Learn about debt reduction services, debt relief services, debt reduction and credit card debt relief.

http://www.christianet.com/debtreduction/

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Title pretty much says it all! As with many folks nowadays, I am staring down bankruptcy, and would like to get some expert’s (or those who have gone through this and succeeded) advice. I have ventured on my own, and have been unsuccessful at achieving either a rate reduction or debt forgiveness.

You certainly aren’t alone, so many are facing the same thing.

What you need is a third party, independent advocate, to intervene on your behalf. Call Lifeline or the Salvation Army and ask to speak to their financial counsellor. If you belong to a church, they may have someone who can help you. You may have to wait a little, but do explain how urgent it is and they may be able to delay things for you. Whatever you do, don’t go into further debt, trying to get another loan to pay out what you already have.

Also please don’t get involved in any ‘new schemes’… you have to work with what you have now. There is light at the end of the tunnel.

Best wishes.

South Carolina Bankruptcy Attorney Showell Blades leads a 90-minute seminar on Chapter 7, Chapter 11, and Chapter 13 bankruptcy trends and procedures.

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http://www.howtoeliminatedebt.org/ Learn the various ways to eliminate $5,000 of credit card debt and find the best debt relief solution – is it debt settlement, debt consolidation, or bankruptcy…

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Think you’ve got it bad with the fees your credit card charges you? Well try this: $247 up-front, for a $300 credit line… And that’s not the worst of it!

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Does anyone know about this company of know anyone who dealt with them? Is there a reputable Debt reduction company out there?

Most of them are scams.
A debt reduction company charge high fees and cannot guarantee that they can reduce your debt. They cannot do anything that you cannot do for yourself for free.
Creditors are under no legal obligation to accept a debt reduction company’s settlement offer. Your creditors can still continue to collect from you, and they can still sue you.

There are several active lawsuits against Morgan Drexen, here is a link to one of them,

http://heenanlawfirm.wordpress.com/2010/01/11/class-action-brought-against-morgan-drexen/

I need information on what a good credit counseling or debt reduction company is, and if anyone has personal experience or recommendations.

Please do not do "credit counseling", "debt reduction", or "debt consolidation". It will show up on your credit report like a bankruptcy. It is also not free. There is a charge for the company to do it, they will negotiate with the creditors to either take less than you owe (another "ding" on the credit report), or to space the payments out for a longer period (which will cost you more in interest payments), and it will just take longer for you to get out of debt. Here is a plan that will get you out of debt and allow you to never worry about money again. You just have to decide to do it. If you work the plan, the plan will work for you. Get all of the debt paid off as soon as possible, that will enable you to start building real wealth.

A. Have a garage sale and sell whatever you don’t use or need and use that money to pay down your debt.

B. Consider getting a temporary part time job and use all of that salary to pay off your debt quicker. It is better to have a no fun year
than a no fun decade.

1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don’t even have to worry about it. You must cut your spending and live on less than you make. Pay cash for everything. If you can’t pay cash or write a check, then you don’t need it. Do not use credit cards. Debt (especially credit card debt with it’s high interest rates) is like quicksand, if you fall in, you will drown.

2.First get current on all of you debts, if you are not already, and make no more late payments, if you have had any. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on. If it is not on your budget, then you don’t need it. If you forget to add a necessity to your budget one month then re do the budget. If you add something in, you will need to take some money out somewhere else.

3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:

To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment

Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment

Debt #1: paid off
Debt #2: paid off
Debt #3: minimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.

That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.

4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.

5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.

5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? The Human resources Department will have the forms for you to fill out. Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire. Start learning about investments. Do some reading. I like "The Lies About Money" by Ric Edelman, "Ready, Set, Retire" by Ray Lucia, and anything by Ed Slott. They are very good books and each has a little different perspective so you can decide your own comfort level with your investment

http://www.simple-steps-to-financial-freedom.com/debt-reduction-calculator.html

Save Tens of THOUSANDS of dollars and shave YEARS off the time you’re in debt by using this FREE debt reduction calculator.

Do you want to save yourself $50,000 to $100,000+ over then next 10 to 20 years?

If so… PLEASE watch this video.

Most people are not aware of the simple strategies they can use to get out of debt fast and save big money on interest payments.

This is the best debt reduction calculator I’ve found and it does what I’ve seen other companies charge $3,500 to $7,000 dollars to do.

http://www.simple-steps-to-financial-freedom.com/debt-reduction-calculator.html

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Learn how to reduce your debt by up to 100%. edgemarkfinancial.com for your free eBook. Debt consolidation and debt reduction

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This video covers some of the factors that affect your credit score. For more info on reducing debt and your credit score, visit www.debtreductionlessons.com

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