What kind of options we have to deal with credit card companies when under their debt?

I have credit card debt and this time it is hard for me to manage it. Do I have some kind of options to deal with credit card companies to have some break or if they can write off part of it without affecting my good credit? If requested, can they defer the monthly payments? But whatever is negotiated, I don't want to mess up my credit. Any viable solution please.

What kind of options we have to deal with credit card companies when under their debt?
You sound like you are doing fine. They are not calling you at home or threatening to send you to collections.





You need a plan so you can pay off all these cards. Start today. Pay off the one that you are paying the most interest on. Not the highest interest rate - but what you are paying the most interest / month on.





It is wonderful to live debt free. I love my credit cards and have paid them in full each month. They help me budget my groceries and gas. I have never paid a penny interest.





Use credit cards for the rewards and cash back, don't let them use you. Pay them in full - start your plan today.





Only 40% of the population carries a balance - funny thing is 40% of people are considered by the goverment to be in poverty.


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Reply:You really have no options to negotiate settlement and keep your good credit. In the first place, credit card companies are not going to forgive part of your balance just because it's hard for you to manage. They have absolutely no incentive to do so. You legally owe the money and they can sue if you default.





Some credit card companies will negotiate settlement IF you have a permanent change of circumstances, like medical disability. But even then, they want lump sum pay off and the account is reported to the credit bureau as settled/charge off. You get a 1099 for the forgiven portion which must be included on you income tax forms.





You could try credit counseling. Check here for NFCC member near your: http://www.nfcc.org/. These are legit, non-profit companies that offer debt management programs for a nominal fee. They don't settle debt. They negotiate lower interest and payments so you can pay off your debt.





While in the program, it is noted on your credit file. However, upon completion,the notation is removed and you will have decent credit.
Reply:UK? These are your options;


1) Do nothing and the debt will be sold to a debt collection company.


2) Negotiate with the lender. (they are not likely to suspend or write debts off, at this stage)


3) Do a debt management scheme with another organisation. You will need to do an income and expenditure sheet as proof of your financial status.(e.g. CAB)


4) Do an IVA with another organisation (if you have disposable income)


5) Try to maximise your income and carry on paying as normal. (check for benefit entitlements, get a higher paid or second job.)


6) Do nothing at all, forcing the lender to make you bankrupt. (beware of this if you are an owner occupier)


7) Go bankrupt. (Again, beware of this if you are an owner occupier)





Whatever happens, if you default on your payments, your credit rating will be affected. Why is that so important when you are struggling now? The last thing you need is to have the facility to get into yet more debt!


The two websites below will give you more information on the options above.
Reply:To Be honest,It will take a little time to find the answer for the question of yours.have a look at the resource here http://www.DebtFreetips.info/debt-free.h... for your reference .




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