Take Advantage of Credit Card Relief Programs
Are you looking for a solution to your credit card debt? Find out how a credit card debt relief program can help in managing your debt.
Credit Card Debt:
It is said that debt in any form is a one-way street. But thanks to debt management agencies, today there are many options that can be an antidote to debt. A credit card debt relief program is one such debt management solution that can ease your financial burden.
Highlights of Credit Card Relief Programs
- Negotiated interest rate
- Consolidated monthly bill
- Better credit rating
Tips for Choosing a Credit Card Relief Program
- Always opt for a licensed service provider. They are reliable with many years of market experience and hence can guide you better.
- Understand the consequences of a low credit rating when deciding to pursue a credit card relief program. It might be a tough deal.
- Remember, you have every right to question your debt negotiator. Don’t just blindly follow whatever is suggested to you. First, understand how the relief program will be in your best interest, and, once you are convinced, only then chose credit card debt settlement.
- Have a thorough understanding of your rights and responsibilities. You can refer the Fair and Accurate Credit Transaction Act of 2003 (FACTA) documentation.
- If you think identity theft only happens online, you are wrong. There are imposters who might take away all your personal and financial records on the pretext of providing debt management solutions. Hence, always check the credentials of counselors before handing over any important documents.
An Effective Way to Eliminate Credit Card Debt
If you have a good credit score, then debt management planners suggest an excellent way to find debt relief. Zero percent interest balance transfer credit cards facilitate debt relief by allowing a higher percentage of money to go towards debt settlement rather than interest payments. Since the introductory period is 12 months, it is wise to apply for a new balance transfer credit card again if the debt is not cleared off within the introductory time period. However, you need to be careful of certain factors:
- Make sure to close previous cards before opting for a new 0% interest balance transfer credit card. In this way, you will not use your previous cards even if you feel tempted.
- To maintain a regular process of credit card debt reduction, it’s advisable to reduce your credit limit once per quarter.
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