If you’ve got credit card debt up to your eyeballs, you need some help. There are many ways to help repair your credit card debt, make it go away or improve, so don’t despair! Read this helpful article before you throw your hands in the air and resign yourself to paying the credit card companies for many years to come. There are ways to improve your situation. Let’s talk of ways to get help in repairing your credit card debt.
Hire A Company
First off, about the credit repair companies. They can help repair credit card debt – for a fee. The companies can be good or bad – so sign documents with your eyes wide open. Sometimes they can accomplish what needs to be done with an efficiency that us laypersons don’t have. They know the buttons to push with the credit card companies, and the legalese that can get action.
But they are just a hired hand. You will still need to give them the documentation and information they need to work on your behalf. You can’t totally leave it up to them, much as you wish you could.
Most of what they do you can do yourself – and you can pay that hefty credit repair company fee into your vacation account!
Self Help – Is It Possible?
So then, if you want to save some money and go the do-it-yourself route, what can you do? To help repair credit card debt, you need to get a copy of your credit report. You can get one for free if you are turned down for employment or credit – it will give you more information on the notice that you were denied.
Assuming you aren’t in that situation, though, you can go to the government-sponsored site that ensures everyone can get one credit report from each of the three credit bureaus each year for free. It is www.annualcreditreport.com. Some people like to get them all at once – like ordering them on your birthday as a way to remember.
Others prefer to space them out, one every four months, as a way to keep tabs on the changes that happen. Whatever your preference, get a copy asap. Look it over carefully and be prepared to dispute anything and everything that is at all erroneous. It will help your case. The credit bureau has 30 days to investigate your claim. If it isn’t verified by then, they have to remove it from your credit report.
You can also work directly with each credit card company to change the deal. Considering the economy and the numbers of people filing bankruptcy (in which case the credit card company gets nothing), many credit card companies are willing to cut a deal. How does paying ten cents on the dollar sound? (If you owe $1,000, offer them $100).
Getting a tenth of what you owe is much better than nothing, so it’s worth a try. Get them to agree to notify the credit bureaus that the account is paid in full and that will help repair your credit card debt and score. Another idea is to get them to lower your interest rate – especially for those credit cards that have the highest rates or that you’ve been faithful in paying on time. Credit card companies don’t want to lose a good customer, so threatening to change to another credit card company sometimes works.