I’ve been unemployed for a couple months, and the credit card payments are starting to hurt.
If I negotiate with the credit card company to reduced my debt or monthly payment, will this somehow hurt my credit score.
I plan on refinancing my mortgage when I get another job, and I don’t want my score to be hurt.
The credit card company may POSSIBLY be persuaded into reducing the interest rate which, in turn, will reduce the monthly payment, but they arent going to reduce the amount that you truly owe. If you bought a $600 stereo, there is no reason why you should be allowed to negotiate less than that. If you defaulted on your credit card payments and the debts were sold to a collection agency, you can negotiate with THEM for a smaller amount, but the late payments, the referral to a collection agency, and the payment of less than what’s owed will ALL hurt your credit significantly. About all you can do without damaging your credit would be to plead with the credit card companies to lower your interest rates. I kind of doubt they will though since they only care about their own financial well-being. If, by some miracle, they DO decide to reduce your interest rates, they may also require you to surrender the credit card. The account, naturally, stays opened until it is paid-off, but you wont be able to further charge anything onto it. If they’re going to agree to take less money, they may require a good faith gesture on your part that you wont take advantage of it and charge new things on your lower interest rate card. Thus, they may cancel your charge abilities.
I don’t get it, they lost, now they are pushing for debt reduction, when they added more debt than the first 100 congress combined. And yet they still get voted in.
http://www.cnsnews.com/news/article/111th-congress-added-more-debt-first-100
#1 because they don’t believe voters noticed that they added more debt than the 1st 100 congresses combined.
#2 because it is obvious that voters are stupid and wont notice their flip-flop.
#3 health care reform was made for the purpose of increasing debt beyond and possible reduction.
Since we already spend half as much as any socialist nation on health care and cover twice as many people. its only the whining left wing-nuts that want to promote falsehoods that cant comprehend the purpose of anything that is done.
Imitation is the best form of flattery – You is bein flattered. 
The Obama’s are at the baseball. With the game about to begin, Barak grabs ichele and throws her onto the field. Barry’s Chief Advisor is shocked. ‘ Barak , you’ve misunderstood. I told you to throw out the First Pitch.’
I have about 10,000 dollars in debt and most of that has already been sent to collections or been charged off. Can I still sign up with a debt consolidation to help improve my credit even though the debts have already been sold to collection agencies and charged off? Thanks
If the debt has already been charged off and sent to collections, the damage is already done. Paying it off won’t help your score. It will remain on your credit report for the balance of the 7 year reporting period whether paid, settled, or unpaid. However, creditors look at your whole credit report, not just the score. Paid old debt always looks better.
Define "debt consolidation". The term seems to be used for several completely different things. If you are talking about talking out a big loan to pay off all the debts, you probably will have problems qualifying with all the charge off/collection accounts.
If you are talking about a debt management program where you pay a company to pay your debts monthly, make sure the company you use is a NFCC member: http://www.nfcc.org/. There are a lot of scam companies that take your money and never pay any of your debts. However, if you are already in collections for most of your debt, a NFCC credit counseling service probably won’t be able to help.
You could try saving up and negotiating settlement offers with the accounts in collections. Work on them one at a time starting with the newest. Lump sum offers get the best deals. Payment plans have to be short term. Get any settlement agreement in writing and don’t give the collector direct access to your bank account.
The United States may be a nation deep in debt, but you’d never guess, with stores still ringing in the takings. But it’s the credit card firms who’re making the killing, with shoppers weighing heavy on the plastic. RT’s Anastasia Churkina met Reverend Billy – a man with a mission to break the American addiction to shopping.
RT on Facebook: http://www.facebook.com/RTnews
RT on Twitter: http://twitter.com/RT_com
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Dec. 28 (Bloomberg) — Scott Minerd, chief investment officer at Guggenheim Partners LLC, discusses his investment strategy for Europe’s sovereign debt crisis.
Minerd speaks with Carol Massar on Bloomberg Television’s “In the Loop.” (Source: Bloomberg)
Duration : 0:5:44
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Take Margaret’s Quiz Now! http://apps.facebook.com/credit_quiz
This is one segment from Margaret Johnson’s “Credit Master or Debt Prisoner – Which One Are You?” Quiz Series on Facebook.
In order to compile these video answers, Margaret conducted interviews with a group of students who know a little about debt and credit. Thanks to all of you who participated with Margaret.
Margaret Johnson is a credit counselling expert and President of Credit Solutions, a company based in Vancouver, Canada, helping those burdened with debt for debt consolidation to regain their financial independence, become financially literate and recover their financial health.
Duration : 0:0:36
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http://www.pbs.org/nbr/site/features/special/subdir/money_profiles_9_debt_relief/
PBS Airdate: December 22, 2010
What if you can’t pay off your loan? Should you dip into your 401K or liquidate other reserves to pay off a student loan? A man trying to start a new career learns lessons on loans and promises.
For more information visit:
http://www.pbs.org/nbr/site/features/special/subdir/money_profiles_9_debt_relief/
Duration : 0:4:10
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Schiff Report Video Blog Dec 27th 2010 I misspoke and said Jan. 27th. I obviously got a bid ahead of myself with the new year approaching
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http://www.clearstart.co.uk – The first ClearStart TV advert, first broadcast in January 2010. ClearStart provide impartial debt advice, best-value debt solutions and immediate support to help you resolve your debt problems.
Blog http://www.clearstart.co.uk/directors-blog
Twitter at http://twitter.com/clearstart
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