credit card company scams

credit card company scams

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Does anyone one know of a good(non scam) credit card consolidation company?

OK, let me add a few details…My credit is still good and I pay my bills on time. I also agree that I would NEVER do a home equity loan either, exactly for the reason one person said. I also live in Texas , which is a debter state. Credit cards are a unsecured loan, and in this state they can not garnish your wages or put you in jail for credit card debt. I’m not really even interested in “getting my debt cut in 1/2″ or anything like that, just make it one payment a month, rather than 6 or whatever credit cards I pay every month. I wasn’t aware that those offers will ruin your credit either. I know it’s my fault I’m in the debt I am, and just trying to figure out how to pay my debts and not ruin my credit a bit easier.

Yep. It’s called “The Bank of Laurie”. No company can do anything for you that you can’t do yourself. And they are generally scams. Also keep in mind that you can’t borrow your way out of debt, so don’t look for other loans. You just have to be diligent and go this alone. You should go to your local public library and check out books by Dave Ramsey. He is an advocate of the “debt snowball” method and an expert on teaching people about their consumer debt.

For you, since you want to have fewer bills, what you do is list your credit cards in order from the one with the highest total balance to the one with the lowest total balance. On the first 5 cards, you pay the minimum required. On the last card, you pay everything that you can. That is, take your net income, subtract the first 5 cards’ minimum payments, subtract your necessities, such as rent and food. Whatever is left, you send to the last credit card. Do this each month until it is paid off.

Note that there is no deduction for “wants” when you are deep in consumer debt. You should only spend money on your “needs” and your debt at this time. Once you get out of debt, you will have money left over each month for “wants”.

OK, now you have the last CC paid off. Put that card away and don’t run it up again. Now keep paying the minimums on the first 4 cards, and send everything that you have remaining to the 5th card. Do this each month until that card is paid off.

The amount that you send to the 5th card will be more than you had to send to the 6th card, since you don’t have to pay the 6th card any more. This is why it is called a snowball. The amount that you send to the card that you are working on gets bigger and bigger over time.

Repeat until all of your CCs have $0 balances, and be sure not to run them up again. Don’t put anything on your CCs that you can’t pay off at the end of the month.