How,Get,Out,55k,Credit,Card,De finance, share, loan How to Get Out of $55k on Credit Card Debt in 18 Months (And
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
Meet James and Ann of Laguna Hills, California...Back in 2004 this married couple had over $55,000 of high interest credit card debt. They had some problems making their minimum payments due to some medical problems James suffered, which had him out of work for a few months.Missing payments combined with their already high debt ratios caused their credit scores to suffered, and their interest rates and minimum payments jumped up too.James and Anne were paying over $2,100.00 a month in minimum payments when they decided to "do something" about their looming debt and crushing monthly payments. They had equity in their home, and it was a stretch, but they worked with a mortgage company who was able to help them refinance and pull out a little over $30,000 to settle all of their credit card debt accounts, including fees.James and Anne took this money from their home refinance and funded a debt settlement program with a lump sum. They had all three of their credit scores for each of them from before they started their debt settlement program, which they received while refinancing their mortgage.Eighteen months later... ALL of their credit card debt was successfully settled for a total cost of just over $29,000, saving James and Anne more than $25,000. The $2,100 monthly minimum payments they used to have disappeared permanently, giving the happy couple an extra $2,100 a month to spend and invest however they wanted. Can you imagine the relief they felt?Getting out of debt so quickly for such a low cost was a great success, but perhaps even more liberating was the fact that James saw his credit score jumped 74 points and Anne's score jumped 130!!After settling all of their debt, they each pulled their credit reports BEFORE doing any sort of credit repair or credit rebuilding and were pleasantly surprised that debt settlement had dramatically improved their credit rating.Can You Imagine How Anne Felt...Going from a 520 credit score just before starting her debt relief program to 650 immediately after graduating?If people come into a debt settlement program with problems in all three major areas of their credit (bad payment history, high debt to income ratio and bad utilization) then the negative impact of debt settlement on their payment history has already happened. By completing debt settlement and eliminating the credit card debt balances, the debt ratios see a very strong positive improvement. This is what caused credit scores to jump for James and Anne.People in similar situations to James and Anne can expect debt settlement to have similar, positive effects to their credit too. Article Tags: Credit Card Debt, Debt Settlement Program, Credit Card, Card Debt, Credit Scores, Minimum Payments, Debt Settlement, Settlement Program
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