Credit Card Debt?

Question

ok, I am in serious trouble, i.e i have total debts on my various credit card to RS 9 LACS, which also includes personal loan on my card.

Now i m ready to do a settlement with all the card companies.

Kindly advise as to how can i go about doing the same. Would the CC Companies, settling for less amount, can the settlement amount be less
than which is reflected on the Card.

I just have 5 Lacs with me....

Can you please advise, the process to follow and what % of Amount will the CC companies ready to forego.

THANKS

D.S

BTW, i reside in India and 1 LAC is 100K..(INR)

People, please help !!

Answer 1

www.consolidator.com

Answer 2

I would advice you to seek an attorney that specializes in Credit Card debts. I do not believe in these credit card counseling agency they are very deceptive and do not do the job's they are promising to do.Hope this helps you.
By the way what is a Lacs? I never hear =d of . Last year I became debt free. I only have three cards left, than I am done with them forever.

Answer 3

Debt consolidation is actually a fairly simple process. A consumer overwhelmed by bills from various creditors can take their debts and merge them into a single loan at a lower interest rate than they were paying. Most credit cards charge nearly a whopping 20% interest, with department store credit and other types of loans charging even more than that. If your debt is mostly credit card debt then a debt consolidation loan would be a good choice.

Unfortunately, those of us without sufficient income find ourselves in a downward spiral, making minimum payments which generally barely cover interest, leaving nearly as much principle on the loan month after month. When you consolidate debt you can eliminate these high interest bills and consolidate (merge) them into one loan with a much better interest rate.

Lower interest allows you to lower payments or apply more of your monthly payments towards principle on your debt, which allows you to pay off your debts faster and more easily while satisfying your creditors and repairing your credit.

You can find a variety of information and articles here about the process of getting a debt consolidation loan, as well as similar alternatives such as debt settlement, and even information about bankruptcy should the need arise. We hope this site answers some of your questions about debt consolidation loans, and wish you luck repairing your credit and getting your finances back on track. read more from: http://www.lowest-apr-cards.com/

Answer 4

I am in credit card debt up to my ears! I spoke with a lawyer to file for bankruptcy or consolidation. I was advised to ride it out for the 7 years it holds on your credit. I can write letters to the bill collectors and tell them to stop harassing me on paying them and if they write me again or call after the letter I sent, then I am to take those letters and present them to the lawyer so we can sue the bill collectors. Basically as I was told, your credit cards have already been paid by their insurance, then you pay double, even triple with the interests. So, if you couldn't pay the company, their money has already been made. They just don't want you to get anything for free out of their pocket.

Answer 5

some advice never use a credit card they steal money