Unsecured Personal Loan With Poor Credit - Is it the Best Way to Legally Eliminate Credit Card Debt?
By Sam Renstaff
I don't wish to sound unforgiving, but please allow me start this article with a short lecture. All I am going to say is there is usually only one person to blame for your credit cards going over their limit...and you know exactly who that is! Lecture over! The remainder of this article will concentrate on the best ways to legally eliminate credit card debt:
- The first option to legally eliminate credit card debt would be debt management. This would mean that you have obtained a copy of your credit report and are fully aware that the report is accurate. You have a poor credit rating and therefore require "consumer credit counseling". Don't worry, it's not as painful as it sounds!
Your details will be forwarded onto a debt management company. This company will liaise with your creditors on your behalf and look to arrange a mutually beneficial payment structure. Usually your creditors will stop to charge interest and fees for a set period of time. This will mean that your repayments will reduce, however, until the arrangement is finished you will be unable to borrow any more money.
- The second option to legally eliminate credit card debt, would be bad credit settlement. Your credit card lender will realize that you are struggling to meet the required repayments. Most companies would rather receive some kind of payment from their borrower than handing a debt over to a collections company. (it's financially better for them). Therefore your lender may be willing to allow you to settle your debt in full for a rather generous discount. The norm may be up to 30% - 40% of your debt wiped off, but i have personally seen a company reduce someone's debt by as much as 70%. Obviously, you will need some form of cash to take this option!
- The final option would be an Unsecured Personal Loan with Poor Credit. During the past few years a number of bad credit lenders have surfaced. They realize that the recession has hit many people badly and that they are struggling to get suitable finance from the mainstream lenders.
These companies will provide unsecured personal loans with Poor Credit at a reasonable interest rate. This will allow you to consolidate all your credit cards into one payment with one lender. Unsecured Personal Loans will always have lower interest charges than credit cards, therefore you should find that this will reduce your monthly outgoings significantly!
So by obtaining an unsecured personal loan with poor credit, you can wipe all your credits card debts clean, reduce your monthly outgoings, still have the ability to borrow money and improve your credit score along the way!
Do you desperately need to know how to Legally Eliminate Credit Card Debt?
To learn what others are doing in your situation then Click Here and see what certain companies can do for you.
Article Source: http://EzineArticles.com/?expert=Sam_Renstaff
Unsecured Personal Loans
For more information about personal loans please visit High Risk Personal Loans
- The first option to legally eliminate credit card debt would be debt management. This would mean that you have obtained a copy of your credit report and are fully aware that the report is accurate. You have a poor credit rating and therefore require "consumer credit counseling". Don't worry, it's not as painful as it sounds!
Your details will be forwarded onto a debt management company. This company will liaise with your creditors on your behalf and look to arrange a mutually beneficial payment structure. Usually your creditors will stop to charge interest and fees for a set period of time. This will mean that your repayments will reduce, however, until the arrangement is finished you will be unable to borrow any more money.
- The second option to legally eliminate credit card debt, would be bad credit settlement. Your credit card lender will realize that you are struggling to meet the required repayments. Most companies would rather receive some kind of payment from their borrower than handing a debt over to a collections company. (it's financially better for them). Therefore your lender may be willing to allow you to settle your debt in full for a rather generous discount. The norm may be up to 30% - 40% of your debt wiped off, but i have personally seen a company reduce someone's debt by as much as 70%. Obviously, you will need some form of cash to take this option!
- The final option would be an Unsecured Personal Loan with Poor Credit. During the past few years a number of bad credit lenders have surfaced. They realize that the recession has hit many people badly and that they are struggling to get suitable finance from the mainstream lenders.
These companies will provide unsecured personal loans with Poor Credit at a reasonable interest rate. This will allow you to consolidate all your credit cards into one payment with one lender. Unsecured Personal Loans will always have lower interest charges than credit cards, therefore you should find that this will reduce your monthly outgoings significantly!
So by obtaining an unsecured personal loan with poor credit, you can wipe all your credits card debts clean, reduce your monthly outgoings, still have the ability to borrow money and improve your credit score along the way!
Do you desperately need to know how to Legally Eliminate Credit Card Debt?
To learn what others are doing in your situation then Click Here and see what certain companies can do for you.
Article Source: http://EzineArticles.com/?expert=Sam_Renstaff
Unsecured Personal Loans
For more information about personal loans please visit High Risk Personal Loans
No comments:
Post a Comment