Need No-Scam Credit Card/Debt Mgmt. Sites

17 years ago

Hello everyone,

Can anyone point me in the right direction to find a credit card/debt management site that is on the up & up, please?

I have been hearing of so many scams & people being taken advantage of, I am not sure who to trust. I've heard that there may be no fees or low fees, but I really don't know if that is true. Are non-profit .org's part of that group? Any advice or suggestion would be greatly appreciated. What was your experience working with these people, if any? TIA

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Comments (9)

joyfulguy
17 years ago
Hi scratch some mo,

There are non-profit Credit Counselling Centres in a number of areas - do you know if there is one near you?

If you don't know, ask some civic or municipal agencies, maybe Better Business Bureau, Chamber of Commerce, or some banks or credit unions, possibly some religious leaders whether they know of the presence of one.

Plus information that they may have as to how they operate, including their fees, as I'm pretty sure that they charge modest amounts for their services.

If you are under pressure, have you called your credit card agencies to ask whether they can reduce the interest rate that you're paying, etc.?

And if they've levied several penalties on your account, could they lower your amount owing?

You need someone who is quiet and courteous ... who can think rationally and quickly, knows what s/he wants and is quite persistent, able to change to another topic when receiving a definite turn-down on one issue, etc.

I hope that you can find an agency with integrity.

Good wishes for increasing skill at managing your income and assets (such as they are).

