Credit Card Debt Relief

Have you noticed that the majority of your money appears to be going toward credit card interest, and the needle on your balance due never seems to move in the correct direction? Do you see yourself trapped in a never-ending loop of paying minimum payments and clenching your teeth as each bill arrives? You may despise the idea, but have you considered that declaring bankruptcy may be your only option?

You don’t have to stay in that pattern, and you don’t have to file for bankruptcy if debt is starting to take control of your life and taking a toll intellectually, physically, and emotionally. You can learn about another alternative for credit card debt relief that is less drastic than bankruptcy but nonetheless beneficial in assisting you in getting out of debt.

You’ve come to the right site if you’re looking for answers to the above-mentioned questions. Here’s what you’ll learn as you continue reading:

  • How do you know if you need to consolidate your credit card debt?
  • What are the most common reasons for credit card debt?
  • What is the procedure for getting out of credit card debt?
  • How much money can you save by settling your debts?
  • When it comes to credit card debt, how long does it take to pay it off?
  • What characteristics should you seek for in a debt settlement firm?

Know When You Need Credit Card Debt Relief

Contrary to popular belief, you do not need to wait until your finances have “reached rock bottom” before seeking credit card debt relief. In fact, if you’re starting to notice that your credit card debt is becoming a problem, it’s better to take action now rather than wait.

Consider the following warning signals of financial distress:

  • You’re having problems keeping up with your bills. You may occasionally skip payments, resulting in additional penalties such as late fees and higher interest rates.
  • You could be getting calls from creditors or collection agencies.
  • You obsess about your bills to the point where it interferes with your daily activities or you lose sleep over them.
  • You don’t keep track of your spending, but you assume you spend more than you earn.
  • Despite your debt worries, you find yourself participating in “retail therapy” to make yourself feel better.
  • You may have realized that some of your debt relief choices are no longer available to you since your debt has negatively damaged your creditworthiness.
  • You’re embarrassed by your spending habits and want to keep your debt troubles hidden from your friends and family.
  • You believe that no matter what you do, you will never be able to pay off your debt.

If you recognize any of these indicators in yourself, call 888-254-3702 to speak with a Cardinal Law Center Certified Debt Specialist about your debt relief alternatives.

Credit Card Debt Causes

People get into credit card debt for a variety of reasons. Going into debt isn’t always a sign of financial irresponsibility, so if you’re having problems with your credit card, it shouldn’t be a cause of shame or stigma.

The following are the top causes of credit card debt:

Inflation and living expenses

Inflation and the cost of living: While many of us are earning more than we used to, inflation and a greater cost of living are surpassing that increase in salary. “While the average person is still making the same amount of money when accounting for inflation, prices for many of the daily necessities have gone up considerably, which means that each dollar earned does, in fact, buy less than it did 20 years ago,” Investopedia concluded after crunching the numbers. To make up for the shortfall, many people use credit cards to purchase basics.

(Source: Pew Research Center)

Medical Fees

The cost of medical treatment has risen dramatically, prompting many Americans to use credit cards to pay for their medical bills. According to Clever study, the average American household’s healthcare costs climbed 101 percent between 1984 and 2018, from $2,474.85 to $4,994.25 per year.


Shopping that is impulsive and irresponsible

When buyers use credit cards to make purchases, the psychological sensation of loss they feel when they take money out of their wallets and hand it to someone is reduced or eliminated. This, combined with marketers’ efforts to turn people’s wants into necessities, has resulted in a surge in wasteful purchases.


Debt's Real Price

Once you’ve gotten into debt, your interest payments build up, making it seem impossible to get out. Despite making payments, your debt grows rather than improving as interest rises. For example, if a person owes $10,000 in credit card debt with an 18% interest rate and pays $200 toward the debt every month without fail and never adds anything else to the card, the sum due will still take 7 years and 10 months to pay off. Worse, the interest alone will cost $8,622.00.


Expenses for vacations and home improvements

These are common debt traps for people with higher incomes. Credit card users with a good credit score have larger credit limits, which means they’re more likely to overspend on expensive things.

Repairs on your car or appliances that you didn't expect

According to the Federal Reserve, 39% of Americans do not have enough money to cover an unplanned $400 or more bill, such as automobile or appliance repair. Given that the average cost of a car repair is between $500 and $600, many Americans may be just one auto repair bill away from getting into credit card debt.

What Is Credit Card Debt Relief and How Does It Work?

Credit card relief can be obtained in a variety of ways. A Cardinal Law Center Certified Debt Specialist can assist you in determining which of these solutions is best for your situation.

