If you’re looking for outside help to pay off your credit cards you might be looking for an awfully long time. Despite what you may have heard from your friends, seen on television, or read on the Internet, there are very few resources available to help you in this area. You might be better off seeking financial counsel that can teach how to get your finances in order.
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Unfortunately, the information age has given way to far too many unscrupulous entrepreneurs looking to prey on individuals with credit problems. Just do a standard Internet search on a phrase having to do with paying off excessive credit card debt and you find an almost unlimited number of websites promising assistance that doesn’t exist. Common sense dictates that if all that alleged assistance really was real, very few people would still be having credit card problems.
Doesn’t the government give grants for debt relief?
Claims of federal government grants for debt relief are one of the biggest scams ever to be perpetrated on those with financial problems.
There are even some companies that have gone so far as to offer to help find government grants that will assist in paying off your debts. They charge an outlandish fee only to provide information that is completely useless.
If you want to know about the availability of federal grants, you need only visit Grants.gov. This website was set up by the federal government to be a clearinghouse for all of the information relating to currently available grant monies.
Grants.gov states clearly that no federal grant money is ever given to any individuals for the purposes of debt relief. No matter what anyone tells you, you’ll never be able to get government help for credit card debt.
Can I use a debt consolidation loan to pay off my credit cards?
Financial experts suggest consumers with credit card problems try to consolidate credit card debt. Such loans typically offer interest rates substantially lower than what you’re paying on high interest credit cards. If you can qualify, the lower interest rate also tends to mean lower monthly payments as well. Just be careful you don’t fall into the common trap of running up new debt.
Far too often people find themselves in this trap because they don’t destroy their credit cards after acquiring a debt consolidation loan. Sure, they may put the credit cards in a desk drawer and promise not to use them again until they pay off their credit card debt loan. However, something might come up which presents a temptation too strong to bear, and out they come.
Will a credit counseling service help?
The Federal Trade Commission (FTC) suggests your first course of action to pay off credit card debt should be to employ self-help methods including developing a budget and learning to cut your expenses. However, if you’re not able to successfully employ these methods on your own, they do say a credit counseling service can be helpful. Just heed FTC warnings of potential scams.
Credit counseling services that are legitimate will help you help yourself by teaching you how to use the previously mentioned self-help methods. They may even offer to contact your creditors for you and work out lower monthly payments.
That said, there are some consumer credit counseling organizations requiring their customers to pay substantial upfront fees and monthly contributions in order to settle credit card debt.
Consumers should always be careful to read the fine print before paying any such fees.
Otherwise, you could very well drive yourself even deeper into debt. It is important to know what you are getting yourself into before agreeing to these credit-counseling services.
What else do I need to know about getting help with credit card debts?
Truth be known, credit card companies are not salivating at the thought of referring your account to collections. More often than not, they are fully prepared and willing to work with you should you find yourself in financial trouble.
Rather than seeking help from some other organization willing to come and rescue you, consider directly negotiating with credit card companies and explain your situation. You’ll probably be surprised to find out they’re willing to set up payment terms you can afford.
If you do find yourself in over your head with your credit cards, you need to seriously consider cutting them up. Credit cards are a good tool, but if you have trouble managing them, you’re better off getting rid of them.
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- Government Help for Credit Card Debt: Grants, Loans, & Other Mythical Creatures
- What is the best way to pay off credit cards?
- What should I do if I’m having trouble with credit cards?
- Are Debt Management/Debt Settlement/Debt Counseling/Consumer Credit Counseling/etc./etc. Services a Scam?
- Debt Management Plan (DMP)
- What can I do if I’m having problems paying credit cards?
- Where can I find out how to consolidate credit cards?