ole joyful
lindamarie
17 years ago
Look on Dave Ramsey's website
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Well, like everyone else, I agree with much of what has been said but of course, as humans, we can't leave it at that and have to put our own 2 cents in :) You need to figure out a few things about your debt. Is it a matter of you currently have 35k debt that you need to pay off and you aren't adding anything to that debt? If so, then that is great! Work on ways to save every penny you can from your monthly budget to put towards debt. If you are still adding to the debt, you need to figure out why. Have you been paying for your kid's education or any of their bills? Like someone said earlier, if this is the case, they need to pay those things themselves. If they can't get a student loan, then they can cut back on their school hours, find a job full time, and pay their way through. They can also learn to take own their own insurance and phone bills if they don't already. And, if you still can't get your head above water, tell them that they will need to start pitching in on the food budget, or even pay you rent if they wish to live at home. Some may say that is harsh, but what is the best way to prepare a child to grow up and be apart of the real world? The parent pay for everything and bail them out of every problem, then suddenly graduate college and realize they don't know how to budget their own money and end up getting stuck with debt problems or unable to save for anything they want? Or having them pay for the things they want and need while under the protection and guidance of their parents so that when they graduate and/or get married and start their own family, they know how to budget and save money. So this could be a major thing to look at. You obviously don't want to just kick your kids away and make them think you don't love them, but if they aren't responsible for their own things, you need to start holding them responsible for them. Also look at other things you could save on. If you have Cable or Dish, perhaps drop them. Most shows can now be watched online, even if it means going to youtube and seeing if anyone put it up. Perhaps revise the food budget? That's one thing my husband and I have really been working on. I have cut ours in half! I am unsure of your living conditions or what type of disease you have, but if you are able to, perhaps there are things you could do for a little extra money. Clean the homes of family and friends? Host a garage sale and have all the profit go towards your debt? Are there crafts you can sell (they usually don't bring much money in, but every little bit can help). Perhaps you have a skill or talent you can train people in? If you can find something you can do that will create extra income, do it and discipline yourself that all of that extra income will go towards your debt and can't be spent elsewhere. If you haven't already, check out various sites about cutting the budget and frugal living and as you apply those tips, use the money saved toward debt. I have 2 things left to say. The first is a tip I read about paying off debt. Write down all the various debts you owe. (To whom, who much the debt for each is, and their minimum payment). Next, order them from smallest debt to the largest. Each month, pay the minimum towards each debt, but for the smallest debt, the one listed on the top of your list, pay more. I'll give an example on a small scale. We'll say you owe $ to 3 creditors. Vista debt: 300 Min: 20 American Express debt: 1000 Min: 50 Master Card debt: 2500 Min: 100 So, you pay the 50 and the 100 to AE and MC, but for Vista, we'll say you managed to get enough extra income to pay 100 a month on it. So, for the next 3 months you get it paid off (Note, I am not calculating interest, it is not needed to get the basic concept of this). Once you paid off that Vista, that gives you $100 extra each month that you can then apply to the AE card. So, rather than paying the min 50, you are able to put 150 towards it. Once the AE is paid off, you now have 150 extra in the budget so you add that to the minimum payment you were paying on the MC which means you'll be paying 250 on it each month. With this method, you can quickly pay off debt and reduce the number of creditors you are paying because rather than spending forever trying to pay off the largest amount, or slowly paying off all at the same time, little by little, you free up money as you finish paying off creditors so you can apply more to other debt. I hope that tip helps. The last thing I have to say is short. If you already have bad credit, do not fret about it. You don't want to do anything stupid, obviously, but do not fret about past mistakes. After 7 years, bad records are taken off your credit record. I could be wrong on the 7, it may be slightly more or less, but I believe it is 7 years. I know for bankruptcies, it is 10 years before it is taken off. (But please don't go bankrupt if avoidable because we, the tax payers, as well as yourself assuming you work and pay taxes, end up paying for it through our taxes). I hope the advise I gave was helpful.
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The credit card companies are smart business people. A local guy who wrote a book, "Financial Freedom Witout Sacrifice", says that we should teach a great deal more about common sense money management in schools ... but we don't. Have you ever heard the slogan on TV, " ... You deserve it!"? TV teaches us that our wirth is bound up in the stuff that we have. And they are totally nconcerned, now with the stuff that we bought last week - that's ancient history! The thing to do is *buy* - *now*! Remember - that was the first thing that Mr. Byush said, after 9 - 11. In fact, some say that there are some common characteristics between the management of TV programming relative to the commercials and hypnotism. The progams sure like to leave the suggestion in your mind that you need the product that they're shilling. How would you like to earn nearly 40% on your money? Guaranteed! If you have one of most store-issued "credit" cards ... the rate of interest that they charge is about 25 - 28%, on an annual basis. Most of the stuff that most of us buy on the card is not deductible. So we must pay for stuff bought in those stores with after-tax money. Divide 28% by 3, you get 9, then add the 9 to 28%, gives 37%. If you're in 25% marginal tax rate, 1/4 of your earnings goes to tax, so you divide 37% by 4, get about 9% going to tax, leaving 28% after-tax residue in hand to pay off he debt. If you always paid your credit card balance off in full each month before the due date, no interest fee. If you charge so much stuff on it that you can't pay it off before the due date, you must start paying those high intrerest rates. Hey, lookie ... you just gave yourself a guaranteed reduction in income, next year (unless you get a substantial raise)! Would you give even a second's thought to asking your boss to reduce the amount that the company pays you easch payday? But that's precisely the kind of boot in the tail that you just arranged for yourself. Trouble is - you probably didn't even notice it!! If you don't boss yur money (and learn how) ... it'll boss you!! Have yourself a great week. ole joyful
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soggy, Do you have a good connection with a credit union or bank? What'd be your possibility of getting a loan from them? If unsecured, probably somewhere around 10% - almost certainly a lower rate than you're paying now. If you own some mutual fund or stocks for which you are holding certificates, lodge them as collateral - or a (whole life) insurance policy with some cash values built up, you could probably get a loan at 5 - 6% approximately. Whole life insurance policies should do something to at least partially justify their high prices! If you own mutual funds or stock in companies with only documentation in the broker's computer - maybe have them issue certificates, if you plan to hold them for a while. The $35. - 50. or so fee would soon be made up by the difference in interest cost, if you have any sized balance owing on your "credit" (really "debt") card. Pay the darn "credit" card company off in full. Just one proviso - when you get the "credit" card balance paid off - don't succumb to the temptation to use it to go out and buy a lot more stuff! Just remember - when you get the "credit" card balance paid off - don't succumb to the temptation to use it to go out and buy a lot more stuff! Don't forget, now ... when you get the "credit" card balance paid off - don't succumb to the temptation to use it to go out and buy a lot more stuff! If you do - you'll have two debts - one at a lower rate of interest cost, and another at a high rate of interest. There's a 6-letter word for that - S-T-U-P-I-D. Hope you're enjoying a really great summer weekend. A local KT (Kitchen Table) resident and I are looking forward to coffee with another KT person who's coming to our city tomorrow. ole joyful
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I know this for a fact. If you are an authorized user, you are only authorized to use the card and the c/c does not report anything about you to the credit reporting agencies. Your mom is solely responsible for the card. If you became a JOINT user of the card, then you are equally liable for the charges and they report the payment history to the reporting agencies. How I know this is I am from Canada and married an American. I had no US credit history and they do not take Canadian credit history here even though I had good credit back home. At first I was an authorized user of dh's cards, thinking they would report the info to the credit bureaus. When I checked my free annual credit reports, tehre was nothing on me. No info whatsoever. It wasn't until dh made the cards joint (and me ultimately responsible for the cards too) that the info was reported to my record. I also have almost the same high fico score as dh. Basically, all his credit history transferred to me and I reaped the benefit of his high score. Authorized user = no reporting to agencies Joint user = report to agencies and the user is liable for charges.
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dreamgarden
17 years ago
A link that might be useful:

Consumer Credit Counseling Services
from About.com

financialplan.about.com/cs/creditdebt/a/CreditCounselor.htm
triciae
17 years ago
Call your bank or credit union. Most financial institutions keep legit credit counseling services on retainer for their customers. I've never seen a bank or credit union pass the cost on to their customers.

