Yes, it is true; if you are having a challenging time in paying with credit cards; or just having a bad day each time a credit card is due, there is help along the horizon.
We as consumers should be aware that something is in place that is literally beneficial to all, creditors and consumers. Bankruptcy used to be the thing for people who did not have the money to pay their bills, especially credit cards. As many of us know, that was something that neither the person wanted, or the creditor wanted us to do.
Now, there are companies that will allow you to set up payment plans in which they pay off all qualified bills that you submit to them.
Although they (debt relief companies) will explain it better to you, it works something like this:
a. You make contact with them.
b. You submit your bills to them.
c. They tell you what bills are qualified or not.
d. You and they discuss your income; what you pay them; how much expendable income you will have left.
e. You will be offered a monthly payment to submit to them each month; you approve it or suggest otherwise; they send payments to your creditors.
f. Generally, which may vary, they decide what to give your creditors and when.
g. At all times you have access to the status of who's being paid, when, and how much.
Obviously, you'd first have to make that all important contact with them for all the particulars; but, based on what I have experienced, it is no comparison to bankruptcy.
These companies are able to do things I never dreamed of them doing. For example, if you owe a credit card company 5,000 dollars and you have failed in trying to reduce the balance, they may be able to "become better negotiators!" on a balance due, or what they call a "pay off amount."
As one who has had my own bad times with credit card companies, you would be surprised to see how they are able to deal with the people you owe.
Many incentives are available to those who choose these companies, including:
a. Quicker balances to -0- dollars.
b. Total amount owed reduced by as much as 10-20% or more.
c. Access to more credit, based on when you pay off balances.
d. "Relief companies" are continually negotiating with your creditors for better payoff amounts.
I'm looking forward to your opinion on the debt relief company you choose!
And besides, if you are one who are in control of your finances, perhaps a relative or a family you know are not. Why not pass this information on to them! You may even receive a referral fee!
Just so you know getting your credit cards ready to be evaluated by a "debt relief company" may be independent of how you are able to designate a particular card to be used in emergencies, certain specific things, based on the amount owed, or most specifically, as you would know, it takes a credit card to rent a car.
It would be good if you choose a credit card early in your process of evaluating your credit. Add to that, in keeping with your goal of getting your finances in order, you would do what is good to be assured you got the best rate in renting that next vehicle. As a people we may have used companies who give us or find us the best overall rates on things, such as hotel rooms. Less, we forget that there are companies that do the same in finding people the best rates on rental cars.
Keeping in mind, when you did subscribe and/or open an account with a "debt relief company"; you may want to plan on a new card for auto rental contracts/transactions.