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Find a Credit Counseling Service: Should You See a Credit Counselor to Get Out of Debt Faster?

If creditors are looming and you’re barely making the minimum payments on your credit cards, it might be time to seek professional help.

What to Look for in a Credit Counseling Service

  • Find a reputable non-profit agency. The best place to start would be the National Foundation for Credit Counseling. They can refer you to a member organization near you.
  • Ask questions before you sign up for anything. Don’t even meet with a counselor until you find out exactly what the fees will entail. Usually a counselor will sit down with you and go over your short- and long-term goals including quick cash borrowing. Come prepared with pay stubs, bills, anything that will help the counselor get a clear picture of your financial health. If he/she suggests you enter a debt management plan, you’ll be charged a fee that will be separate from your bill payments. The agency will negotiate with creditors on your behalf and are usually able to lower interest payments, reduce or eliminate late fees and over-the-limit charges. You then make one payment to the counseling service and they in turn pay all your creditors.

Is it Possible to Negotiate with Creditors without the Help of a Credit Counseling Service?

Yes. In fact you should try to do that before you seek a counselor’s help. Really, there’s nothing that a counseling service can do that you can’t on your own. They may have more clout with creditors, but if you enter into a debt management plan, you will have to close your credit card accounts. If you negotiate on your own, you might be able to keep the accounts open.

Tips on Negotiating with Creditors

Have a specific plan in mind before you get on the phone. Propose a payment plan you can live with and ask the representative to reduce your interest charges. If you are getting nowhere with the person on the phone, ask to speak with a manager. Be polite but firm. Explain your situation and the steps you are willing to take to pay off your debt. Try to get your interest payments reduced as much as possible, along with late fees and over-the-limit charges. Remember, it is in their best interest to come to terms with you and start getting paid.

Debit Card Quick Loans – Loans for Your Emergency

Debit card quick loans are the ideal solution when you are struck in an emergency like paying the bills that are not expected, an urgent repair to your car or buying a new dress to attend a party on the weekend. There is no necessity for you to prove your identity to take the loan. The lender will not ask you for any collateral as well. The debit card is the main security for the quick loan.

The hassles of giving proof of your address or your employment are not insisted upon when you are taking debit card quick loan. But, some of the lenders insist that the debit card holder must be 18 years and above to take a loan.

The debit card will establish your credentials as the repaying capacity. If the lender is satisfied, you can get the loan within a short time and the loan will be credited to your bank account that can be withdrawn by you. The lender normally will not go back and dig at your credit history. Even if you are low on your credit scores you can still get the loan.

The amount of loan against a debit card ranges from as low as $100 to $1,500. It must be repaid after 14 days to 31 days as a practice. The loan will attract a higher rate of interest due to the small amount and the absence of a security. You have to deposit postdated checks with the lender. The lender will present the checks on the due dates and recover the money along with the interest. If for any reason you want to extend the repayment, you can pay the up- to- date interest and ask for time to repay the loan.

The cost of the loan in the form of interest is expensive. If you are a salaried person it is the most expensive. The income per month by way of your salary is fixed and you do not have any additional income. Hence, you must be careful while taking a loan. You have to be disciplined on your spending and try to save as much as possible to meet your commitment of repaying the loan on your debit card.

You can approach the bank with whom you have been dealing for the past so many years. The bank is aware of your transaction and your income as well. Your repaying capacity is known to the bank as well. You may have to sign some papers in the bank and the loan amount will be credited to your account immediately.

Alternatively, you can surf the Internet. The Internet is full of lenders that are ready to give a quick loan on debit cards. There is a lot of competition to lend money on debit cards. You can ask for the best quote and finalize on a deal that is most suited to you in terms of interest rate and the repayment period.

You have to be extra cautious when you take a debit card quick loan. There are chances of your falling in a debt trap. Once if you fall into the trap it is difficult to come out of it. It may become a habit to borrow a new loan and repay the earlier loan. And finally you will reach a situation where you will have to declare yourself as bankrupt

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