Debt Management: How To Handle Default On Credit Card [Video]

How Much Credit Card Debt Are YOU Really In?

 

Have you defaulted on your Credit Card? Or are you just worried about making the minimum monthly payment? 

In the video below, I ask if you’ve been late or over the limit on any of your Cards in the last six months. 

If you’ve missed or made a late payment in the past 6 Months, you’re most likely in “Credit Card Default”. 

 Watch the Video below and If you’re in Default on any of your cards,  feel free to read the rest of this post for information about how to get out. 

A Default Rate is the mother of all high interest rates.

The Default Rate is a Penalty Rate (APR).  Once you are in Default, consider yourself in the “Default Dungeon. To get out of Default you’ll have to pay as much as 32.24% for six (6) months before they let you out. 

The average Default Rate hovers around 29.99%. 

Once there is a default rate placed on your credit card, you are vulnerable to the Universal Default Rate.

Save More with the CREDIT CARD MEDIC Video Course: 866-576-4996

 

Universal Default Rates: 

Universal Default is when one company raises your credit card interest rates based on high interest  rates, or a late payment on any of your account’s reported to the Big Three Credit Bureaus [Code name: Big 3CB’s]. Universal Default is unfair but legal. 

Default cost a painful amount of money. For example, a small  $1,000  loan at the average default rate of 29.99%, will cost you nearly $15,000 back.  Most of the payback will be interest. 

There are ways to get out of Credit Card Default much faster than 6 to 12 months. You’ll find them in the Credit Card Medic Debt Reduction Video Course. Credit Card Medic teaches you the following: 

1. Step-by-step instructions on how to negotiate with your Credit Card Companies to lower your Credit Card Debt (for yourself). You will be trained in the art of skillful Credit Card Debt Negotiation. 

2. How to properly attempt a Balance Transfer without hurting your Credit Score in the long-run. 

3. The Secret “Key-Words” used by Professional Credit Card Debt Negotiators, Credit Counselors, and Debt Consolidators. These words will show you how to save YOURSELF thousands of dollars in Credit Card Debt. 

Bonus Debt Reduction Software! Call: 866-576-4996

 

4. Professional Debt Consolidation and Reduction Software. You’ll own the same Software used by Professional Debt Consolidators and Credit Counselors. It’s the same software used by DEBT WARRIORS as well. 

5. Most importantly, you’ll learn the utlra-secret yet totally safe ways to get your Credit Card Companies to reduce your debt most times, even when they’ve said “NO” before. 

Call today to order your CREDIT CARD MEDIC Video Course [with BONUS easy to use Debt Management Software]. 

The DEBT WARRIORS HELP-LINE: 866-576-4996

Beware of Some Debt Companies

WARNING!: Debt Companies that  Offer Escrow Accounts Will Grow Your Debt

Today, I was talking to a young New Yorker who has large amounts of credit card debt.  He was ultra the ultra competitive type.  Do you know the type of guy I’m talking about?  If you say “I saved the world today”  he will have to one-up you and say “I saved the universe twice today”?  Well he was that type of guy. 

We got to talking about credit card debt and I told him that many of my clients have a lot of unpaid credit card debt.  Of course, Mr. Ultra Competitive had to one-up my clients.  He replied,  “I bet they don’t have as much debt as I do”. 

The thing that made my ears perk up was when he stated that he knew about this hot new debt elimination program.  

He said “what you do is make a small monthly payment and they put your money into the their ‘escrow account’ then the company your pays your debt out of the escrow account.

I tried to tell him, that debt elimination via “escrow account” is one of the biggest ripp-offs out there.  

For one,  the debt elimination company usually requires you to pay a fee usually 15% of your overall debt. 

Second, the debt elimination company doesn’t pay anything until you have a “reasonable settlement amount” in your escrow account.  Meanwhile, you are paying them and they are not paying anyone. 

The problem that I have with these escrow elimination companies, is that they lead  (or mislead) you to think that once you put your money into the companies escrow account, your bills will be paid out of a pool of funds.  These so called escrow debt eliminations companies, lead people to think that they are pooling their money in with the companies money and that their bills will be paid, with the company’s money,

This concept is a big rip-off.  Do not fall for it.