Coming to grips with credit card debt is never easy, especially considering the COVID-19 pandemic. Life happens, whether it’s due to a divorce, accident, loss of a dual-household income, or medical concern. As a matter of fact, of those who say their household financial situation has gotten worse since the pandemic began, 45% say they’ve taken on debt because of it. You’re not alone, as countless Americans continue to find ways to address credit card debt amidst these personal challenges.
Not every debt relief settlement option works for every person, which is why it’s important to work with a company that understands the individual’s particular needs during these times.
This week, we touch on several common debt situations and how a credit card debt settlement program can offer real solutions and stress relief.
Credit card bills seem overwhelming, and there’s no end in sight.
Paying off delinquent credit card bills can seem like a daunting task, especially with everything that’s happening in the world today. If you’ve faced a life emergency, a change in marital status, or lost your job, it’s completely normal to encounter increased credit card spending. Credit card debt relief experts can not only help you with debt settlement but also offer suggestions to help get you back on track financially. For example, they might recommend a way to better keep track of purchases by delineating separate cards for certain expenses. Business and personal credit cards can also be separated if they’re not already to help better ensure expenses are being tracked as efficiently as possible.
The phone is ringing … and it’s a debt collector.
You are not alone in feeling overwhelmed, concerned, or even intimidated by the thought of collection agents calling about the debt you owe. Know that you have rights when it comes to dealing with collection calls – there are laws that say how and when debt collectors are allowed to call you. Working with a debt relief settlement expert who knows the ins and outs of these laws will be the fastest way to make these calls stop. They’ll know the exact steps you need to take to remove this stressor, along with a plan to settle your credit card debt once and for all so you don’t have to worry about more calls in the future.
Unexpected life changes made paying off credit card debt difficult.
The years 2020-21 will likely go down in history as some of the most challenging for families around the world. Unexpected medical expenses, the death of family members, job changes, and re-budgeting due to loss of a dual-income are some examples of why people might have had to rely on credit card spending as a primary means of support. It’s no surprise that many Americans are finding themselves with mounting debt during these challenging times. What if there was a way to pay less? Consider looking into credit card debt settlement, also known as credit card debt forgiveness, credit card debt reduction, or credit card debt negotiation – essentially it’s negotiating with the credit card companies to accept less than the total amount of debt owed. For example, a credit card balance of $20,000 may be negotiated down to $8,000 that is paid to the credit card company within an agreed-upon period of time. The remainder of the $12,000 is forgiven.
Savings are not accumulating at the rate you wanted.
It’s possible that like many Americans, focusing on staying afloat rather than saving was part of the financial realities of lost jobs, reduced hours, and profit losses due to business closures. Take Diane for example. After going through a rough divorce, she became unemployed for a year. During that time, she was forced to use her credit cards to cover her monthly expenses. After finding a new job, she still found it difficult to pay off her high-interest rate credit cards. She consulted with a PCS debt analyst, who after analyzing Diane’s situation and goals, was able to tailor a program that would resolve her credit card debt in 14 months. Diane no longer has any credit card debt and is able to save more each month for her family and retirement.
If you are struggling with credit accounts, it may be time to think about your credit card debt and whether it’s a good time to consider getting assistance.
If you need help restructuring your spending habits and developing a custom financial plan, PCS Debt Relief is here to assist you. We help consumers and businesses nationwide achieve their financial goals and become debt-free. We are here to listen to your concerns and find a solution that is realistic for you. Call us today for a free consultation (636) 209-4481.