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

How Credit Card Default Works

If  You Miss One Payment, You’ll Pay For It – BIG TIME

Credit Cards are not all bad.  I know that you’ve been in a needy situation that your good ‘ol Credit Card has bailed you out of.  I know I have.    Maybe you’ve been at the mall and a ‘Cutie’ asks you  “would you like to apply for this really awesome card“? For the heck of it you reply,  “what the heck, I might get approved“.   Then you get approved and you’re like, “what the heck?“

Congratulations,  you’ve got the card.  The Cutie his happy and approving of you on a personal level.  Feel like you are in the Credit Card Elite. You feel really good about yourself.  You are credit worthy. You’ve got instant Cash on a card. 

You’re only going to pay a small amount of money to use the card.  At least that is what the ‘Cutie’ told you.  You think it was something like “0% interest until September or October 2008″?.  Anyway – cool, you’ve got credit.  About a week later, the card comes. You’ve already spent some of the balance in your mind.   

Along with the card came an upscale brochure telling you about all of the benefits of using the card.  The brochure is glossy and has a nice shine.  You read the front and back of the brochure.  Next you see your Credit Card Agreement and it’s a bunch of “blah blah blah”.  Terms and conditions – “blah blah blah”.  You know that if you pay your credit card bill on time you won’t have any problem. 

Then the unexpected happens.  You use your credit card to pay for this unexpected situation.  Your minimum payment goes up but it’s not too much to handle.  You continue to pay on time – every month.  Then something unexpected happens again.  This time, you cannot make your credit card payment on time, but it you can still make it by the end of the month. By then it may be too late. 

You missed your Credit Card Payment by only one week.  Now your 0% interest rate has skyrocketed to the “Default Rate” of 24.24%.   If you can’t make all of your Credit Card payments on time, for at least six months, your debt will continue to grow at the Default Interest Rate.   You say to yourself, “what the heck, I’ve been making my payments on time for months but my bill is still getting bigger“.  You are in what I call the ‘Default Dungeon’.