiate a writeoff, you are in a tough situation. So here’s the Savage Truth – -and I never thought I’d write this. But I think seniors are a special case,many forced to charge expenses because they can’t expand their income. So I think you might also consult a bankruptcy attorney to see the impact of just wiping out your credit card debt. That could also impact your car, your other property, etc so choose a reputable bankruptcy attorney (that NFCC 800-388-2227 number can also help you reach one) and ask about the consequences. YOu need to keep at least one card out of a bankruptcy, because it will be difficult to get another for several years.