  • Debt consolidation combines all of your credit card debt into a single loan. This loan should have a lower interest rate than the ones you’re paying now to your creditors.
  • Credit counseling consolidates your debts into a single package, minimizing your credit costs. It instills some much-needed financial discipline.
  • If you’re drowning in credit card debt, bankruptcy may be an option. This credit card debt relief strategy employs a legal strategy that allows you to discharge some of your debts while paying off the rest in a systematic, disciplined manner.
  • Debt settlement is a type of debt relief in which you negotiate with your creditors to come up with a reasonable debt reduction plan. In most circumstances, using the services of a debt settlement organization that employs professionals to negotiate with your creditors on your behalf is the best option. Your creditors may forgive a portion of your principal debt as part of a debt settlement, allowing you to pay less than you owe. To discover more about how debt settlement works, contact Cardinal Law Center.

How Much Money Can Debt Settlement Save You?

Creditors are frequently willing to make significant concessions in debt settlement. This allows them to recover funds from debtors who would otherwise be unable to do so.

How much money can you save by settling your debts? Consider Dan’s story as an example.

Dan puts in long hours every day and has always been careful to pay his expenses on time.

Dan was involved in an accident last year, and the medical bills quickly piled up. Dan used a credit card to pay for his medical bills, anticipating to be able to pay it off with money from an insurance settlement before it became an issue.

Dan is now trying to make the minimum payment on a credit card with a balance of $26,000 and an interest rate of 18% because the settlement fell through.

*”Dan” is an example of a typical Cardinal Law Center client, whose experience is a composite of the experiences of the Cardinal Law Center program’s thousands of clients.

This is just one case, but it illustrates the realities of debt settlement in general. The American Fair Credit Council states:

How Long Does It Take to Get Out of Debt With a Credit Card?

According to the American Fair Credit Council, 76% of people who join in a debt settlement program settle at least one account within the first 36 months, and 54% settle more than half of their debts in that time. In the first 36 months, the average debt settlement enrollee settles roughly 51% of his or her debt.

The speed with which you can pay off your debt is determined by your income and the quantity of money you have available for debt settlement. It also depends on the quantity of your obligations and the deals that your debt settlement company can negotiate on your behalf. Debt settlement should take no more than four to five years to complete.

Is it Possible for Me to Negotiate a Credit Card Debt Settlement on My Own?

You certainly can, but that does not imply that it is the best option. You can call your creditors one-by-one and secure written agreements outlining all the legal parameters of your settlement contract if you are a skilled negotiator with understanding of how debt settlement works and plenty of time and patience. You can also hire a reputable debt settlement firm like Cardinal Law Center to handle everything for you.

A debt settlement company has more clout and experience than an individual debtor, therefore they may bargain from a stronger position than individual debtors.

What to Look for When Choosing a Debt Settlement Firm

Your debt settlement firm should have an excellent track record and a 100% satisfaction guarantee.

Look for an A+ rating from the Better Business Bureau, as well as excellent client comments on the debt settlement services provided. Make sure you use the services of a company that has assisted thousands of customers in the past.

After your initial conversation with the debt settlement company, ask yourself these questions.

  • Is this debt settlement firm dedicated to finding the best possible solution for my situation?
  • Is it equipped with the tools and resources necessary to assist me in achieving my debt-free goal?
  • Is there a team of professional negotiators and debt specialists on staff that can help me get a good debt settlement deal?

Allow Cardinal Law Center to assist you in resolving your credit card debt.

When you work with Cardinal Law Center, you gain access to a specialized team of professionals whose sole purpose is to negotiate the best possible deal on your behalf.

  • Cardinal Law Center does not charge any upfront costs and tailors plans to your specific needs.
  • Before you commit, our Certified Debt Specialists ensure that you understand all of the facts of your debt settlement plan.
  • We provide you with access to an online site where you may track the status of your debt settlement in real time.
  • Our skilled negotiators have years of expertise negotiating the most favorable settlement terms for our clients.
  • Our Client Relations Specialists can help you stay on track throughout the debt settlement procedure.
You always have a way out, no matter how dire your credit card debt situation appears. Get a free savings estimate by calling 888-254-3702 and speaking with a Cardinal Law Center Certified Debt Specialist.

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Begin your journey now.

I appreciate all of your assistance in resolving my debt, and I’ve been speaking Cardinal Law Center’s praises since the beginning. You guys have gone above and above my expectations, and I’ve already referred you to a few others I know. Thank you very much for everything!

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