$10,000 Credit Card Debt

A lot of people have found themselves submerged in $10,000 or more of credit card debt. This is typically the result of not managing debt as well as possible. They get on a spree with the intention of paying the amount off at the end of each month, however it is easy to forget how much is on the card, especially if the available balance is a large amount. The debt problem can also escalate with cashback cards that offer money back but with higher interest rate terms. The good news is that relief is possible if the person follows a few steps and has some patience with the process.

Find A Professional Debt Specialist

They need to see a professional debt relief specialist. The specialist will be able to meet with them to discuss their situation. They will typically look at their income over the years in comparison to their expenses. In some cases the person may have lived substantially beyond their means, while in others the credit card may have served as a form of personal loans. Many people depend on their line of credit in order to keep putting food on the table for their family.

Once the professional has looked investigate the financial facts they will typically have the individual set up for a direct withdrawal savings account. Once the individual has saved a certain amount they have figured, they will begin their case with the creditor by offering the amount the individual has ready for withdrawal today. The individual may have to talk with the credit card company at this point to verify that the debt specialist has permission to talk to them. The professional will attempt to work out a plan to pay off a partial amount of what is actually owed. They will probably not offer lower interest rates on the card, as they are already going to settle for an amount substantially less than what is owed. Keep in mind that this will cause substantial damage to one’s credit score, but it is better than letting the amount rack up any higher.

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