What is the best method for consumer credit card debt relief?

We started a program with "Consumer Credit Counselors" This progarm has us pay the Consumer Credit Counselors, then they pay the credit cards every month. All they do is lower some of the interest rates. They don't negotiate amount owed. The payments are too high for us, so we looked into other alternatives. We found one company that will do it differently for less. They have you pay into an escrow account, and they pay off each credit card individually. They say they negotiate lower balances and interest rates. The payment would be lower and the payoff time cut in half. Does anyone know of any reason we shouldn't do this? Are there any other better ways? WHAT IS THE BEST WAY TO GET CONSUMER DEBT RELIEF with no loans?

What is the best method for consumer credit card debt relief?
I am not saying that debt settlement/negotiation is the wrong way to go. However, it will damage your credit further.





If you choose to settle on your debts, you can do this without paying enormous fees to a debt settlement company. Keep in mind that any forgiven debt of $600 or more is automatically reported to the IRS, in which you would owe taxes on it as a form of income.





If you can continue to make the payments on your current plan, then that is likely the best option for you. If you are having trouble, give your credit counselor a call to discuss possible changes to your account.
Reply:Ask them if it will affect your credit rating also. I know a couple who did it and they paid off their bills in about 3 years. Oh, and find out if they are a non profit agency. If so, you may be able to write off what you pay them to do this from your taxes.
Reply:I think you should read these articles:





Debt Consolidation - Get Out Of Debt


http://www.askaquery.com/Answers/qn1643....





How to Hire a Debt Counselor?


http://www.askaquery.com/Answers/qn1584....





What is Debt Relief?


http://www.askaquery.com/Answers/qn1583....





Debt Management and Building Wealth


http://www.askaquery.com/Answers/qn1581
Reply:Be very careful with these credit counseling and debt management companies. Some will NOT make your payments so that you can get behind. Once behind, the debt management company will try to settle your debt. This will completely trash your credit!





Also, keep in mind that debt management and credit counseling will reflect negatively on your credit report. When a person goes to one of these companies, they are basically saying that they don't know how to manage money.





The BEST method of getting out of debt is to do it yourself. The major benefit of this approach is that YOU learn to control your money. Otherwise, you're not really addressing the problem. Most people get into debt because they don't know how to control themselves (i.e. I want something so I buy it).





My wife and I teach a class at our chruch that helps people get out of debt and learn how to manage their money. In the two years that we've been teaching the class, we've been able to help many people eliminate debt so that they can build wealth.





You can contact me directly if you need some advice on getting out of debt. Please only contact me if you're truly committed to getting out of debt yourself. I will not advise you to borrow money, file bankruptcy or use debt management/credit counseling.





Scott.....
Reply:Why pay them when you can contact your credit card companies yourself and what they will accept for you to get them paid off. They WILL negotiate... they just want their money and they would rather get a little than nothing at all.
Reply:Hi, these articles should help you:





Ways to Consolidate Debt


http://www.debt-explained.com/category/W...





Structured Settlements Guide


http://www.debt-explained.com/category/S...

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