Hiding Credit Card Debt From Loved Ones
Many individuals stick their heads in the sand and pretend their credit card debt problems don’t exist. While there are many different reasons for this, the result is always the same. Ignoring credit card debt only leads to increased interest rates, penalty charges and negative marks on your credit history. In a short period, hiding from credit card debt can drag you down from a stable financial situation to a pit of oppressive debt and bad credit.
3 Reasons People Hide their Credit Card Debt
- Embarrassment – Many individuals hide credit card debt from their associates for as long as they can, but eventually, aggressive collection agents begin calling your family members, landlords and even your employers to try and get you to repay the monies owed.
- Denial – It is hard to admit to yourself, let alone your loved ones, that you have gotten in over your head with credit card debt. Many people are aware that a statute of limitations exists on bad debt reporting and collection. However, the very minimum amount of time before a debt is written off is 71/2 years. That is a very long time to dodge collection agents and live off the grid.
- Lack of Education – Sometimes men and women do not understand that numerous credit relief options exist to help them out of their bad credit card debt situations. Oppressive consumer debt is a common problem in the world today, and numerous debt consolidation agencies are ready and willing to offer a sympathetic and effective plan to help you get out of a deep financial pit.
What to Do About It
Once you come to terms with the reality of your consumer debt situation, you can proactively search for a credit relief company that specialized in consolidating debt in an effective and supportive manner. Make sure to compare several prospective companies against one another to find a debt consolidation company that offers you the lowest interest rates, fewest fees, and most comprehensive financial education system to help you learn new saving and spending habits.
Work with a credit card consolidation program to create a financial strategy that pays off your creditors as fast as possible. Inquire as to whether debt settlement is an option for you. Settlement allows you to close your accounts with credit card companies for a fraction of your original amount owed. If you have secured a good consolidation loan, it is often easy to work with your consolidation agency to negotiate lower settlements on each of your outstanding credit card accounts.
While this may seem outrageous, the truth of the matter is that many creditors would rather receive a lower lump sum to settle your outstanding account than deal with the risk of having to turn your account over to collection agencies. Many credit relief companies have skilled negotiators on their team who are prepared to get you the very best settlement possible on your various credit card debts.
A Final Word
Hiding your credit card debt will only compound your problem over time.
The first step toward gaining control over your finances is admitting to yourself that you need help.
Once you do this, you can recruit a helpful credit relief company to come to your aid and stand in your corner during the entire consolidation, settlement and repayment process. A solid consolidation plan can eliminate the heavy burden of financial stress you carry, and mark out a clear path toward a swift recovery. Begin your proactive search today for a consolidation agency that can help consolidate your debt at an affordable price point.