Credit Card Debt Relief for Broke Chumps

You can tell how privileged someone is by the advice they give you.  The people who tell you to get up at 5:00 in the morning and go on a walk before taking a shower and getting dressed for work do not work from 8:00 a.m. until midnight like you do.  The ones that tell you to sleep when the baby sleeps and do housework when the baby is at daycare assume that there is at least a single moment during daycare hours when you are not working.  The ones that tell you to set up your home office in the room adjacent to the baby’s room assume that your baby has his own room and that you have a work from home option.  Likewise, when you complain about your credit card debt and people advise you to take out a debt consolidation loan, they are assuming that you can qualify for a debt consolidation loan big enough to pay off your credit card debt balance.  For help finding solutions to your credit card debt when a low credit score limits your borrowing options, contact a Philadelphia debt relief lawyer.

Your Options When You Cannot Afford a Conventional Debt Consolidation Loan

Debt consolidation loans are often an ideal solution for credit card debt.  They have low interest rates and long repayment terms, so when you borrow a debt consolidation loan, you can pay off your credit card debt in a lump sum and then pay off the debt consolidation loan over time without accruing nearly as much interest as you used to accrue on your credit card.  Of course, qualifying for an unsecured personal loan in an amount big enough to pay off your credit card debt requires a sufficiently high credit score, which you may not have if your credit cards max themselves out every month, since the monthly interest charges are as high as the minimum payments you keep making.

Here are some options for addressing your credit card debt if you cannot qualify for a debt consolidation loan:

• Settle your debt directly with the credit card company
• Take out a personal loan from an alternative lender such as an online bank, since these usually have less strict requirements about credit scores
• Enter a debt management plan through a credit counseling agency, since making payments through this plan may raise your credit score
• Borrow a debt consolidation loan in the amount the lender will approve, even if it is not enough to pay the full balance of your credit cards, since this will still save you some money on interest

A debt relief lawyer can help you decide which of these debt relief options is best for you.

Contact CONSUMERLAWPA.com About Paying Off Debt When Your Credit Score Is Low

A Philadelphia consumer law attorney can help you if you are struggling with debts, but you cannot easily borrow more to pay them off.  Contact CONSUMERLAWPA.com to set up a free, confidential consultation.

Source:

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