What is the best solution for credit card debt?

What is the best solution for credit card debt?


I am way in over my head, I have 6 credit cards and I%26#039;m over $40,000 in debt. I have tried to take out a loan at the bank to consolidate but i got turned down. I need HELP!

What is the best solution for credit card debt?
You have heard it before. Pay minimum on all your cards. Take the smallest amount you ouh on one and double or triple the payment. When it is payed off cancel that credit card. Then take on the next in line. Put the money you were paying on the one you just paid off and apply it plus the payment you were making on that card. The hard part is the first card, after that it begins to gain speed. The main thing is not to use the cards any more, leave them at home. If you do not have them you can not use them. And to cancel them as soon as you make that last payment.
Reply:Most likely there are two ways to consolidate your credit card debts. One of the way is Credit Card Consolidation Loan, which is a type of unsecured personal loan. When you have several credit card debts, you can consolidate it into one lower, fixed rate loan. You make a single lump sum payment each month to your credit counselor and he in turn will pay off to your current creditors. The advantage is that it will improve your credit score as the subsequent payment are made to new loan. But its not advisable when your credit score is not so good as it will get you higher interest rate and you would be in more debts.





Another way is credit card debt settlement plan wherein a debt settlement company would negotiate a lower lump sum payment to pay to your Credit Card Companies and as a result you end up paying fifty percent or even sometimes lower, of your outstanding balance to them.





As per my knowledge, debt settlement would be good.





Here is the source of a debt consolidation company http://ezconsolidation.com for your reference. They can give you better advice.
Reply:You have credit card debt, and you wan to pay it off as quickly as you can. We will assume that you are going to stop creating more debt. You have changed your ways. You also understand that paying credit card balances with a consolidation loan or rolling it into a mortgage isn%26#039;t paying it off. In fact, paying a lower interest rate, but paying on the debt for many more years, usually means paying much more, not less.Okay, so you really want to be rid of that credit card debt.





http://credit-cards.awardspace.com/





First, you have to understand that not all debt is the same. Of course you know this. Some of your cards have a higher interest rate than others.Find and budget the money to start paying down those balances. If you order pizza every week, for example, you may be spending $60 or $80 per month right there If you are serious about getting those debts paid, you may have to eat $4 frozen pizzas for now. Do what you have to do, and determine how much you can apply towards the debt each month.
Reply:To be honest a loan isn%26#039;t your answer. Why would you consider taking on debt to pay off debt??? What you need is a plan. Your debts aren%26#039;t going to go away on their own so it%26#039;s important to own up to what you owe and who you owe. Might I suggest a trip to the library to take out books by Dave Ramsey. His plan works ... it%26#039;s not a scam. It%26#039;s a way out of debt. He%26#039;s a little sarcastic but he%26#039;s truthful. Get rid of things you don%26#039;t need in your home and in your budget. Take on a second job. Clip coupons. Stop using your credit cards... don%26#039;t cancel them but don%26#039;t use them either. You didn%26#039;t go into debt overnight so you won%26#039;t get out overnight either. Believe in yourself. The goal is debt free not living in refinanceville. Be smart and be strong. Tackle that debt one dollar and one day at a time. The rest will fall into place.
Reply:There%26#039;s a good article at eHow on steps to take to begin tackling your debt. Take a look at it:





http://www.ehow.com/how_2326032_avoid-es...


How to Stop Escalating Debt





It includes information on companies (both non-profit and for-profit) that can help you with debt consolidation and reduction.





You can also look here for tips on earning some extra cash online:





http://www.ehow.com/how_2254361_money-in...


How to make money on the internet, scam-free





Lastly, here%26#039;s an interesting alternative to conventional lending...getting a %26quot;social networking%26quot; loan from Virgin Money (from the same folks who run Virgin Airlines):





http://www.ehow.com/how_2310995_student-...


Social Loans from Virgin Money





Hope these help.
Reply:I was in a situation not unlike yours, I owe about $20,000. After getting screwed from Fresh Start America, (they took $1500 from my checking account, and paid NOTHING) I got involved with greenpath. They contact the companies you have debt with, and work to keep or make your accounts current. You will have to work out a budget with them, but they can help, and they have debit counselors that you can talk to if anything comes up. They have been accredited by the BBB, and some other good certifications. Check out the website...
Reply:Hi Twin father.





I actually own a debt settlement credit company called AG Debt consultation We do what Shannon above is referring too and we are quite successful at it. If you would like some free advice or for me to look a little more into your situation go ahead and give me an email.





My email is agdconsult@gmail.com





I am Aaron
Reply:I bought Kevin Trudeau%26#039;s book Debt Cures, and was disappointed, then found this website and there info was a lot more helpful and concise, without any fluff or any of the bull Trudeau%26#039;s book had. Check it, if you want, I think it%26#039;ll help: http://www.TheTruthAboutDebtCures.com
Reply:Hi,


I used %26quot;Credit Solution%26quot; to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It%26#039;s legitimate.I came across this company on NBC News Special Edition.Check it out here:


http://memurl.com/furetu
Reply:You can use credit repair agency to fix your credit - for example this one - http://freecreditreport.hotusa.org - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.
Reply:your best option is debt settlement this will cut your debt up to 70% and give you some room to breath and make smaller payments, check out www.creditservicesolutions.com they will give you a free analysis.
Reply:STOP! just stop and take a breath. put them in the garbage!!! throw them AWAY!! thast the only way it will get better. OR stop spending it !!! get a few jobs to pay it all off
Reply:http://www.ehow.com/how_2291420_pay-down...

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