It's in the financial institution's best interest if their clients get help managing credit. So, they are more than willing to foot the bill for the service.

Be leery of services advertising on TV, etc. Many are scam operations.

/tricia
katclaws_mo
Original Author
17 years ago
Thank you all for your suggestions & advice!
We have been working hard to reduce debt & pay off credit cards, but it seems like it is taking so long. Like so many people, how we got there doesn't matter. It's not like we drive fancy cars, have expensive jewelry, take exotic vacations, but things in life (trying to help some others--which was the right thing to do at the time-- got us here) I just want some peace of mind & this "monkey" off my back--permanently.
Thanks again for all your help & sincere replys ~~ katclaws
joyfulguy
17 years ago
Hi katclaws mo,

Quite a number of things in life are rather routine and somewhat boring - especially the things where the same thing goes on for a long time, and especially situations related to issues that are rather distasteful.

Good wishes for carrying on with the project without getting too bored or discouraged ... and certainly not distressed about it.

Trust me - the emotional payoff in the end is worth it. That sigh of relief when the last bill gets paid is worth all of the planning and privations!

Good wishes for increasing skill at managing your income and assets.

ole joyful
scarlet_morgan
17 years ago
Hi Katclaw~

I just wanted to say that I totally agree with Lindamarie. You should most definitely check out Dave Ramsey's site (link below). I honestly believe that through Dave Ramsey, God has TOTALLY changed our lives, saved our marriage and helped make our family's financial future brighter than ever. Now, while almost everyone else is looking around wondering what the heck they are possibly going to do, we are finally sitting back and breathing easy for the first time in our 18 1/2 years of marriage! It is such an incredible and liberating feeling! We are finally debt free except for our mortgage, which we just got last year when my husband finished building our dream home. However, we fully expect to have it paid off in just a few years!!

Dave has an awesome book called 'The Total Money Makeover'. It is available at Amazon, Wal*Mart and on Dave's site. It is a super easy read and it is the very first step toward finding your financial peace and freedom! Dave also has a program called 'Financial Peace University'. This is a life-changing 13-week program/class that teaches you how to make the right decisions with your money. In addition to teaching you so many amazing ways to financial freedom, Dave has many, many resources available to you on his website, including what you are specifically looking for at this time, financial counselors. Plus, if you are like me and the website looks a bit overwhelming, you can call them toll-free at 1-888-227-3223 and explain your situation. One of their counselors will be happy to help you get on the right track and show you how to handle those creditors. (Just remember, FOOD, SHELTER, TRANSPORTATION and CLOTHING must come FIRST! Everyone else can wait, including credit cards. If that dings your credit, then so be it, but those 4 things must come before anything.)

Also available through his website are what he refers to as 'Endorsed Local Providers' (ELPs). ELPs are providers such as Lenders, Real Estate Agents, CPAs, Insurance Agents, Tax Preparers, Attorneys, etc. who are all endorsed by Dave. They are only recommended after being very carefully screened by Dave and his staff. My husband and I have been very pleased with a couple of these who have been recommended to us. Remarkably, so far we have not had to pay one red cent for any of the advice they have provided! However, if we should need the type of service they provide in the future, we would not hesitate to use them or recommend them to our family and friends.

I hope and pray this has helped you, or someone else, in some way. I'm telling you, my husband finding Dave on the radio is the best thing that ever happened to our finances and to our marriage. Just try it! What do you have to lose???

Here is a link that might be useful: DAVE RAMSEY
maddie_in_ky
17 years ago
Hi Kat!

I totally, totally POD what Scarlet has written. Even though I lost my job in January, we will be debt free in about 2 months, and we've followed Dave's plan all the way through.

Good luck, and I hope you find what you're looking for! :)
katclaws_mo
Original Author
17 years ago
Thank you all again for your input! I will definitely be looking into the information & book by Dave Ramsey. I had never heard of him before this post.
Warmest Regards ~~ katclaws

Need No-Scam Credit Card/Debt Mgmt. Sites

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joyfulguy

lindamarie

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Need No-Scam Credit Card/Debt Mgmt. Sites

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dreamgarden

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katclaws_mo
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