While consumers with good credit and manageable credit card debt can often utilize 0% balance transfers to quickly and inexpensively extricate themselves from credit card debt, many consumers either have too much credit card debt or lack the credit needed to qualify for a low rate balance transfer.
If you fall into the latter category, the best approach to getting out of credit card debt may be the use of a consumer credit counseling service. Unfortunately, the web is littered with shady debt consolidation firms promising miracle debt reduction. Avoid sites like these, as they can sock you with high fees, ruin your credit score, and ultimately leave you in a worse position than you were when you sought their assistance.
That said, consumers who need help getting out of debt can utilize the resources available from the National Foundation for Credit Counseling at www.nfcc.org.
At this website, you can search for a credit counselor in your area that can help you get your credit card debt in control. The companies listed at www.nfcc.org do not promise to cut your debt by 50%. They work with your credit card companies to help you work out payment plans and lower your interest rates to levels you can afford.
Related Posts
- Consumer Advisory on Credit Card Checks
A few days ago, a visitor of Smart Balance Transfers contacted me about an issue she had with a credit card check her fiance received in the mail. I have long cautioned against the use of balance transfer and cash advance checks, mainly because there is always a chance that these checks may bounce. Below is Irina’s experience [...]...
- Updated Consumer Advisory on Balance Transfer Checks
In early July, I posted a consumer advisory on balance transfer checks. At that time, I had received a few emails from consumers complaining about Citibank balance transfer checks that were not being honored. When I published the first advisory, I had expected a flood of new comments from angry consumers. When those complaints didn’t [...]...
- Fidelity Investment Rewards Card is Best Cash Back Credit Card
During the past five years, cash back credit cards have changed for the worse. Back in 2006, some companies offered a straight 5% cash back on gas and groceries. Many other cards offered 2% across the board. Today, the Fidelity Investment Rewards American Express Card is one of the few credit cards that continues to offer a [...]...
- Reduce Credit Card Debt with Balance Transfers
If you want to reduce credit card debt without paying a fortune in interest, 0% balance transfer credit cards can be an extremely helpful tool. With a 0% balance transfer, you pay a small transaction fee and no interest for the length of the 0% interest period. With current balance transfer offers lasting up to 18 [...]...