Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
Jinx0226

0 Contributions
0 People Helped
Paying off all credit cards
My mother passed away a few months ago and she had in her will that I would receive a large amount , anyway, I have a lot of credit card debt that I would want to pay off, the interest rates have been so high, and I have had several financial problems. I see commercials stating they could reduce the amount I owe if I pay in full. Sad time not sure what to do. any suggestions? Thanks

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
2 Contributions
0 People Helped

Those commercials sound lime they could be for debt relief or credit counseling. If you choose to use a company that offers you results like that, just be certain to do thorough research before entering into any contracts or releasing any of your personal information. Always ask about their fees, what services they actually provide, what information you need to give them, and find out if you will have direct contact with individuals on a regular basis or not. It is also important to find out what the timeline will be for your particular situation as well.

Most debt settlements you can negotiate yourself, for far less money. There are many helpful tips and even templates for letters that you can send out certified mail to each of your creditors to attempt to resolve your debt and negotiate if possible. Here are some example letters:

http://www.bcsalliance.com/debt_settlements_sample_letters.html

Please remember to always get any agreements in writing when doing any negotiating. Good luck!

Top Contributor
269 Contributions
114 People Helped

Google reviews of the companies you're seeing commercials for, and see what their customers say about them--whether they were lifesavers or scam artists. I could see it going either way, but I tend to think even if they're not outright crooks they aren't really doing anything you couldn't do yourself. 
You could certainly contact each creditor and tell them you are having financial difficulty and see what arrangements you can make with them directly. 

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.