Credit card card debt can dig you down into a whole that you cannot escape from. However, instead of declaring bankruptcy, there are alternatives ways to settle, manage or consolidate your credit card debt.
Recently, a client came into the office regarding a balance of $26,970.30 that he had outstanding on a credit card. Each month the minimum payment was escalating due to punishing interest rates on his balance. Not only was he unable to make the payments, he also had been using his deceased mother’s credit card. The credit card company was in the “driver’s seat” because not only was the client in mounting debt, but if he did not pay they could have reported his activities to law enforcement. It is one thing to not have the means to make payments, but it is another to be using a deceased individual’s credit card.
Despite the predicament the client was in, through aggressive advocacy and negotiations, the credit card company agreed to reduce the balance owed by $9,000. Not only that, the credit card company stopped interest from accruing on the credit card and gave the client three years to make payments. In other words, the client not only got a reduction in the principle, but there would be no penalty or increase during the three years he would have to pay it off. At $500 dollars a month, the client could make the payments, avoid bankruptcy or collections, and continue to live his life. Even more importantly, the credit card company agreed not to report and alleged improper or criminal activity. While no attorney can make a guarantee other than their hard work, it is likely an even more than $9,000 could have been reduced from the principle if the client had not been wrongfully using another person’s credit card.
If you find yourself in credit card debt, contact Crotty Saland PC so we can work with you to reduce principle, stop creditors from calling and arrange for a realistic payment plan that lets you continue to live your life.