Eliminate Unsecured Credit Card Debt [mortgageprotectiontips.blogspot.com]
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mortgageprotectiontips.blogspot.com Unsecured Credit Cards For People With BAD CREDIT
Unsecured credit card debt is the worst form of credit card debt because it often means there is some form of collateral you have attached to the debt, or that you have put up cash first to have the account. In either sense you are going to lose money or assets if you default even a little and your credit will continue to get worse despite your attempts to build solid credit. Often when you have bad credit or a high level of debt, an unsecured credit card is all you can get. If this is the case, avoid them from the start and look for another account to build your credit or work on paying off your current accounts before trying to open a new one.
Unsecured credit card debt can be handled the same as other forms of credit card, and other, debt. You can use debt negotiation, credit counseling, a smart pay off plan and/or debt consolidation to help you out of the sticky situation.
Ideally, you want to use a combination of all these tactics for the best results. There is also the factor of timing. If you need to get rid of the debt immediately, debt consolidation is the best choice for you. If you have more time, you can use a smart pay down plan and avoid having to take another loan to pay off all your others.Pay off plans is simply paying off the debts in a smarter way to minimize the amount to pay and decrease the overall time to get out of credit card debt. The first step is to list all your unsecured credit card accounts from the highest interest rate down to the lowest. You need to focus on paying the highest interest rate account off first, while still paying the minimums on all other accounts. When the top account is paid off, you simply move the payment down to the next account and continue on.
Debt consolidation loans offer immediate pay off results, but require you to take out a loan to pay off all other loans.
You work with a debt consolidation company and specialists to achieve this and can find yourself with a lower monthly payment and often interest rate than those you were trying to juggle each month. This is a great way to save your credit and offer immediate relief.Debt negotiation and credit counseling should both be used with the plans above in that you will be able to negotiate down your level of debt before paying it off and the credit counseling will help you better plan for the future and avoid getting into the same situation. You can find a way to eliminate unsecured credit card debt that works for you if you use some of the great plans above.
Related Eliminate Unsecured Credit Card Debt TopicsQuestion by : What are some good secured (or unsecured) credit cards for an employed 18 year old student? I'm looking to get a credit card so I can start establishing some credit, but when I applied for an Amazon card I was rejected. My father said I should really try to get a unsecured Capital 1 card since they tend to take more riskier accounts (not a problem with me, but being 18 statistically speaking is a risk) and that would be good to start establishing credit. Best answer for What are some good secured (or unsecured) credit cards for an employed 18 year old student?:
Answer by Jay
Cap1 or Citi or Discover student cards
Answer by Ben
Bank of America was one of my first cards. They have a secured card now I believe. I know alot of other local and national banks have secured credit cards also. I would personally check with the bank you do your banking through and get one with them if the fees are lower compared to others.
Answer by Huntsman
Federal regulations were passed in 2010 making it nearly impossible for anyone under 21 to obtain a credit card. So, be aware that you may get turned down. Only apply again if you have: 1. Stable employment for one full year 2. Income to support a card (part time at min wage will not suffice) 3. Checking account in good standing for 6 months (they will also ask about savings) 4. Previous credit established if you are under 21 You could ask your dad to co-sign on a credit card with you. IF you do this, make sure that he does not get a card - only you. And... pay that credit card in full each month. Absolutely no games of carrying balances which can only destroy credit ^ Try Discover for this. You must call the 800 number with Discover to get a co-signer on a card. You cannot apply online I would not get a secured card. It still will not turn into a credit card until you are 21 or older; and these cards carry an annual fee Final note: Credit is not really necessary in life. A bank or a renter will focus on your financial stability, income, etc Ex: A bank will notice that you have that 6 months worth of living expenses in a savings, have steady income, and not debt - this will all go a long way to getting the financing you need in the future
