BTC is open and working to protect the interests of our clients during this time of national emergency. At the same time, BTC is protecting the health and safety of our clients, staff and attorneys. BTC is discouraging in-person visits to our offices until further notice. BTC is available to both existing and new clients by phone, email and other means. You can also email us through this site using the “Contact Us Today” button. All the attorneys will have access to their emails during this time.
The lawyers and staff at Bowen Ten Cardani are here and ready to help you solve your legal problems.
Bowen Ten Cardani, PC
Schedule a consultation : 804-767-6850
Smart ways to reduce credit card debts

Smart ways to reduce credit card debts

In today’s economy, it’s easy to quickly accumulate large credit card debts. Using this mode of instant cash can be handy for people who want to keep track of their purchases and improve their credit ratings; however, paying off high-interest credit cards can be quite challenging. There are several solutions that may be of interest to Virginia residents who are having trouble ridding themselves of their credit card debts.

In addition to working harder to pay credit card bills, people can also try negotiating the debt with the card issuer. Credit card companies have the same goal as other businesses: to provide the public with a service or product while making a profit. Nevertheless, many credit card companies are willing to work with customers who default on their payments because they don’t want to experience a total loss or pursue costly legal actions against the customer.

Many credit card issuers will try to get these customers to make a one-time reduced payment, even if the company ends up with a loss. For those who are unable to pay off the debt in this way, the company may be willing to set up a customized payment plan that the customer can handle. Prior to such negotiations, it’s a good idea for credit card customers to carefully consider how much they can pay on their card debts and come up with realistic figures to present to the credit card companies. Customers can also politely ask the company’s collections department if they can pay a lump sum of half their debt or request lower interest rates.

Debt that becomes unmanageable can lead to overwhelming burdens, especially on families. For this reason, someone with crippling debt may want to get legal advice from an attorney who could explain benefits of a chapter 13 bankruptcy.

Source: US News, “Can You Really Negotiate Your Credit Card Debt?,” Gregory Go, July 27, 2016