Those credit card commercials where you pay only half your credit debt

I'm sure some people here have seen those commercials. Where the add talks about how if you have $30,000 in credit card debt, you can call, right now, and only pay a fraction of what you ow. What?!?! Does anyone know how this works. I've looked online a little but have found nothing.

I find it hard to believe that someone would go out and spend 15grand then come back make a phone call and only ow $7,000. Something is going on here that is not being spoke about. I did listen in on a conversation a year ago where someone said your taxes will go up if you decided to lower your debt through whatever add it is you called.

??

I have seen the next commercial that follows saying "send us your gold and we will send you a BIG check in the mail, its that easy" lol....

Something is going on here.

Anyone know anything?

 

Nothing specific here but I know what you're referring to and think the business environment for consumers has become more predatory... debt issues has created a subset of targets for scammers.

 

The government wants to own us. They push for you to go and buy the expensive car and the big house and the nice clothes. Heck that's the only way to be truely happy right. If people aren't living "the american dream" society wants us to be in debt, so we keep paying on our debt and never fully pay it off, ex: minimum payments on credit cards. My advice don't get credit cards, do you know marriages, relationships, lives, end because of feeling helpless and in debt and they can't get out of it.

I watched a great documentary called "MAXED OUT" you can view it on Netflix instant view on your game counsel, I recommend everyone watch it, it will really open up your eyes to credit card debt, and how the government makes money off of that.

Heck the government is in debt and financial crisis as well, watch the documentary.

Don't fall for scams. Did you know that if you call the credit card companies yourself they will work with you, lower your interst rates and help you. But if you don't ask you won't know. You can pay a credit couseling company money to help you lower your debt but your paying $60.00 a month plus towards the company not towards your debt, think about it. I've been in debt, I've used a credit counseling company, I've got the nice expensive rides, my marriage almost ended because we were living paycheck to paycheck and stressed out over money. I've overcome all those obsticles along with my husband, and I've learned there is a difference between a want and a need.

Instead of spending money, the older you get you need to start thinking about saving, because Social Security won't be around by the time I hit retirment age. Student loans are getting harder to come by, so you will have to think about paying for your children's education....I can go on and on. But if you need any advice I'm here to help you or anyone else for that matter.

Take care.

 

The company that you can send gold to has been getting in a lot of trouble lately-are they still around? They've been caught under-weighing, under-valuing, etc. Gosh it makes sense to SEND someone your valuables to tell you how much they are worth.

I came up with a company that I would count your money for you-send me your dollars and I will tell you how much money you have!

I think those credit card companies base their claims on what you owe plus interest-so if you owe $10,000 and pay it off over 10 years you would pay a total of lets say $22,000-but they credit companies arrange lower interest so you owe $10,000 plus $4,000 interested. So instead of $22k they got you down to $14k.

 

It is an alternative to bankruptcy. If you are about to declare bankruptcy, the lenders will only receive a tiny fraction of what they lent you. You can negotiate to pay less than the total owed as an alternative to bankruptcy. They often accept these kind of negotiations because they think they can recover more of what you know than they would by selling assets (where the financial return is usually piss-poor).

It still fucks your credit right up, though.

 

scam...

 

I'm not falling for this scam, I don't even have a credit card. I pay for everything in cash except for online orders that goes through my debit.

I've just never heard anyone give solid information about this. Yea its a scam, but how does the whole thing play out. Surely if its reduced something must come back and bite you.

 

its funny cause the same commercial states: those other credit agencies are scams..

 

The ads are very clever- not technically giving any false information but offering selected factual fragments in a way to get the terminally gullible to tell themselves the lie.

 

That's bullshit. Take responsibility for your own actions, including the debt you rack up. There's no excuse, especially with so much information available to consumers over the Internet and mandated laws, that anybody should feel they were a victim. Government isn't forcing you to buy jack shit.

 

As for advertisements being a scam, well, why the heck do you think you can accrue debt and not expect to pay if off? From one scam to another.

 

dont waste your time. just about every financial institution is out to screw you -bottom line.

 

This is unfortunately very true...

 

You know, a lot of places eventually just settle with you for a much smaller amount anyway. It takes a LONG time before they beg for practically pennies (i.e.- $150 from a defaulted bill of almost $900), but eventually you can get them there. It can't be good for your credit, but it is a good way to get shit way cheaper.

 

The agencies charge a fee to do this for you. It is something you can do for yourself with your creditors rather than declare bankruptcy.

If you contact your creditors they will work with you rather than accept a settlement after bankruptcy.

I negotiated for a friend who owed 21,000 and paid back a total of 6,000. The accounts were all settled and notations made on the credit bureau files that payment was rendered. Credit scores are still impacted but for less time in general than with a bankruptcy.

It is an alternative worth considering if you are in over your head and it is impossible to meet your debt load.